retirement fund

[stevewool]

Is there such a thing over in the phils,
I am looking at ways to help and support my father in law, he is a very fit man and is still working, but what will happen once he cannot work anymore, no work no income.

He has a little savings and his own house too.

So what can we do to help,

We have started a savings plan, we put money away each month and this will grow over the time while we are both here in the uk, the plan is to have so much money in there and then when the time comes to drip feed into his account when he needs it.

To me its safe here and i can see how much is in there too, rather than send the money over now and it may then get lost into things that are not wanted or to be borrowed out and never be seen again.

My only worry is the exchange rate, its very good now, it may be really rubbish when the time comes in say 5 years time, or it may be fantastic then, someone once said you have to convert the money to where you are living so any thoughts or better ideas would be welcomed too

[jonnijon]

If he has paid his SSS contributions every month he will get his pension (EVENTUALLY)

[jake]

There is a government pension scheme and numerous private pensions available.
How old is your father in law and does he make or has he made SSS (govt pension) contributions in the past? To get a full pension he has to have payed for a total of 10 years or made 120 monthly contributions. The amount you will receive depends on the amount payed in over the years. My wife will receive around 20,000php per month at today's rates. Not bad considering a basic UK pension is only paying around 30,000php.

Foreigners who are residents can also pay SSS and receive a government pension when they retire They don't want me becoming a burden on society!

Your idea of renovating the house in Manila could help him and you in the future. The problem is you will have to sort it out with the rest of the family

[stevewool]

i dont think he has paid into any funds,
The house well thats another on going story, but by us putting away each month from now should help when the time comes

[tiger31]

do what most philippino families do let him live with you and em problem solved .

[stevewool]

do what most philippino families do let him live with you and em problem solved .

i have offered that Brian, but its the other way round, he wants us to live with him, but i want to live with a nice view, front, back and sides, not just walls, but you never know

[tiger31]

i have offered that Brian, but its the other way round, he wants us to live with him, but i want to live with a nice view, front, back and sides, not just walls, but you never know

well uproot him to the seaside lol tell him lots of benefits if he comes along