Adding A Little For Your Asawa's Future

[Mike S]

A while back we had a topic on what to do to insure your asawa can carry on in the event you pass on ..... I never thought of a dding this then until I just made another payment to my asawa's SSS ...... we decide to do this several years ago so that she could have a little something when she reached retirement age ...... you can make voluntary contributions to her SSS account ...... the only draw back is that she has to claim she has some sort of business ...... but that is no problem all you need to do is go to the local Brgy. hall and get a letter stating that she is self-employed ...... and then go to the SSS office and report to fill out some forms for her voluntary contribution ...... we pay by the quarter ..... not much but every little bit helps ....... just another way of preparing for the future :thumbsup:

[Bruce]

OR, if the reader is young enough to buy 20 yr term insurance at a REASONABLE rate, that may work out better. Remember... suicide, the OTHER white meat....

[volstateguy]

OR, if the reader is young enough to buy 20 yr term insurance at a REASONABLE rate, that may work out better. Remember... suicide, the OTHER white meat....

I'm not sure if I like the idea of Life insurance policy on myself, I prefer to be more valuable alive than dead. Is there a way to set up some sort of savings account in your wife's name without her knowledge that you can just dump money into on a monthly basis?Just to clarify a couple things; I'm not married at this tim. And in reference to setting up a savings account, would that be doable in the Philippines if I was living there? Edited February 2, 2012 by volstateguy

[Bruce]

Sure, IF you have someone to handle the estate that you trust. Or open a joint account, with you as primary and pay upon death to the wife / gf. She has no rights to the money unless you are dead. Just tell here there is 5,000p in it of emergencies. As the balance grows, she will not know unless you tell her.

[Call me bubba]

you can make voluntary contributions to her SSS account ...... the only draw back is that she has to claim she has some sort of business ...


and then go to the SSS office and report to fill out some forms for her voluntary contribution

its not needed to claim that 1 has a business or work, 1 can pay on a VOLUNTARY basis
you would need to CHECK "VM-voluntary" on the RS-5 form

Mike S, :thumbsup: good job on planning ahead for your wifes future.
just wish that other members would do they same for their wife/partners/gf etc
and consider to extend that to the "family" to help them prepare when older.

just wondering does any others here . (on the forum) contribute to their partners/wife/gf future?
or do they (will)depend on the home country SS retirement to support them when in old age?

 

https://www.sss.gov.ph/sss/uploaded_images/forms/normal/RS_5.pdf  RS-5 form

Edited January 28, 2013 by Pittman apartments Sgn

[Old55]

Check very carefully details of Philippines accounts be very sure once you pass that the money can be had by your wife. My family was unable to withdraw the money Lola had in her account because it wasn't a joint account. The bank was very pleased to keep the money.

[Bigdog]

I purched PhiliHealth for my GF and her family..ended up needing to apply two policies to cover the people  I wanted..total cost 4800p , the same as a dinner out at home..and i will be looking into the self paid SSS here for her also.. if we marry she will be aforrded a portion of my pension or i will set up a trust to pay a monthly dividend to her..might not be alot but more than she can make working here.. my kids from my first marriage will be inheriting all my US properties( unless we buy new ones together in the US) and she will get any Philippine ones..hopefully we will have it set up so she wil be able to afford the upkeep/utilities/taxes.. the Belize property..I'm taking that with me !! hahahhahahaha

[i am bob]

just wondering does any others here . (on the forum) contribute to their partners/wife/gf future? or do they (will)depend on the home country SS retirement to support them when in old age?  

 

Being an ex-Canadian Armed Forces member and retired on Medical grounds, I have my pension now.  If I marry again, I can set it up so that a portion will go to my wife after I pass away BUT they deduct that from my pension now instead.  So that will be a no-go.  I can forget about Canada Pension helping her as she is not in Canada or a Canadian citizen.  And I don't have RRSPs thanks to my previous divorce and having to pay child support for all those years - as it is I'm trying to clear my debts from that time so I can move to the Philippines.  So this is really limiting what I can do for my future wife...  I'm down to pretty well investments or an insurance policy.  Investments would be nice but my pension isn't that big - so my investments wouldn't be that big either.  So now it's down to Insurance.  Forget about Universal, Whole Life or whatever your local insurance agents want to call it - at my age I would be paying monthly more than my pension is for such a little policy that really sucks.  Term insurance is the way to go.  Set it up for the longest term you can (if you expect to live that long - I do!) and go for an amount that will help her survive for a while.  in my case, $50,000 at today's exchange is still over P2,000,000.  The rates on this - even with my heart condition - will be low enough to be affordable.  

