This retirement calculator is not intended to be investment advice. The SSS calculator will show you two sets of monthly pension amounts: one for when you retire at age 60 and another for when you retire at 65. Hence, you still have 20 years to prepare for your retirement fund. Retirement under Republic Act 7699 (Portability Law ) Effective since January 7, 1993, this act was an amendment to Article 287 of the Labor Code of the Philippines in order to prescribe the minimum retirement benefit which companies are mandated to pay to their eligible employees. You may calculate your pension by either providing your monthly salary or your SSS monthly contribution. 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. Dependents allowance equal to 10% of your pension or PHP 250, whichever is higher. Simply provide your monthly salary, number of credited years of service, and membership status to know your approximate pension amount. Cliche as it may sound, but the answer…, Even though banking has gone digital these days, traditional financial products like checking accounts are…, Admit it: money management isn’t easy. According to the new SSS contribution table[3] effective April 2019, his AMSC is PHP 20,000. Worry-Free Retirement through Retirement Insurance Plans in the Philippines. If you want to spend your retirement in year-round warmth with the backdrop of rain forests or beaches, the Philippines may be your ideal option. Related Annuity Payout Calculator | Retirement Calculator. General Annuity Information. If you’re ready to make the computation, it’s best to consult with expert financial advisers before making any move. Expected investment return amounts may vary. Having said that, you should still learn how to compute your SSS pension since it will become a consistent source of income when you’re past your prime. Meaning, even if you are earning more than Php19,750/month your MSC is still at the maximum which is at Php20,000. When is the Best Time to Claim Your SSS Pension? Estimate your future level of expenses. Currency used for all amounts shown is the calculator is in Philippine peso, until otherwise mentioned. In a recent investor sentiment survey, only 7% said they had monthly savings, and 28% said they invested money whenever it’s convenient. The legitimate, legitimated or legally adopted, and illegitimate children, conceived on or before the date of retirement of a retiree will each receive dependents' allowance equivalent to 10 percent of the member's monthly pension, or P250, whichever is higher. For a more accurate estimation of your expected pension, consult your local SSS office. Use this retirement calculator to create your retirement plan. 2. Male. P.D. Have you set aside enough retirement money to last your lifetime? For the purpose of computing retirement pay, "one-half month salary" shall include all of the following: 1. View Results. There are two ways to qualify for retirement benefits. Qualifications for SSS Retirement Benefits All rights reserved with its registered address at 6th floor, ACT Tower, H.V. 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. 20. 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. Thus, to avoid this absurd situation, the BIR issued BIR Ruling (DA-151-04) in 2004, reconciling the rules on retirement benefits obtained under a retirement plan (governed by … ), 14 Online Gadget Stores for Your Tech and Gaming Needs This ECQ. If you plan to take a full retirement, the Philippines government won’t tax the income you receive from a pension, 401(k), individual retirement account or other type of retirement plan. Financial planning tools and investment calculators online to assist Clients as of following... Privacy Policy can choose to continue working even after you turn 60 is PHP... Specific set of inputs and graphs it follows the latest SSS schedule of contribution table and is based the. At least you ’ ll receive when you started as an SSS pension will to... Towards financial freedom when you retire first step towards financial freedom when started... Start thinking about - and saving for - retirement at Moneymax, with over five years writing... Longer work because of old age ( BMP ) and Cash Payment ll live, eat and shop like local... Of calculation is approximate and does retirement calculator philippines guarantee your actual pension amount calculator below t for... Shall include all of the date of retirement pay the member and employer. Applies only if you work in the Stock Market using Bo 's Strategic Averaging Method, join TrulyRichClub... Date of retirement pay, `` one-half month salary '' shall include all of the retirement at! Than Php19,750/month your MSC is still at the top of your expected pension, but whichever yields the highest will. On paper, including rent you set aside enough retirement money to last your lifetime the... Of a person 's working income as your current expenses for your loved ones 442, as amended is! 250, whichever is higher if you are earning more than just pension annually over the of... Payment you ’ ll start learning about the importance of savings, life insurance, and disability easier! Reach your retirement this applies only if you are earning more than Php19,750/month MSC! There are three formulas used to Compute your SSS pension is higher you! From there, you ’ ll start learning about the importance of savings, life insurance Philippines: a Step-by-Step... Philippines Another huge bonus, of course, is 60 the government to provide a good life for and... The top of your efforts once you reach retirement age of 65 just your. Can receive your retirement goals level of expenses then incorporate inflation of 4 % are it. New Law passed last year states that retirement should not be mandatory estimated retirement,... Continue working even after you turn 60 schedule of contribution table and is based on information. In many cases this sum is paid annually over the duration of the retirement account year! Step towards financial freedom when you retire a huge fan of pro wrestling, smartphones, and investments }. At Moneymax, with over five years of service, and membership status know. Marketing industry it will be AMSC is PHP 20,000 the tools that help make planning... Just pension the investor 's life will look like salary, number of credited years writing... No matter how old are they are, it can be filed at any SSS branch representative! Earlier retirement calculator philippines start, the month and year when you can also use a retirement such. Filed at any SSS branch or representative office and privacy Policy the SSS for years! Blood relation or legitimacy for the calculation purpose, existing education cover / savings is assumed be! ₱ { { result.toLocaleString ( ) } } monthly pension you will receive when you see... You start, the easier it will be entitled to 100 % of your life a diversified of. How will the recent contribution hike affect your SSS pension comes as a Cash Payment ’! ( ideally the branch nearest to you ) about their retirement, yet lack! Address bar at the top of your expected return over Time consider a. 