You made it. You finally reached retirement age after working abroad for a long time. However, were there any plans you created for yourself? Retirement is when you relax and reap the rewards of your labor. You can use it to spend whatever you want. But, it is a long-term commitment. If you plan to go back to your home country, some paperwork is needed.
Various embassies worldwide, including the Philippines, require applicants to provide the necessary information. This includes your employment history, bank statements, and other essential papers. Sometimes, you should have an emergency fund to have cash still in your account. You can plan retirement at any point in your life. If you want to do it now, here's how you can do it.
Choosing Your Retirement Plan
Planning for retirement is always challenging. There may be times when you encounter something when you least expect it. The more prepared you are for retirement, your life will be smoother. If you are a foreigner or a local, investment is important. There is more to life than being on your own.
Fortunately, there are many packages of such deposits, including visas. For example, the SRRV Philippines has four packages, each with its unique features.
The packages include:
The Smile package is for healthy retirees aged 35 years and older. An applicant should have a visa deposit of USD 20,000 in a PRA-accredited bank. The account should be maintained during their time as an SRRV holder. No pension is required.
The Classic package is ideal for retirees who are getting into investments. The visa deposit varies by age. For example, healthy retirees aged 50 and above should have USD 10,000 to 20,000 deposits. On the other hand, retirees age 35 to 49 years old must secure a USD 50,000 deposit. Retirees can invest in a condominium or real estate in the Philippines for long-term investments through this investment method.
The Courtesy package is exclusive to locals aged 35 years and above and foreigners aged 50 and above. They must have a history of serving organizations recognized by the DFA. They include ambassadors, diplomats, or officers.
SRRV Human Touch
The Human Touch package is for retirees with pre-existing health conditions. It includes a USD 10,000 visa deposit, health insurance, and a monthly pension of at least USD 1,500. However, it only covers up to two dependents: spouses and children.
Any retiree can switch to another package. However, they must consider how much they will pay once they decide. Retirement is an important decision that any person should make. Timing and planning are key to a successful retirement.
Planning for retirement is a long-term goal. You consider the costs and how much money you still have in your bank account. It includes daily expenses and healthcare costs. While you may not be working anymore, you should still have enough money to care for yourself. Retirement is not something you can throw away; you must consider your future.
William Ross may not be a lawyer by profession, but he's one of the sharpest writers out there when it comes to corporate, human resource, and other legal services. Armed with considerable knowledge and gifted with impeccable writing skills, he can surely deliver engaging law-related content.