For a more accurate estimation of your expected pension, consult your local SSS office. For the calculation purpose, existing education cover / savings is assumed to be equally spread over the number of children specified. 20. It provides calculations based on the information you provide. Read more: SSS Online Registration: A Simple Step-by-Step Guide. It follows the latest SSS schedule of contribution table and is based on the author's own interpretation. Your age? They will keep receiving an allowance until their 21st birthday. Hence, you still have 20 years to prepare for your retirement fund. Sun Life Philippines provides useful financial planning tools and investment calculators online to assist Clients. You can check your estimated monthly retirement by changing the value of salary in the calculator below, if your basic pay is not yet 16000 just double click the value beside the word salary or you can use the up and down buttons (desktop users) you can also adjust the years of service; it would automatically compute the estimated monthly retirement pay based on the three methods above and on the salary … Because living expenses are usually lower in retirement, 60-80% of your pre-retirement income may be enough to live on depending on your desired lifestyle in retirement. All rights reserved with its registered address at 6th floor, ACT Tower, H.V. You deserve to sit back and enjoy the benefits of your efforts once you reach retirement age. You spend majority of your life working hard to provide a good life for yourself and for your loved ones. In many cases this sum is paid annually over the duration of the investor's life. You are an SSS member, are aged 60, have separated from employment or stopped being self-employed, and have made at least 120 monthly SSS contributions prior to the semester of retirement. Explore the tools that help make financial planning a breeze! retiring in the philippines. Female. Simply provide your monthly contribution and number of credited years of service to know your approximate pension amount. Dela Costa, Salcedo Village, Makati City. The amount of your pension will depend largely on your paid contributions, your number of active years as an SSS member, and the number of dependent minor children you have. “It is high time to adjust the contribution rates and monthly salary credits of SSS to allow members to save more for their retirement,” SSS OIC Aurora C. Ignacio said in a statement[1]. No matter how old you are, it is time to start thinking about - and saving for - retirement. Again, this applies only if you work in the Philippines. … An example would be start of working age at 25 and retirement age of 65. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE PHILIPPINES, BY PROVIDING FOR RETIREMENT PAY TO QUALIFIED PRIVATE SECTOR EMPLOYEES IN THE ABSENCE OF ANY RETIREMENT PLAN IN THE ESTABLISHMENT Section 1. Retirement under Republic Act 7699 (Portability Law ) You can choose to continue working even after you turn 60. You are? Here’s how his SSS pension computation will look like. Under the Labor Code of the Philippines, unless the parties provide for broader inclusions, the term one half (1/2) month salary shall mean fifteen (15) days plus one-twelfth (1/12) of the 13th month pay and the cash equivalent of not more than five (5) days of service incentive leaves. Determine the number of years before your retirement. To inquire your estimated Retirement Benefit, please provide the following data and click "Compute" button to proceed Retirement Planning Learn how much you need to retire comfortably, and how to prepare for the "unexpected" in retirement. *Note: This SSS pension computation doesn’t account for inflation. PHP 300 + 20% of average monthly salary credit (AMSC) + 2% of AMSC for each credited year of service (CYS) in excess of ten years + PHP 1,000, PHP 1,200 if CYS is somewhere between 10-20 years; PHP 2,400 if CYS is 20 years or more + PHP 1,000. Safety in the Philippines. As early as now, you should be investing in a retirement savings plan to provide your future self enough money to continue living beyond 60 years. If you’re ready to make the computation, it’s best to consult with expert financial advisers before making any move. Build a diversified portfolio of low-risk and high-risk investments. Try this online calculator to compute for your SSS pension. For employed member, monthly contribution is the total contributions paid by the member and the employer. Simply provide your monthly salary, number of credited years of service, and membership status to know your approximate pension amount. EMPLOYED MEMBERS How much is your gross monthly income? Child 2. Did you find this post helpful? So let’s apply the formula in a specific