OFW Goals for Retirement

Even if you are just starting out with your life as an OFW, you should always keep in mind that you are not going to work overseas for good. Remember your priorities and reasons for leaving the country for work overseas in the first place. But while realizing your goals may take several years or longer, do not worry – as time will pass by quicker than you think. Just make sure that you don’t lose track of what you’ve set out to do right from the beginning.

In this post, we will share with you some of the goals which most OFWs work hard for through the years they spend overseas to invest a good life for themselves and for their families back home.

5 Guidelines for OFWs to Know It’s Time to Retire

1.      You finally have a house of your own – title and deed.

One of the more important investments you can make while you are earning sufficiently overseas is a house and lot of your own. As the prices of real estate are constantly on the rise, you know that securing your own home is something that you cannot afford to not have in the future.

This, and when you’ve accomplished the following items on our list, can you start thinking about coming back home for good.

2.      You’ve set up enough savings for your children’s entire education.

For most Filipinos, adult life means gearing up for family life. Aside from doing our duties to our parents and siblings (if any), it’s also a good thing to prepare planning for your own kids’ future. And one thing you can do to assure them a good future is by investing in their education.

And while sending your kid to school is no easy task for any parent, it does truly pay off to put them in reputable schools which can provide them solid education, which can be their platform for bigger opportunities in the Philippines and even abroad.

Saving up for your children’s education is just one thing you can tick off the list before you can consider settling back home for good.

3.      You’ve built a diversified investment portfolio for yourself.

Having some kind of savings is a good thing, but it is never enough. It’s more important to have some form of income channels as in an investment whether it be a business or a property which could earn you money to provide for your needs should you decide to stop working after spending many years as an OFW away from your family.

Basically, your savings is there for emergency purposes while having an investment will help you grow your savings. Think of it as making your money work for you. You can consider a variety of investment options as offered by a number of financial institutions as well as banks back home.

4.      You can fund a business of your own with enough capital and savings.

Despite the fact that your retirement would bring you back home for good, it doesn’t mean that you’d want to be holed up in the house doing nothing with your time. A good way to make use of your time spent back home is by running or overseeing a business.

But in order to reach this situation, you need to save up enough funds to be able to start your own business. However, it is also possible to fund a business while you are still working overseas. Whichever happens first, investing in a business is always a good fall back for you and your family as once it takes off and everything is in order, a business can survive with minimal supervision.  This is why having a business is a good end-goal or even a back-up plan in the long run.

5.      You are no longer tied to any debt.

Finally, you can’t call it quits just yet when there are still bills and loans to pay. Remember the time back when you were just starting out or figuring out how to leave for work abroad but needed money to do so. If you’ve borrowed money from people to help you start something, whether it be your employment abroad or a business venture back home, remember to settle your debts completely first before even thinking about retiring. Leaving debts, especially loans with interest could ultimately spell disaster for your finances, and that is not the ending we would like to have, right?

While these things may seem difficult to accomplish, no great achievement ever was. If you’re willing to put in the time and effort to work overseas, then you might as well bring with you a ton of focus and commitment to your goals for your future while counting the days apart from your loved ones. Ultimately, it’s going to be you who will reap from all your hardships and sacrifices as an OFW.

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