SSS: Start saving for retirement via pension booster for only P500

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The State-run Social Security System (SSS) on Friday urged members to start saving for their retirement under its reintroduced savings program which can yield a higher annual return.

In a statement, SSS president and CEO Roloand Macasaet said members can voluntarily enroll in the MySSS Pension Booster program for only P500.

“And they can contribute any amount anytime because there is no limit on the amount they can invest,” he said.

For the mandatory scheme, Macasaet said members contributing above the ceiling of P20,000 to the Regular SSS savings are automatically enrolled in the booster savings plan.

“If you want to build your retirement fund while you are young, invest in the MySSS Pension Booster. Do you have a medium-term financial goal? Why not start saving your money in the MySSS Pension Booster to reach that goal? Our savings program offers so much flexibility than most savings programs,” the SSS chief said.

Macasaet said the MySSS Pension Booster plan can provide members with a projected annual return rate of 7.2%.

Those who are applying for the issuance of a Social Security (SS) number are also encouraged to enroll in the pension booster program.

Macasaet said that the SSS allows partial or full withdrawal of their savings in the pension booster program wherein they get their total contributions together with the investment earnings.

He added that members are encouraged to retain their money in the program until they retire.

“When they get their retirement, total disability or death benefits from the Regular SSS Program, they will also receive their total contributions plus investment earnings from the MySSS Pension Booster tax-free,” he said.

Macasaet also called on maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, and corporate executives, to start building their retirement funds as “early as today.”

“Planning and saving for retirement should begin from the first day they start earning money. When people are in their 20s, they have their whole life ahead of them. Saving for their retirement becomes their least priority,” he said.

“However, the best time for them to start saving for retirement is today while they are young. When they retire, they will realize the immense value of building a retirement fund early in their lives,” he said.

“The younger they start contributing to the MySSS Pension Booster, the longer they have time to grow their retirement savings. If they start contributing now while they are in their 20s, they will have ample time to build the retirement fund they want rather than start saving when they are already in their 40s,” he added.

Macasaet said that members could maximize their earnings from the MySSS Pension Booster if they stay in the program for at least five years or more because the longer they leave their money with SSS, the bigger earnings they will get.

The MySSS Pension Program is the pension fund’s rebranded Worker’s Investment and Savings Program (WISP) and WISP Plus as SSS repositioned its savings program to cater to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, and young professionals who want to boost their savings or retirement funds.

The MySSS Pension Booster is among the reforms introduced by Republic Act No. 11199 or the Social Security Act of 2018, sponsored by Finance Secretary Ralph Recto during his tenure as a senator, who also serves as the Chairperson of the Social Security Commission, the highest governing body of the SSS. — Ted Cordero/RSJ, GMA Integrated News

This article SSS: Start saving for retirement via pension booster for only P500 was originally published in GMA News Online.