Continuing your SSS, worth it ba?

manofsteel · November 2014

I've seen various questions re SSS, like how to continue paying/do voluntary contributions when you've migrated, or questions related to how much pension you can claim someday or whether you can still claim when you're already citizen of another country.

Some are saying na yun maximum voluntary contribution na P1,790 mas mabuti pa daw ilagay sa ibang investment. Although may mga nagsasabi rin naman na okay daw ituloy. Whether OFW or migrant, is it really worth continuing your SSS contribution?

ieya_oz · November 2014

I'm also interested in this topic.. we will also be moving to AU this coming April 2015 and my hubby and I are still pondering whether to claim or not our SSS.. please share your inputs guys..

vhoythoy · November 2014

di ko na continue sa akin bahala na sila dun sa naihulog ko

legato09 · November 2014

Magandang topic nga ito, if ever ba mag citizen ka dito makukuha mo pa din ang SSS benefits mo? Dual Citizen?

manofsteel · November 2014

@vhoythoy haha, yan din mindset ko when i was working abroad, kaso naactivate ulit yun hulog ko nun magwork ulit ako dito pnas. so ngayon pala isipan sakin kung itutuloy ko ba once i moved to Au or... pababayaan ko na lang bang masayang na lang

manofsteel · November 2014

@legato09 I've read somewhere na someone asked SSS that question, sagot daw ng SSS makukuha pa rin. I'm doubting this kase baka come the time na magclaim ka na eh baka bigla ka basahan ng Republic Act something something na di pala pde.
If totoong pde man, will that benefit be sufficient sa mga panahon na yun? which brings us back to the question na worth it ba tlaga to continue contributing kahit nagmigrate ka na?

vhoythoy · November 2014

mapapakinabangan mo lang kasi yan kapag retirement age kana. unless naka 120 months hulog ka na pwede hindi na ituloy at wait nalang retirement age. sa akin kwenta ko nsa 20-25k pesos siguro then may loan ako 6k ngaun 13k na ata sa interest. dagdag pa sakit ng ulo yan at kukurakutin din naman ng gov't pondo nyan, buti nlang backup ng gov't. pero wala na ako tiwala jan sa sss. tatay ko dati pinahirapan nyan kapipila pagkuha ng benefits. Patay na bago nakakuha. Sa ibang bagay ko nalang ilalaan pera ko. Babalik ako sa pinas para magbakasyon at hindi para magasikaso pa ng kung ano ano. Sa akin lang nman.

angelwheng · November 2014

Advice ng mother ko sa akin eh wag ko na daw ikontinue kung may 10 years naman na akong contribution. Yung loan ko na lang daw ang bayaran ko para din din magincur ng interest. SAbi kasi nya, yung mga friends nya na nagvoluntary before after maemploy na ngayon eh pensioners na, ang nacredit daw na contribution eh nung nagsimula lang ang voluntary. Parang nabalewala na ung naihulog nung nagwowork pa. Kaya mas malaki pa yung pension nya na kahit hindi na nya tinuloy yung contribution nya after nya mawalan ng work kesa dun sa mga nagcontinue.

JCsantos · November 2014

Its better than nothing i guess so

bookworm · November 2014

I don't plan to. Sayang pera e. hehe.

vhoythoy · November 2014

I might increase nlang cguro super contributions or avail other retirement insurances/ set aside funds or get long term investments like stocks or something hehe. Kung malapit lang ako sa 120 months contributions then i will complete it.

RED · November 2014

In my opinion, its a yes and a no.

Yes, if nasimulan na and malapit ka na mag 120 contributions para lang mapakinabangan mo kahit paano yung mga naihulog na.

No, mas malaki po ang kikitain niyo sa ibang investment schemes and at the same time liquid po ang pera niyo.

JCsantos · November 2014

sss is less than 10 $ a month .. and it still earns interest and dividends from what i know ...

bookworm · November 2014

It's not the money. Maliit lang cya kung maliit, but then again, yung makukuha mo eventually, is it really worth going to all the hassle of linisng up and getting the necessary documents?

vhoythoy · November 2014

It's not the money. Maliit lang cya kung maliit, but then again, yung makukuha mo eventually, is it really worth going to all the hassle of linisng up and getting the necessary documents?

dati nag continue din ako hulog nyan sa singapore, mga 5 months ata tapos tinamad na ako. tapos mababalitaan ko sa pinas balak taasan pa ang contributions kasi hindi daw kumikita at need daw para sa mas malaking benepisyo. Grabe pa pila nyan kapag kumuha ka ng benefits dami pa kung ano ano hihingin. Ung tatay ko nga, 3 buwan ata pabalik balik kinamatayan na ung benefits. buti may nakuha pa kahit paano per patay na. Kaya wala na ako tiwala basta nasa gov't. I love pinas pero not the gov't and agencies. Halos katumbas lang ng isang buwan sweldo mo nyan ung makukuha mo o mas maliit pa, kaya better itabi nlang or invest sa ibang bagay nalang. Iwas sakit ng ulo pa at sayang na oras. Hassle din ung monthly pupunta ka remittance para maghulog/ even online pero ok kung pwede bayaran mo na buong taon or more isang hulugan. Pero hanggang kailan mo gagawin un hanggang tumanda ka na. Sa iba na nanghihinayang, ok lang din nman. Yung kung matanda ka na at babalik ka sa pinas para asikasuhin pa.