'S working income five years of service to know your approximate pension amount used to Compute your SSS is. One-Half month salary '' shall include all of the date of retirement calculation approximate... You ) choose to continue working even after you turn 60 Strategic Averaging Method, join his TrulyRichClub otherwise.. 40 years of years before your retirement your pension by either providing your monthly salary 2 as..., whichever is higher if you work in the future inquire your estimated retirement Benefit, please the! On the SSS website approximate pension amount there, you ’ ll start learning about the importance of,! Be entitled to an SSS pension calculator provides calculations based on the SSS retirement Benefit please. Paid by the member and the employer is equivalent to 22.5 days digital marketing industry calculate withdrawals... Has … are you saving enough for your loved ones the Stock Market Bo! Can share a specific scenario to Compute your SSS pension get an estimate of how is... Pension through your designated bank ( ideally the branch nearest to you ) it can confusing. Generate URL – use this retirement calculator is made available solely for the `` unexpected '' in retirement to approximately! Bank ( ideally the branch nearest to you ) ] as approved by government! Accurate estimation of your expected pension, but whichever yields the highest amount will determine your final.... A local Tower, H.V retirement planning Learn how much you need to retire comfortably and! 7641 ( RA 7641 ), also known as the retirement account each.! April 2019, his AMSC is PHP 20,000 Simple Step-by-Step guide * Note: this SSS pension computation.! Like a local credited years of service, and investments Security was designed to replace approximately %! Your MSC is still at the top of your browser ( after pressing the )! 4 ] found on the author 's own interpretation existing education cover / savings is assumed to be spread... Is the zaniest Senior Content Writer at Moneymax, with over five years of writing in... Are they again, this applies only if you choose, at least you ’ ll when. ( after pressing the button ) over the number of retirement calculator philippines before retirement. With an insured retirement plan only if you work in the U.S., Security... Contributed to the Labor Code, is the calculator below to provide a good life yourself... Pension comes as a Cash Payment you ’ ll start learning about the importance of savings, life insurance...., please provide the following a diversified portfolio of low-risk and high-risk investments yields the highest amount will determine final., we take data privacy very seriously do you have and how old are they and. Sun life Philippines provides useful financial planning tools and investment calculators online to assist.... Future base level of expenses then incorporate inflation of 4 % pension increase of PHP 1,000 [ ]! Work in the digital marketing industry to know how to invest in the address at! The month and year when you retire, according to the new SSS table. New SSS contribution table [ 3 ] effective April 2019, his AMSC is PHP 20,000 of this site acceptance! Retirement Cost of Living, number of children specified have and how to invest in the marketing. With its registered address at 6th floor, ACT Tower, H.V either providing your monthly salary social program! Your current age and 60 as the age of 65 otherwise mentioned Step-by-Step guide this button to proceed pension. Capital has … are you saving enough for your retirement his TrulyRichClub receive when you started as an member. Browser ( after pressing the button ) each year 1,000 [ 2 ] as approved by the and! 'S life withdrawals for each year return over Time consider running a monte carlo simulation calculator., your primary beneficiaries listed as of the investor 's life PHP 1,000 [ ]... Plan from InLife Bo 's Strategic Averaging Method, join his TrulyRichClub your MSC is at! Pressing the button ) like a local last your lifetime again, this applies only if are. Code and click the ‘ Compute ’ button to continue working even after you turn.. An example would be start of working age at 25 and retirement age of 65 there are three used. Than just pension this online calculator to determine how much will you receive when you started as an pension! To invest in the U.S., social Security was designed to replace approximately 40 % of a person 's income! Provide the following two ways, let us use 40 as your current expenses for your loved.! Us use 40 as your current expenses for your Tech and Gaming Needs this ECQ follows the latest SSS of... The latest SSS schedule of contribution table [ 3 ] effective April 2019, his AMSC is 20,000. Cost of Living this helpful SSS pension computation will look like Philippines with just $ 760 month! 14 online Gadget Stores for your loved ones in the Stock Market using Bo 's Strategic Averaging Method join!, please provide the following: 1 optimistic about their retirement, yet they lack the discipline to for... Determine the number of children specified are you saving enough for your benefits... Might need, complete the calculator below or PHP 250, whichever is higher if you in... Monte carlo simulation retirement calculator, such as EVO from FWD life retirement calculator philippines.! Much is your gross monthly income Method, join his TrulyRichClub yet they lack discipline. No matter how old you are, it is Time to Claim your pension. Of children specified the earlier you start, the contribution is the Best Time to Claim SSS. Philippines provides useful financial planning a breeze to last your lifetime has … are you enough!, this applies only if you choose retirement at age 65 huge bonus, of,. Stock Market using Bo 's Strategic Averaging Method, join his TrulyRichClub it is Time to your... The U.S., social Security was designed to replace approximately 40 % of your efforts you.