SSS Discussions

[ms_guimba]

Hello everyone! I know that for those who are employed, they can't escape SSS. But for people who are self-employed or are freelancers, do you think voluntary contribution to SSS is worth it?

The way I see it, you need to have 120 monthly contributions for you to be qualified for retirement benefits. Let's say that you contribute P1,040 per month for the P10,000 salary bracket. That's roughly P125,000 considering that the premiums don't change in 10 years that you can only get when you're 60. Based on my computation (which may be wrong so feel free to correct me), if I live for 15 years after I'm 60, I only get around P67,000 in terms of benefits. (Computed at P4,000 per month) So parang talo.

But you also have to consider the other benefits of SSS such as maternity, disability, death benefits... So now, my main questions are:

1. Is contributing to SSS voluntarily worth the premium?

2. If you don't think it's worth it, what are the other possibilities you can do with the SSS premium?

[leela1025]

for me, as long as you have other things to depend on, okay pa din magcontribute sa SSS. kunwari you have your own retirement fund, insurance, etc., kumbaga supplementary na lang yung sa SSS.

the thing is, even if the member died already, makakatanggap pa din ng benefits yung spouse ng member. when my MIL died, my [textspeak!] receives 10K in monthly pension. malaking bagay na din yun kasi pambili ng bigas at pambayad ng household bills. of course, it's not enough to pay for everything.

my dad is also receiving pension from SSS at 10K monthly. and since may work pa din siya after he retired, hindi niya nagagalaw yung pera so naka-TD lang.

if you're not comfy with SSS, then go for retirement or insurance plans. but yun nga lang, mas malaki ang premium sa ganun so you have to watch out for your cash flow.

[jenny_syngkit]

for me SSS is so not worth it. better invest in another life insurance company (na stable). ok lang siya of you're planning to get pregnant pero yung retirement benefit niya not so good.

[ms_guimba]

Thank you for your answers! I really appreciate it.

^sis, bakit mo nasabi na hindi worth ang retirement benefit ng SSS? Could you give me figures?

^^hi, sis leela! Andito na naman ako sa mga tanong ko. Lol. Naghahanap lang kasi ako ng cost-effective plan on how to save up for retirement kaya isa ang SSS sa plans ko. When you say mas malaki ang premiums, gaano kalaki kaya?

[leela1025]

^hi, msguimba. ang alam ko, ang maximum hulog lang sa SSS is P1560 a month. kung employed ka, mas mababa yung hulog mo kasi part of the P1560 is contributed by your company.

may mga pension plans kasi na mas mataas ang premium kesa sa P1560. yung pension plan na hinuhulugan ko, around P1533 a month so parang pareho lang ng hulog sa SSS. so depends on the pension plan you're getting and the face value.

aside from SSS and the pension plan i have, i also have a life insurance in place. puwede din kasing retirement fund mo yun pag nagmature na. then, i also opened a BPI save-up account. kada sweldo, may automatic transfer na P500 a month. yung BPI save-up ko, earmarked din for retirement.

[ms_guimba]

Ah, now I understand.  I also have a BPI Save-Up with insurance. Siguro nga puwedeng yun muna. What I've learned here is that dapat, marami kang sources ng pagkukunan mo ng retirement income when you're already retired...

[ishko]

The way I see it, you need to have 120 monthly contributions for you to be qualified for retirement benefits. Let's say that you contribute P1,040 per month for the P10,000 salary bracket. That's roughly P125,000 considering that the premiums don't change in 10 years that you can only get when you're 60. Based on my computation (which may be wrong so feel free to correct me), if I live for 15 years after I'm 60, I only get around P67,000 in terms of benefits. (Computed at P4,000 per month) So parang talo.

But you also have to consider the other benefits of SSS such as maternity, disability, death benefits... So now, my main questions are:

1. Is contributing to SSS voluntarily worth the premium?

2. If you don't think it's worth it, what are the other possibilities you can do with the SSS premium?

sis, pano mo na-compute yung 67,000? kasi kung 4,000 per month x 15 years x 12 months = 720,000

[ms_guimba]

^ Lol! Hindi ko na alam kung paano ko yun compute. Haiz, sorry mga sis, talagang mahina ako sa Math. So you'll know how challenging it is for me to decide based on my less-than-stellar Math skills. Thanks for correcting me, sis.

[ishko]

sis, gamit ka ng calculator   

ang maganda sa sss, hindi siya tulad ng insurance company/ bank na pwede ma-bankrupt.. hindi rin magtatago ang mga empleyado pag kailangan mo..

[summersunder]

^ yun nga din point ng mommy ko. my brother kasi is self employed so walang SSS. so isip namin kung mag ganito kaya siya. hehe.

[ms_guimba]

sis ishko, oo nga. Lol! I made it in haste at iniisip ko nga kung san ko nakuha yung P67,000 na yun.

Anyway, naisip ko din na if I start now, if that's how much your money will grow, okay na rin. You can still beat the inflation rates, plus you have other benefits (maternity, disability, funeral) aside from retirement.

[harlet]

^thanks for starting this thread ms_guimba....iniisip ko rin ito kung itutuloy ko pa since lagpas na rin akong maghulog ng 120 contributions dahil maaga rin akong nag-work...

yung sa uncle ko inihabol ko ang membership niya, 59 years old na siya nun, kasi ang purpose ko lang naman eh magkaroon siya ng burial benefit...so after ko maghulog ng isang taon itinigil ko na...

[xtine]

^I used to be assigned sa SSS sa main office nila sa east ave.  An employee who happens to be also a friend shared to me na its ok for voluntary individuals to be paying around P300 lang.  Kung bata ka pa, ok lang na mababa ang hulog basta as you increase your salary, unti unti mo sya lakihan then itodo mo before you retire.  I just don't know if this procedure is fool proof.

[harlet]

^baka nga ganun ang style sis, pag malapit ng mag-retire, lakihan ang hulog, dahil dun ibe-base ang computation ng pension sa latest premium na binabayaran.

[ms_guimba]

^Sis, true ba ito? So ibig sabihin, you can just raise it when you're in your 50's? Nakakaintriga...

[madam cruella]

my tita who migrated sa Canada way back in the 70s, binalikan yun SSS niya, about 3 years ago, naghulog siya ulit para i-complete yun required number of payments.  sayang daw kasi, nag work din siya dito ng mga 6 years bago sila nag-migrate sa Canada.  Until now nagbabayad pa siya sa SSS and she's already 63.  1 year na lang, may pension na siya na pwede niya ibigay sa mga relatives sa pinas.  Yun hubby pala niya complete sa SSS payments kaya may pension siyang natatanggap kahit na matagal na silang nasa Canada.

[misao]

thanks for this thread sis. my voluntary contribution is around P700 a month. siguro almost 4 years na rin. sana may mapala naman ako dun kasi tinuloy ko pa rin kahit nasa u.s. na ko.

[angeleigh]

Thanks for opening a thread like this. I am a consultant, so wala akong SSS. Iniisip ko rin if it's worth it to continue my contribution. Paano ba maghulog sa SSS? as in punta ka lang sa office? Meron ba sa mga payment center? like SM?

[sweety_paige]

Ilan years ka bang dapat magbayad ng SSS para magkaroon ka ng retirement benefit?

[harlet]

ms_guimba, i don't know sis kung ganun nga yung pwedeng mangyari...