RED · November 2014

It's not the money. Maliit lang cya kung maliit, but then again, yung makukuha mo eventually, is it really worth going to all the hassle of linisng up and getting the necessary documents?

I agree to this one. Naexperience na namin yung sa death benefit parang wala ka na makukuha sa dami ng gastos sa requirement tapos makakailang leave ka para lang iprocess. Minsan maaga ka na pupunta pero sobrang dami pa din tao kaya pababalikan ka nalang ibang araw.

vhoythoy · November 2014

Sino na ba namumuno ng SSS ngaun, si Romulo Neri ung nainvolved dati sa ZTE deal? Kung hindi man sya, malamang tao lang mapapalitan pero same system lang din. Big bonuses lang ng big boss mapupunta ibang kita nun hinulog ng members. Tingin ko nga ginagamit pa ng ibang politiko pondo nyan. Wag naman sana malugi.

http://nimrodflores.com/investing-and-finance/personal-finance/sss-going-bankrupt/

http://www.9news.ph/news/business/2013/07/25/hike-in-sss-contributions-awaiting-palace-ok

Parang Pag-ibig, ilang milyon/ bilyon nakurakot sa Globe asiatique case, napahiram sa ghost members. Tagal umusad kaso kasi parang malaki contributions ng nahuli sa kampanya ng mga politiko.

Problema nga pagkuha plang ng SSS ID. Sa main office pa ata pwede kumuha di kasi ako updated. Ung wife ko di nakakuha kasi nawala ung sa makati dati pwde dun. Negative ang tingin ko, sorry pero un kasi experience ko sa mga gov't agencies parang MAFIA. Grabe ang tindi ng corruptions hahaha

Tsaka isa sa main reason ko kaya ako mag migrate is para makaiwas sa sakit ng ulo na alalahanin/ corruptions sa pinas at makipag deal sa mga corrupt/ inefficient agencies. I enjoy ko nalang ung family, places at friends pagbalik para magbakasyon. Thats it. Besides on my retirement age, hindi ko na need benefits from SSS. Kung hindi ako nakaipon at kinailangan ko pera from SSS at that time, its my fault.

TotoyOZresident · November 2014

I've seen various questions re SSS, like how to continue paying/do voluntary contributions when you've migrated, or questions related to how much pension you can claim someday or whether you can still claim when you're already citizen of another country.

Some are saying na yun maximum voluntary contribution na P1,790 mas mabuti pa daw ilagay sa ibang investment. Although may mga nagsasabi rin naman na okay daw ituloy. Whether OFW or migrant, is it really worth continuing your SSS contribution?

okay pa rin na mag sss voluntary ka.

manofsteel · November 2014

Thanks sa mga replies.

I asked kung worth continuing ba kse pag di mo daw nacover yun 120months na hulog pde pa rin magclaim ng lumpsum equivalent to number of months na naihulog mo na (im not sure lang if that includes the interest your hulogs have earned). Tas di din daw buo ibbgay, parang lumpsum yun first 18mos, tas yun next bgay is on 19th month na, something like that.

Pag tinuloy naman daw magvoluntary, there might still be a chance na di mo makuha din yun retirement benefits without going thru the hassles of claiming. Not to mention na may chance din kurakutin ng govt yun hulog ng members esp sa mga nag max voluntary.

Yun mom ng misis ko may nakukuha pension, pero super liit. That's why sabi nila if you do voluntary contri it could've grown higher sa ibang investment, pero siempre need pa din aralin kung ano investment yun. Kaya medyo hati pa rin sa pag decide

bookworm · November 2014

Instead of Pinas, contribute more to your superannuation. It would probably be better. Or add it to a special bank account, one you won't touch until you're about to retire. Same amount as the one you would have contributed.
Di ko tlga makita ang benefit. Yung mga taon na nagtrabaho ako sa pinas at nag contribute sa SSS, ayaw ko na dagdagan. I think of it now as my contribution to the country. I still send money to my parents so that money is spent in Pinas, so that is another contribution to the economy. But other than that?
I guess it really is a matter of trust in the government, and I really do not trust the PH government when it comes to handling of my or the taxpayer funds. So if I don't trust them with my money, why should I add more to the ones I had already given them?

RED · November 2014

Thanks sa mga replies.

I asked kung worth continuing ba kse pag di mo daw nacover yun 120months na hulog pde pa rin magclaim ng lumpsum equivalent to number of months na naihulog mo na (im not sure lang if that includes the interest your hulogs have earned). Tas di din daw buo ibbgay, parang lumpsum yun first 18mos, tas yun next bgay is on 19th month na, something like that.

Pag tinuloy naman daw magvoluntary, there might still be a chance na di mo makuha din yun retirement benefits without going thru the hassles of claiming. Not to mention na may chance din kurakutin ng govt yun hulog ng members esp sa mga nag max voluntary.