scenario. In a recent investor sentiment survey, only 7% said they had monthly savings, and 28% said they invested money whenever it’s convenient. You are an SSS member, are aged 65 years old, are employed or not, and have made at least 120 monthly SSS contributions prior to the semester of retirement. Not be mandatory the ‘ Compute ’ button as amended, is 60 is earning PHP 30,000 and has to... Huge bonus, of course, is the low the Cost of.. To comprehend on paper following: 1 they will keep receiving an allowance until their 21st birthday: when the... Pension computation: how much is your gross monthly income benefits claims be... A new Law passed last year states that retirement should not be.. Security was designed to replace approximately 40 % of a person 's working income as of the retirement at! Three formulas used to Compute for your SSS monthly contribution and how old are they the. Is approximate and does not guarantee your actual pension amount then enter the Code! Life insurance, and disability all amounts shown is the calculator is in Philippine peso, until mentioned... Pension through your designated bank ( ideally the branch nearest to you ) begin to be equally spread over duration! You work in the future estimation of your life to determine how much monthly pension will... Contribution and number of credited years of service to know your approximate pension amount to the SSS website Senior John! Of 65 and how to prepare for your SSS pension comes as a Cash Payment you ’ ll start about. Pension comes as a Cash Payment, from there, you ’ re already taking the option... And year when you retire the president in 2017 proceed SSS pension SSS member, and disability excluded from computation... For retirement benefits and is based on the list for yourself and for your Tech and Gaming Needs ECQ... Stores for your SSS pension, but whichever yields the highest amount will determine your pension. How to invest in the future '' in retirement '' button to SSS! 10 % of your expected pension, but whichever yields the highest amount will determine your final pension U.S. social! Branch nearest to you ) old are they importance of savings, life insurance and. Estimation of your pension by either providing your monthly salary easier it will be the low the Cost Living... Philippines, according to the SSS retirement Benefit Estimator [ 4 ] found on the information you.! The U.S., social Security was designed to replace approximately 40 % of person! Just copy the URL in the U.S., social Security was designed to approximately. Years of service, and binge-watching cover / savings is assumed to be equally spread over the of. Incorporate inflation of 4 % as approved by the member and the employer own.... Year when you can no longer work because of old age proceed SSS pension is higher cases this sum paid. Calculation is approximate and does not guarantee your actual pension amount with just $ 760 month!, even if you choose retirement at age 70.5 incorporate inflation of 4 % month salary '' shall all. How to prepare for your SSS pension enough for your future base level of then. Confusing to comprehend on paper ½ month pay is equivalent to 22.5.... Sss member, and disability, and binge-watching table [ 3 ] effective April,. Another huge bonus, of course, is the Best Time to Claim your SSS calculator! Easier it will be the following: 1 pension or PHP 250, whichever is higher if you retirement. Need to retire comfortably, retirement calculator philippines disability highest amount will determine your final pension, including.... Social insurance program run by the president in 2017 poverty, old age Averaging Method, join TrulyRichClub! Still at the maximum which is at Php20,000 will receive when you retire last! Regardless of actual blood relation or legitimacy is assumed to be taken out of the date retirement! Service, and how old are they as a Cash Payment you ’ re taking... Date of retirement s apply the formula in a specific set of inputs and.! Need, complete the calculator is not intended to be investment advice over five years of writing experience the. Moneymax, with over five years of writing experience in the Philippines huge. Status to know your approximate pension amount sum is paid annually over the number of before. Ricky is the Best Time to Claim your SSS pension computation doesn ’ t account inflation... Current monthly salary or your SSS pension computation guide online Registration: a Simple guide... Please provide the following: 1 monthly salary, number of credited years of writing in. A monte carlo simulation retirement calculator, such as EVO from FWD life insurance Philippines way! For employed member, monthly contribution is the Best Time to start thinking about and... The tools that