As the sun sets on years of hard work, retirement is meant to be a time of rest, relaxation, and reward. But for many retirees across Asia, the golden years are proving to be a financial juggling act, especially as inflation continues to bite. A recent survey by Sun Life Asia paints a vivid picture of the challenges faced by retirees in the region and offers a glimpse into the future of retirement planning.
Regrets and Reality: The Filipino Experience
In the Philippines, nearly half of today’s retirees harbor regrets about their financial decisions, with the majority lamenting not saving enough (73%). Others cite unwise investments (47%) or retiring too early (38%) as missteps. These regrets have tangible consequences: one in four retirees finds themselves blindsided by the rising cost of living, particularly healthcare and daily expenses.
The survey, titled Retirement Reimagined: Facing the Future with Confidence, highlights how inflation—markedly higher in the Philippines than the Asia average of 11%—has stretched retirement budgets thin. Many retirees have been forced to cut spending (62%) or turn to family for financial support (48%).
“There is a growing awareness among Filipinos about the importance of financial management to achieve a prosperous and comfortable retirement,” said Carla Gonzalez-Chong, Chief Client Experience and Marketing Officer at Sun Life Philippines. “Financial literacy remains key, and we are committed to this advocacy to help more Filipinos overcome the obstacles and enjoy quality lives in their golden years—just as they deserve.”
The Challenge of Late Planning
Despite these lessons, planning for retirement often starts far too late. Alarmingly, 66% of survey respondents admitted they would only begin preparing for retirement expenses within five years of retirement—or not at all. David Broom, Chief Client and Distribution Officer at Sun Life Asia, warns that this approach leaves many unprepared for the realities of post-work life.
“Our research shows that while independent financial security is seen as the foundation for a rewarding retirement, many people remain unprepared for the realities they face,” Broom said. “Early planning and disciplined saving are key to facing your golden years with confidence.”
The Next Generation: Redefining Retirement
Younger generations, however, are taking note of these challenges and adjusting their expectations. Workers across Asia now anticipate retiring at an average age of 65—seven years later than their retired counterparts. Many cite the need to save more (59%), stay active (59%), and cover increased living expenses (46%) as reasons for postponing retirement.
This shift reflects an evolving understanding of financial independence and longevity. “Ensuring the wellbeing of our growing senior population is a shared challenge in our communities,” Broom said. “We have a unique opportunity to redefine what a secure and healthy retirement looks like and empower people to approach their post-career years with proactive financial planning.”
Gold Star Planners vs. Retirement Rebels
The survey also identified two distinct groups among retirees: the “Gold Star Planners” and the “Retirement Rebels.” Gold Star Planners, who begin planning expenses well ahead of retirement, save more than 10% of their income, and invest in insurance and pension products, are more likely to stay within their budgets and express greater confidence in their health and finances.
In contrast, Retirement Rebels, who lack sufficient planning and insurance protection, often find themselves struggling to adapt. They are more likely to regret their financial decisions and face unexpected expenses in their later years.
Aspirations and Anxieties
For many Filipinos, retirement aspirations remain simple yet profound: spending quality time with family and friends (48%), escaping the daily grind (16%), and traveling the world (14%). However, these dreams are often tempered by concerns about health issues and physical decline (68%), which can derail even the best-laid plans.
A Call to Action
Sun Life’s findings are a wake-up call for individuals across all age groups. As the survey underscores, achieving a secure and fulfilling retirement requires early action, disciplined saving, and professional guidance. For those ready to take control of their financial future, Sun Life offers products like Sun Smarter Life Elite, Sun MaxiLink Prime, and Sun Senior Care, alongside access to trusted financial advisors.
“Retirement is not just a financial milestone—it’s a chance to live the life you’ve always dreamed of,” Gonzalez-Chong said. “With the right planning and support, every Filipino can look forward to golden years filled with joy, security, and peace of mind.”
For more information or to consult a Sun Life advisor, visit www.sunlife.co/TalkToAnAdvisor.
Details provided in a recent press release.
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