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Showing posts from November, 2016

How to Manually Compute Your SSS Pension?

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Knowing how much pension you will be getting upon retirement will help you plan whether it is enough or not. If not, then you need to find other retirement investment vehicles.

According to SSS, there are two types of retirement benefits:

1) Lump sum amount - pensioners who were not able to meet the required total 120 monthly contributions or 10 year contribution.

2) Monthly pension - lifetime cash benefit for those who paid at least 120 monthly contributions.

To know how much is your monthly pension, 3 formulas are provided in their website and SSS quotes, "The monthly pension depends on the member’s paid contributions, his credited years of service (CYS), and the number of his dependent minor children that must not exceed five. The monthly pension will be the highest amount resulting from either one of the three pension formulae."
1) Total pension = 300 + (AMSC* x 20%) + (AMSC x 2% x excess of 10 years) 2) Total pension = 40% x AMSC 3) Total pension = P1,200 if CYS is at…

Checking Your Estimated SSS Pension Online

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To be able to check your estimated pension online, you need to register first online with SSS.

1) Log-in to your account.
2) Select E-services then Inquiry. An advisory box will appear. Just click ok.


3) Select Eligibility then DDR - funeral
4) Enter your earliest retirement date (date when you turn 60. Date of birth + 60) then click Submit.



5) A list of available benefits will be provided. Click Retirement - pension**.



**it will change as you continue paying your SSS contributions. For those who have not yet accumulated the minimum 120 contributions, you will see that your benefit claim is lump sum.

Update
SSS had an update on their website but still the same procedure as above. Just go to E-Services then click Simulated Retirement Calculator and it will automatically compute how much would be the retirement amount. Below is their new beta website. I think it is more user friendly unlike before.







Financial Planning: How to Begin? - Part 1

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Let me first tell you the story of the wise man and the foolish man.

There were once two men, and each needed to build a house. The first man was foolish, and chose to build on sandy soil where it was easy to access and easy to dig the foundations. In a few short weeks he was almost finished. The second man was wise, and chose to build his house on a rocky hill, where it was very hard to access and to dig the foundation. He spent many months building his house. As time passed a huge storm broke upon the houses of these men. After much rain, a flood swept through the valley and the man's house that was built on the sand was swept away. But the second man who had built on the rocky hill was safe. No matter how hard it rained or how fierce the floods were his house remained solid and immovable.
The story above is from the bible Matthew 7:24-27. Most of us are like the foolish man. Have you heard stories about rich people becoming poor due to unforeseen events or due to wrong investm…

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