The truth is, most of us live our lives like we’re never going to get old.

But we are going to get old. All of us will. At some point in our lives, it will start dawning upon us that we are not as energetic as we think we are, that work is becoming more difficult and harder, and that the reckless enjoyment of our youth will soon start to haunt us, one way or another. Joints will start to ache, diseases and illnesses will start to surface. We will grow old.

It sounds so much like an end-of-the-world kind of thing, but the harsh reality is, we all need to prepare for a future where we’re old and have less flexibility in terms of generating income.

Here we have listed down a number of things you need to consider when preparing for your retirement, to help you get a head start on planning for your own future:

1. After working for 20 or 30 years, you will want to just relax and enjoy life.

In a news article published by a business title in the US , it was reported that people start hating their jobs by the time they turn 35. The enthusiasm for life in the workforce is bound to wear off after years of service. You see this first hand, just looking at the people you work with: the struggle to not drag their feet to work, and the subtle jabs on social media about wanting to be elsewhere. This becomes even doubly true for those who have been working for over 20 years and are starting to show signs of a slowdown. You need something that can take care of you in the future.

A sound retirement allows you stability in life to able to finally bid goodbye to your job after two decades of putting in your hours. It also assures you that even after resigning, you will still be able to enjoy life’s little luxuries and not scrimp at all.

2. Life doesn’t end after retirement so you’d need to have a fallback plan

So in 30 years’ time, you do get to retire. Congratulations! But wait—you do know life continues even after retirement, right? You will still need to eat, maintain some stuff in your life, pay for expenses, and even pay for little indulgences. You will need to have a fallback plan when you’re already at rest from any employed work and is not expecting salary or payment anymore.

3. Having children is never a guarantee of a safe retirement

This is an oft pitfall that happens with people who have children, especially in the context of our culture where offsprings are expected to give back to their parents. More often than not, children are looked upon as backup plan for when parents finally stop working. What most people fail to consider is that children, when they grow up, will also have plans and life of their own. They will also have their own problems to solve, and own expenses to work on. They might even have their own family to support. Relying on your kids to take you through your golden years might put a strain in your relationship with them. You need to make sure that by time you retire, you are liquid enough to be able to support yourself.

4. You will want your family to have a stable future even after you stop working

A well-planned retirement entails a harmonious relationship with your family, as you will not be a financial burden to the entire household because you are self-supporting already. One of the ways to achieve this level of self-sufficiency is by making sure that apart from your income through your paycheck and regular savings account, you also have a time deposit which can yield better interest rates. Take EastWest Bank’s Peso Time Deposit for example. It offers competitive rates versus other banks in the country.

5. It is never safe to just rely on your government-funded benefits

It’s good that you also have something banked on with your government benefits, but note that it also has its drawbacks, one of which is a low lump sum despite number of years worked, as well as non-transferable pension payout. One way to augment the level of benefit you will getting during your retiring years is through EastWest Bank’s Peso Time Deposit. It provides flexible terms of 30 days to up to 5 years for a minimum initial deposit of just Php10,000.00—ideal for empty nesters or even retirees with excess funds to put aside and grow, so they can be secure in their life’s journey.

6. You are never too young nor too old to prepare for your retirement

One of the downsides of the whole #YOLO movement is that it is enabling young people to do exactly as the movement implies—live in the moment, that is. If left to be lived to heart, it becomes a dangerous principle as it makes young people vulnerable to volatile situations of the market or landscape. The same goes for older people who think that nothing else is left to be planned due to age, but the real situation is, everyone always has to have a plan. EastWest Bank’s Peso Time Deposit ensures issuance of time deposit certificates to confirm placement, regularly reminds about maturity, and makes sure client instructions are always considered and carried out.

7. No one really knows what the future has in store for everyone

People change, markets change, landscapes change. Nothing in this world is ever constant, except change. The only way for us to be always on our feet is to make sure we have something stored for ourselves to happily get us through our sunset years. Get a plan that will ensure that you get you the financial independence you need in life. Start here. INQUIRER.net BrandRoom/VT