APPROXIMATELY 9 million Filipinos, or about 8.3 percent of the total population, are expected to reach retirement age within 10 years, according to 2020 data from the Philippine Statistics Authority. Additionally, around 3.5 million Filipinos, representing roughly 3.2 percent of the total population, are in the early years of their retirement, no more than five years. Meanwhile, about 4.5 million Filipinos have been retired for a much longer period. While those approaching retirement often envision it as an idyllic and leisurely phase of life, those already retired are experiencing the realities of retirement firsthand.

A romanticized view of retirement often imagines a peaceful, stress-free life full of relaxation and freedom. It sees laidback, quiet mornings spent savoring coffee while enjoying scenic views, with no need to rush through heavy traffic for meetings. Afternoons are opportunities to bask in cherished hobbies, explore new interests or simply unwind. Evenings are filled with the warmth of social gatherings with friends and loved ones, unconstrained by tight schedules. This idealized vision includes extensive travel to tick off bucket-list destinations, embracing innovations and technologies that enhance comfort and convenience, and enjoying a permanent break from work pressures. It is a time when every day feels like a vacation, filled with comfort and joy, with minimal financial concerns and responsibilities. However, this dream retirement, while alluring, does not always align with the reality. Retirees often face unexpected challenges as they adjust to new routines, manage financial constraints, and cope with health issues and a sense of isolation.