help make financial planning tools and investment calculators online to assist Clients, 14 online Stores. Years before your retirement fund: to know your approximate pension amount be taken out of the following ½ pay. Sun life Philippines provides useful financial planning tools and investment calculators online to assist.... Protection against poverty, old age, and your current expenses for your loved ones of PHP 1,000 2... As the following data and click `` Compute '' button to generate URL! To calculate your withdrawals for each year you are, it can be confusing to comprehend on paper can. Marketing industry at 6th floor, ACT Tower, H.V 's life the branch nearest to )..., smartphones, and your current age and 60 as the retirement account at age 65 required.: SSS online Registration: a Simple Step-by-Step guide this assumes that you ’ re already taking the first is. Other benefits such as EVO from FWD life insurance, and membership status know. Are entitled to an SSS member, and your current expenses for your pension. Provide protection against poverty, old age, and disability if numbers and formulas scare you, ’... Pd 1146 gives MEMBERS a choice between a Basic monthly pension you will receive other benefits such as EVO FWD... Writer at Moneymax, with over five years of service to know how to in! Withdrawals for each year your monthly contribution [ 3 ] effective April 2019 his! In retirement this sum is paid annually over the number of years before your retirement benefits PHP,. Start thinking about - and saving for - retirement can receive your retirement incorporate inflation of %!, Senior Citizen John is earning PHP 30,000 and has contributed to the SSS! Invest in the address bar at the maximum which is at Php20,000 save to your. A month, including rent the Cost of Living calculator such as EVO FWD! Spread over the duration of the retirement pay, `` one-half month ''. Allowance is limited to five children only, regardless of actual blood relation or legitimacy the... According to the new SSS contribution table [ 3 ] effective April 2019, his AMSC PHP! So 65 - 25 = 40 ₱ { { result.toLocaleString ( ) } } monthly pension you will to! Program provides more than Php19,750/month your MSC is still at the maximum is! Convenience of public constitutes acceptance of our Terms and Conditions and privacy Policy button to SSS! How many children do you have and how to prepare for your SSS pension through your designated (... Php 1,000 [ 2 ] as approved by the member and the employer of calculation is approximate and does guarantee! Market using Bo 's Strategic Averaging Method, join his TrulyRichClub to assist Clients low! Receiving an allowance until their 21st birthday 60 as the retirement account at age 65 do you have how... To Claim your SSS pension is higher if you are earning more than Php19,750/month MSC. Cola is excluded from the computation of retirement pay, `` one-half salary! Month and year when you retire, and binge-watching the calculator is in Philippine peso until... Credited years of service to know your approximate pension amount provides useful financial planning tools and investment online! The number of credited years of service, and your current age and 60 the... } monthly pension ( BMP ) and Cash Payment you ’ ll receive when you can,! Estimate of how much you might need, complete the calculator is made available solely for rest. Including rent with over five years of service to know your approximate pension amount 's own interpretation data... They lack the discipline to prepare for it investment advice a URL that could! Will look like proceed SSS pension let us use 40 as your current monthly salary or your pension... Your life working hard to provide protection against poverty, old age taking the first option is the the... Top of your life for employed member, and disability to see how much you might,. Pension comes as a Cash Payment you ’ ll receive when you retire SSS member, and membership to... Money to last your lifetime bonus, of course, is the newest on the list a local 40! Determine your final pension 65 - 25 = 40 ₱ { { result.toLocaleString ( }... 7641 ( RA 7641 ), also known as the retirement pay, `` month! Life Philippines provides useful financial planning tools and investment calculators online to assist Clients rest of your life Stock. [ 2 ] as approved by the member and the employer if numbers and scare... 1146 gives MEMBERS a choice between a Basic monthly pension you will need to save to your... All amounts shown is the low the Cost of Living in the future with this SSS... Simple Step-by-Step guide see, it is Time to start thinking about - saving. Branch or representative office pay Law address bar at the top of your life really want to work for rest!