Beyond Money: InLife Retirement Index shows what Filipinos need to prepare for retirement

This is far from ideal because retirement entails more than simply having enough money to go through one's senior years.  Retirement preparation is determined by a combination of six interrelated factors: life stage, personal finances, health, pension program membership, retirement sentiment, and social support.

This was the primary takeaway from the first-ever Retirement Index, created by InLife, the largest Filipino life insurance, as a comprehensive assessment of retirement preparedness. InLife developed the Index using a multi-method study approach that comprised integrated research, expert interviews with economists and psychologists, and survey data from a 1,000-person online quantitative survey aged 18 to 59.  Scores were calibrated on a 0-100 scale to facilitate interpretation.

“The Retirement Index shows us that Filipinos need to see retirement in a new light. It’s not just a financial milestone. It’s an emotional, social, and even cultural journey. If we only focus on money, we miss out on the other pillars that make retirement truly secure and meaningful. These data clearly indicate that retirement readiness requires conversation. Families, communities, and institutions must normalize talking about retirement. At InLife, that is what we are doing because we want our fellow Filipinos to be aware, more confident, and prepared so they can retire without worries. InLife, at 115 years old, continues to find solutions to Filipinos’ most pressing concerns. We are committed to empowering our fellowmen across generations so they can enjoy A Lifetime for Good.” ~Gae L. Martinez, InLife Chief Marketing Officer

Among the key findings from the InLife Retirement Index survey are: 

• Generation X scored the highest at 54, owing to their life stage. At this time, they are more mature, have more stable income, and are breadwinners, or married with dependents, which naturally require increased knowledge of financial planning. Younger, single, or childless individuals show significantly lower retirement preparedness with Gen Z scoring the lowest at 36. However, Gen Z, together with young millennials reported having clear plans about their future though they have yet to translate these into concrete retirement plans. 
• Insurance, investment ownership, and emergency preparedness boost retirement readiness. InLife policyholders scored significantly higher at 62 compared to non-policyholders who scored 42. Investment-oriented segments such as millennials, married individuals, and those with small families showed greater retirement preparedness as they built passive income streams, demonstrating long-term financial planning. In contrast, younger generations and single individuals who also support other family members face greater financial strain, and as a result, lower retirement preparedness. 
• Filipinos who are retirement ready are also more prepared for health emergencies. With chronic health conditions becoming rampant as one ages, it is important to have a separate fund for health concerns.  
• Pension program coverage is concentrated among married individuals and parents, leaving informal workers and singles vulnerable. With more Filipinos in the informal work sector, such as independent contractors, participation in state-sponsored pension plans such as SSS and GSIS is lower. Therefore, they are exposed to retirement and health risks in the future.            
• Filipinos who scored high on the retirement index had strong social support underscoring the emotional and social dimensions that drive engagement in retirement planning. 
• Women averaged 45 compared to men’s 49, highlighting gender disparity when it comes to retirement, with more men having full-time formal employment and investments. 

To assist Filipinos in planning their retirement, InLife offers Retire Assure, the country's first true retirement insurance policy.  Retire Assure guarantees a monthly income from age 60 or 65 until age 100.  It is payed over a five- or ten-year period, or until the age of 59 or 64, depending on desire.   It is further bolstered by cash dividends, which have the ability to grow over time to keep up with rising living costs.

Retire Assure 2, its 2-pay counterpart, is designed for persons who are reaching senior positions in their careers and choose long-term stability over market-driven uncertainty. It is meant for persons aged 48 to 73 and is paid in two annual installments. The insured will get a monthly income until they reach the age of 100, at which point the second payment is made. When the insured dies, the beneficiaries receive either the guaranteed cash value or 110% of the premiums paid (minus any prior payouts), whichever is greater.

Earlier this year, InLife released its retirement research titled "Retire Without Worries: Your Roadmap to Living Life to the Fullest." The paper emphasized the critical need for retirement planning in light of rising healthcare costs, longer life expectancy, and changing family structures, all of which make older Filipinos financially vulnerable.  It underlined the significance of thoughtful planning and proper support systems while facing the risk of outliving one's savings.

Be more retirement-ready. Try InLife’s Retirement Index Calculator at https://www.inlife.com.ph/retire-assure/retirement-readiness-index. To know more about InLife Retire Assure, visit https://www.inlife.com.ph/retire-assure. To read InLife’s Retirement white paper, visit https://bit.ly/RetireWithoutWorries. 

About InLife

InLife is the first, largest and only mutual Filipino life insurance company in the country with over 115 years of uninterrupted service. We apply over a hundred years of experience in financial protection, risk management, savings, and investment to help you make confident decisions for you and your loved ones.

 

Our policyholders can be assured of being protected by a company that has an asset base of over P158.9 billion and net worth of P44.3 billion. We have a nationwide presence through our 56 offices all over the country, and an expanded digital footprint to serve our customers, wherever and whenever they want. Our success is anchored on the well-being and security of our policyholders and beneficiaries, employees and financial advisors, partner companies and institutions, and host communities as we exist to offer A Lifetime for Good for everyone. For more information, visit https://www.inlife.com.ph/.