13/10/2024
โผ๏ธSSS vs AXA Secure Future: Which is the better Retirement Plan?โผ๏ธ
So I did my little research and comparative study about the best Retirement Plan I can get for myself and I compared my SSS contribution vs AXAโs Secure Future.
Length of payment:
SSS: 25 years to pay
AXA: 7 years
Total Premium:
SSS: 840,000 in 25 years
AXA: 819,175 in 7 years
Age I can receive my pension:
SSS: Age 60
AXA: After 7 years of paying (Iโm 31 now so it would be age 38)
Amount of pension / payout Iโll get:
SSS: 11,300 monthly by age 60 until I die
AXA: 55,000 yearly starting age 38 + 500,000 maturity benefit on 20th year
Total amount of payout:
SSS: 1,170,00 by age 70 years old
AXA: 1,215,000 after 20 years (age 51)
Life Insurance:
SSS: Monthly premium x 36 months of continuous contribution so around 360,000
AXA: 1,250,000 pesos on day 1 you started your plan
Based on the data I have researched, it is clear the AXA Secure Future is a better retirement plan compared to SSS because of the huge life insurance coverage, short term mode of payment, and faster and safer return of investment unlike SSS where I have to wait until age 60 to enjoy my pension.
PS: Iโm not saying not to pay your SSS, but Iโm trying to say if you could supplement it, it would be better. But personally, I prefer getting AXA secure future first, then by age 50, that is where I start contributing my SSS with maximum premium.
Be smart on your investments, be smart on your life choices.