 

So while I am looking at Term Life Insurance, this may not be the best results for everybody.  Check all your options.  Look around.  Check into your pension for survivor's benefits.  You never know what you might find.

[i am bob]

I purched PhiliHealth for my GF and her family..ended up needing to apply two policies to cover the people  I wanted..total cost 4800p , the same as a dinner out at home..and i will be looking into the self paid SSS here for her also..

 

A very smart man you are, Bigdog!  Everybody should look into PhilHealth for your family and yourself!  And if you think you may end up paying for any extended family and hospitalization?  Look into getting them PhilHealth too!  It is one of the least expensive health plans you will find!  It may not cover a high amount but it will still save you a lot of Pesos in the long run!

[sjp52]

just wondering does any others here . (on the forum) contribute to their partners/wife/gf future? or do they (will)depend on the home country SS retirement to support them when in old age?  

 

Being an ex-Canadian Armed Forces member and retired on Medical grounds, I have my pension now.  If I marry again, I can set it up so that a portion will go to my wife after I pass away BUT they deduct that from my pension now instead.  So that will be a no-go.  I can forget about Canada Pension helping her as she is not in Canada or a Canadian citizen.  And I don't have RRSPs thanks to my previous divorce and having to pay child support for all those years - as it is I'm trying to clear my debts from that time so I can move to the Philippines.  So this is really limiting what I can do for my future wife...  I'm down to pretty well investments or an insurance policy.  Investments would be nice but my pension isn't that big - so my investments wouldn't be that big either.  So now it's down to Insurance.  Forget about Universal, Whole Life or whatever your local insurance agents want to call it - at my age I would be paying monthly more than my pension is for such a little policy that really sucks.  Term insurance is the way to go.  Set it up for the longest term you can (if you expect to live that long - I do!) and go for an amount that will help her survive for a while.  in my case, $50,000 at today's exchange is still over P2,000,000.  The rates on this - even with my heart condition - will be low enough to be affordable.  

So while I am looking at Term Life Insurance, this may not be the best results for everybody.  Check all your options.  Look around.  Check into your pension for survivor's benefits.  You never know what you might find.

 

I really lucked out. 3 years before my early retirement ( we are allowed to retire at 55 ) My works doctor felt my memory was not that great, So she sent me home and I was not allowed to come back until I had thorough testing which they paid for. During that time off I went to the Philippines for a visit and got into a motorcycle accident ( taxi cut me off ). I banged my knee up pretty good. When I got back to Canada I went into work to attend a meeting about me coming back to work and when the big boss found out I had a screwed up knee he said that he did not want me back. So the insurance company told me that they would be paying me until I turned 65 and then my pension would kick in. So now I am still an employee and my pension keeps building and I still have my life insurance ( I pay around 20 something a month for a half million dollar policy through work ) and I no longer have to work.

 

When I die my wife will get half my pension paid to her each month and also get the life insurance money. I actually worry about that as some people might have a hard time going from very poor to very rich ( I don,t worry too much ). I have paid for Phil Health for the family as I will be the one they come running to when an emergency arises. Also I got her to start an account with some bank ( I forget the name of it ) but it lets you get low interest loans. It is very popular in the Philippines. We deposit every month into that account. We have purchased stalls at the big fish market and rent them out. They cost 70,000 pesos for each stall and each one brings  in 100 pesos a day 6 days a week. I plan on buying more in the future. Its funny all these stalls are is a little four legged table to put your fish on to sell, But there is a waiting list for people to rent them.

 

I am sending the three kids through school ( two are in University and one in Grade 6 ). So her kids are taken care of. Right now I,m back in Canada and Florida trying to sell my place in Florida. If it sells I will build a house in the Philippines and spend 6 months in the Philippines and 6 months in Canada