Text by Charmaine A. Lingdas

Photo by Joseph A. Bautista

“Are you ready to retire?” 

This was the significant question asked by Dr. Johanna Patricia A. Cañal, Vice Chancellor (VC) for Administration and Finance, during her thought-provoking keynote message at the “New Beginnings: Navigating Life After Retirement with Confidence” seminar, hosted by the UP Manila Healthy University Office in celebration of World Senior Citizens Day on August 20, 2024, at the UP Manila Social Hall. The event aimed to equip both the older workforce and younger employees with practical strategies for a fulfilling retirement. 

After receiving a slew of answers, VC Cañal emphasized the importance of early preparation, noting, “Start saving and planning well before retirement age. The reality is, if you retire at 65 and live to be 85, you’ll need funds for 20 years. It’s crucial to start thinking about these things well in advance.” She added that retirement is not just about the money and the benefits that we get. “Retirement is also, what do I do after [it]?”

The Vice Chancellor encouraged attendees to consider their health and future activities, urging them to reflect on their energy levels and overall well-being as they plan for retirement. 

Rights, Privileges, and Benefits of Senior Citizens/Retirees in the Philippines 

Mr. Derick Dimpsy Palacio of the UP Manila Human Resources and Development Office discussed senior citizen benefits under Republic Act 9994, highlighting discounts such as 20% off select goods and services and 5% off basic necessities. Seniors also receive free dental and medical services, VAT exemptions, and income tax breaks. Recent legislation, Republic Act 11982, adds PHP 10,000 rewards for ages 80, 85, 90, and 95, in addition to PHP 100,000 for reaching 100 years. For UP Manila employees nearing retirement, a range of benefits is available. They can choose between a lump sum or monthly pension from GSIS, depending on their service years. 

The Portability Law allows combining GSIS and SSS service years to meet the 15-year requirement for GSIS retirement benefits. Employees can also claim Pag-IBIG Provident Benefits with 240 months of contributions. Additional benefits include terminal leave calculated from accumulated leave credits and salary, as well as cumulative benefits for faculty. Enhanced retirement incentives include a Service Cash Award of up to PHP 1 million for those with over 40 years of service, continued medical and hospital discounts through PhilHealth’s Z Benefits program, a full refund of contributions from the UP Manila Provident Fund, and ongoing tuition fee privileges for dependents, along with access to the library and UP Health Service. 

Practical Tips for Effective Retirement Planning

Dr. Grace Shangkuan Koo, a retired professor from the College of Education, University of the Philippines Diliman, shared valuable insights on navigating this stage of life with confidence and vitality. She explained the concept of the “Third Age,” a period characterized by reduced responsibilities and the beginning of planning for the “Fourth Age,” which involves declining health and increasing dependence. “The Third Age is about embracing a new phase of life where we have the opportunity to focus on personal growth and well-being.” 

Dr. Koo emphasized the role of attitude in aging gracefully. “Attitude is crucial. Some people experience self-pity and bitterness, especially those facing declining health,” she said. “By understanding this early on, we can protect ourselves and delay the onset of conditions like dementia.” 

Encouraging the audience to consider their biological, cognitive, and psychological ages, Dr. Koo stated that maintaining cognitive function is key to successful aging. “It’s important to stay cognitively active and continuously challenge yourself.” Her passion for lifelong learning was evident as she spoke about its benefits. 

“Stay curious and keep learning,” she urged. “Whether it’s through starting a new hobby or engaging in community activities, finding purpose is essential for maintaining well-being in later years.” 

In addition to mental and emotional health, Dr. Koo highlighted the importance of a balanced diet in aging well. She advised incorporating nutrient-rich foods into daily meals to support overall health. “A diet rich in fruits, vegetables, lean proteins, and whole grains is crucial,” she explained. “Foods like leafy greens, nuts, and fish are particularly beneficial for maintaining brain health and reducing inflammation.” 

Dr. Koo also emphasized the need to stay hydrated and limit processed foods, which can negatively impact health. “Embrace the Third Age with a positive attitude, stay mentally and physically active, and continue learning. The goal is not just to age but to age successfully, with a sense of purpose and well-being,” she underscored. 

In closing the event, Dr. Paul Michael Hernandez, Director of the Healthy University Office said that “Planning for retirement is an ongoing process. We hope that the strategies and insights shared today will assist you in making informed decisions and finding fulfillment in your retirement years.”#