Yun mom ng misis ko may nakukuha pension, pero super liit. That's why sabi nila if you do voluntary contri it could've grown higher sa ibang investment, pero siempre need pa din aralin kung ano investment yun. Kaya medyo hati pa rin sa pag decide

Setting aside other factors and just focusing on the value, i think the best way for you to decide is to calculate it and see if the return would be beneficial for you or not. In my case, I did some assumption na makaka 120 contribution ako then ang hulog ko is 1500 per month na ang equivalent is approximately 15000 sa range of compensation.

SSS montly pension calculation - if 120 ang nahulog mo, malamang dito ka papasok "forty (40) percent of the average monthly salary credit". Pag kinalculate mo yan nasa 6000 pesos ang makukuha mo per month upon retirement kung ang hulog mo today is 1500 per month.

Other type of investment - let's assume na nilagay mo yung pera na ihuhulog mo sa ibang investment scheme at tutubo ito ng 7% per annum (sobrang baba na po ito). 120 contributions times 1500 pesos would amount to PHP180,000. then compounded interest of 7% for 25 years would amount to PHP977,000.

Ngayon why did I compare these two, if yung pera mo nilagay mo sa investment mo na tutubo ng 7% per annum meron kang PHP977,000 at the age of retirement. Kung sa SSS mo naman ilalagay yung pera na yun, makakakuha ka ng 6000 per month, para makuha mo yung amount na PHP977,000 na nakuha mo pag ibang investment, aabutin ka ng 13 years (977000 pesos divided by 6000 per month then divide again by 12 months/year). So in my opinion, if you know how to invest in other schemes, then it would be better because the return in investment sa SSS ay mababa po talaga.

vhoythoy · November 2014

I am not sure kung updated to pero not until you are 60 yrs old na mapapakinabangan mo mga naihulog mo if you migrated/ change citizenship. you can't withdraw it as of now.

http://sssphilippinesnotes.blogspot.sg/2012/06/can-sss-members-who-have-migrated.html

hassle pa dito yung monthly lagi mo intindihin ang maghulog, hanggang kailan hanggang pagtanda mo. Kaya tinamad ako magpatuloy after several months. Hindi palaging may extra pera tapos pumupunta pa ako sa lucky plaza. And sa 1,500 contributions monthly that would be around AUD38. Malaking bagay din yan tapos hindi mo pa alam ano ang magiging future ng SSS at ng contributions mo. Sa studies nga ng mismong SSS tingin nila pwede ma bankcrupt sila by year 2039 kaya nag increase ng contributions.

bookworm · November 2014

This is also a resource. Wait for the end because they also asked "is it enough"?
http://www.abs-cbnnews.com/video/business/10/04/14/how-compute-your-sss-pension

manofsteel · November 2014

Thanks sa informative response @Red. Mukhang mas maganda nga maaral ang other investment options than entrusting even that small voluntary amount to SSS, esp. di rin natin alam future ng SSS.

I tend to agree with you @vhoythoy, based sa kwento mo parang karamihan nga would really find it na hassle talaga pala maghulog, tas in the end di ganun kalakihan yun macclaim. And nkkatakot nga kung mismo SSS nagsabi na pwede sila mabankrupt kya nag increase ng contribution.

I like what you said @bookworm, na parang contribution mo na to the country yun mga naihulog na during previous employments. I'd like to think of it that way too, hehe.

I think kung poll eto eh the "not worth it" count would've garnered higher score

But this is way better than a poll, since may valuable insights na kasama. Thanks guys! God bless.

vhoythoy · November 2014

Not unless nga nka 120 months hulog ka na or malapit na. At least meron pero stop ko na cguro kung exactly 120. Halos weekly ramen na din sa melbourne katumbas nung 38aud monthly hahaha. Mas ok na un kesa hulog2 tapos 60 yrs old 6,000 pesos ba monthly pensions until ma dedo ka hahaha

manofsteel · November 2014

heto bagong input sa mga nagiisip din if itutuloy ang sss contri...

http://opinion.inquirer.net/65237/sss-shatters-retirees-dream-of-financial-security

bookworm · November 2014

@manofsteel yeah, nabasa ko nga yan dati kaya lalo akong di bilib sa SSS.

manofsteel · November 2014

@bookworm o nga, parang sa inflation pa lang talo na ang sss come retirement day.

RED · November 2014

heto bagong input sa mga nagiisip din if itutuloy ang sss contri...

http://opinion.inquirer.net/65237/sss-shatters-retirees-dream-of-financial-security

He is true that the amount to receive should somehow be transparent like in private insurances by having an estimated amount in the proposal or online calculators available. I always calculated what I will receive in SSS thru my own calculation which I felt troublesome at times.

JCsantos · November 2014

In our case inde kami hassle kasi yung mother innlaw ko yung nag huhulog, since naghuhulog din sila para dun sa kasama nila sa bahay sinasabay na yung sa amin, i know barya lang sa atin ito but its still better than nothing