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From the Field of Work Into the World of Less Rigorous Activity

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    This study focuses about how personal retirement plan benefits the employees specifically contractual employees in malls of San Jose del Monte, Bulacan. Flexibility and freedom are two words that typically comes into our mind when you think of contract or part time worker. Employment really satisfied workers especially in terms of wages which is a return for the service offered. It is a source of financial aspect that is essentially needed to survive the daily expenses. But mostly, employees tend to spend a lot for present time and not to think of saving for the future to achieve future benefits particularly in retirement savings.

    Retirement is a transition from the field of work into the world of less rigorous activity and more rest and recreation due to an old age and long years of service. It is also serve as the resemblance of existence of people’s life that undergo different stages encompasses the challenges of being an individual. All people will went through this stage and should know that embracing retirement age is not easy due to different challenges. In avoidance of this, it is important to plan a retirement saving to possess a better futureafter working for many years.

    Nowadays, people are working hard to fulfill the necessities for the living. Saving for retirement has become more complicated for employees due to the complexity of financial decision involved. Regardless of what is the purpose of the retirement, employees must be aware how much they have left for retirement savings. There isn’t just a danger issue of running out of saving but someone should know how to spend money properly. Financial decision making is believe to be associated with behavioral and socio-economic factors, and this factors may be turn in related whether an employee perceive himself to be adequately planning for retirement.

    According to Bankrates Financial Security Index (2017), U.S citizen’s biggest financial mistake is not saving for retirement early enough which ranges into 22%. When it comes to retirement savings, Americans know they are falling behind. 78% of US citizens say that they are extremely concerned about not having enough money for retirement. Another 66% believe that they’ll outlive their retirement savings (

    Spending money during retirement is a challenge because most retirees have little savings to cover up future expenses. There are social security benefits but those are not enough especially if you plan to go travel. To secure that you don’t consume quickly from your savings, it is very important to create a plan for how to cover up your spending. Some people do not like to hear the word budget because they feel that the process of budgeting will lead to negative connotation. It makes people think of depriving themselves what they want to buy. However, budget isn’t about depriving yourself it is about ensuring the necessary funds needed to spend on things that actually want to spend money on.

    Furthermore, it is good enough to start retirement planning as early as you are in your professional journey. A research sponsored by Sun Life Financial Philippines, says that out of 100 Filipinos at the age of 65, only 2 are financially secured. Many assume that they get rid a retirement saving on their employer and make a difference later. Otherwise, the perception of employees can be a mistake. The sooner you plan for your retirement, the easier it will be for you to accumulate enough savings in the future to support the life style that you will choose.

    Personal retirement plan is absolutely essential to contractual employees that only depend on the contract they have entered that will only last into 6 months up to 1 year. Having this kind of employment is such inconvenient especially for the aged worker. As a contractor or part- time worker, the income will likely tend to ebb and flow. An emergency fund with enough savings can help to ensure that it can cover the expenses during times of low employment.

    Every employee wants to enjoy retirement after serving and working in their golden years. A retirement savings will allow you to live comfortable by doing the things you want to do and makes it possible for people to change their lifestyle. Retirement planning is a long term process that needs utmost discipline and commitments to effectively implement it. Employer benefits are not only the path to financial security. Planning ahead for personal retirement plan and taking advantage of saving tools are really help contractual workers to have successful journey toward their goal and objectives. It will be helpful if consultation to an expert will included.

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    From the Field of Work Into the World of Less Rigorous Activity. (2021, Apr 24). Retrieved from

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