Is there such a thing as preparing for retirement too early? Will paying for social security dues be enough to sustain your lifestyle when you are no longer working or earning a salary? There are many questions about investing for retirement, and it's more important than ever to separate the facts from the myths. The earlier you learn from these misconceptions, the sooner you can work towards living the future you want.
Misconception #1: You’re too young to start investing for retirement.
One of the most common misconceptions is that you don’t need to invest for the future when you’re just starting out in your career. The truth is, the earlier you start investing, the more your money can grow. By investing a significant amount of your money instead of saving it all in the bank, you can enjoy higher rates of growth.
With BPI-Philam Dollar Protect Plus, you can make a wise investment decision that will grow your wealth in the most accepted currency in the world and sustain your upscale lifestyle at the same time.
Misconception #2: Paying government dues is enough.
While it’s good to pay your government dues for retirement (SSS for private employees and GSIS for government employees), the funds from your automatic contributions won’t be enough to maintain your lifestyle when you retire. You need to diversify your investments, for instance, with a dollar savings account that will maximize the value of your USD funds.
Misconception #3: You only need the bare minimum when you retire.
Retirement is called your golden years for a reason—this is the time to enjoy the fruits of decades of labor. You deserve more than the bare minimum. You deserve to sustain your upscale lifestyle and even enhance it when you retire. Make sure you have the means to continue going on vacation trips with your family and enjoying an active social life, while protecting your future from business volatility and health risks.
Misconception #4: Any retirement fund will do.
It’s best to have your retirement fund customized to suit your future needs and current resources. Look into offshore funds that provide cost-efficient passive strategy funds, lower management fees, performance-driven global assets, and tax-efficient offshore funds. Your chosen investment should be the best fit with your financial profile, needs, and resources.
Misconception #5: There’s no need to increase your retirement investment fund as your income grows.
The more your income grows, the greater your ability to protect your future. Don't miss out on opportunities to top-up your investments to boost your account value. The additional earnings you generate will surely aide you as you ease into your retirement years.
With these misconceptions now clarified, you can now focus your efforts on protecting your future. BPI-Philam Dollar Protect Plus not only maximizes your US dollar savings but also offers the benefits of a life insurance plan. On top of the guaranteed death benefit, you can opt for additional coverage for accident, health, and disability benefits.
Visit the nearest BPI branch now to find out more about how you can maximize the value of your dollar savings while maintaining your current lifestyle and protecting your future.