The way we spend and save affects our financial stability, not only in the present but also in the future. As retirement is inevitable for most of us, to live comfortably and worry-free in the days to come, we need to plan ahead while we are still in our prime earning years.
To help Filipinos plan for their retirement, AXA Philippines, one of the country’s leading insurance companies, introduces their latest offerings: MyLifeChoice’s Retirement variant, AXA Global Assets Income Paying Fund (AXA GAIN Fund) available for selected single-pay products, and the new Goal Planner and Investment Tracker tools. The aim is to provide its customers with the ideal financial solutions and tools so they are empowered to take charge of their retirement goals, no matter what stage in life they are in.
Throughout the journey of planning for retirement, AXA is there every step of the way to help keep you on track and on top of your goals: from the accumulation stage, which is the time when your earning potential is at the highest and savings are in full swing, to the decumulation stage, which is the time when you start enjoying the benefits of your life-long efforts along with the opportunity to reinvest for further coverage.
In the Philippines, there is a need for a self-funded retirement plan, as the state pension system can only provide 20% of the income needed to live a decent retired life. Filipinos are also currently living through challenging times – rising inflation, soaring prices, and increasing unemployment – making retirement planning more difficult. The latest Philippine Statistics Authority (PSA) labor force survey (LFS) even showed that the number of Filipinos aged 65 and above who are still working or looking for a job increased from 34.9% last May to 38.2% in June 2022.
MyLifeChoice Retirement variant provides the protection needed to prepare for the uncertainties that may come later in life. This product helps you build your retirement plan with AXA’s Target Date Fund, which follows a unique strategy that allows your savings to maximize growth potential at the onset and minimize risk by the time you need your money for retirement.
Furthering the growth potential of your savings, you can also diversify your portfolio with a mix of different assets, which gives you the flexibility to better manage your investment. MyLifeChoice also features a Start-Up Bonus, where you get an equivalent of 70% of your first-year annual premium invested into your selected AXA fund, starting day one of your policy.
In the decumulation stage, you can also invest in a fund that matches your needs during this crucial stage of your retirement with the new AXA GAIN Fund, an income-paying fund that provides a semi-annual cash payout. This fund is accessible via the AXA Asset Master product, helping provide a source of regular income during retirement.
Finally, to allow convenient tracking of your retirement goals, AXA Philippines also introduces the Goal Planner and Investment Tracker features on Emma by AXA and will be available soon in both mobile app and web versions. As a dedicated partner in your journey towards financial wellness, Emma by AXA gives access to tools that help provide timely monitoring of your progress. These tools also allow you to know if there are necessary adjustments needed to stay on track with your goals.
“At AXA, we are committed to helping our customers protect what matters to them in all stages of their lives. With our new products and tools for retirement planning, we hope we can help Filipinos be secure and able to retire on their own terms,” said Nandy Villar, AXA Philippines Chief Customer Officer.