Save More, Earn More: The MySSS Pension Booster for a Brighter Retirement

Did you know that you can also increase your retirement funds through SSS? You can do so with the MySSS Pension Booster.

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This savings program was initially known as the Worker’s Investment and Savings Program (WISP) and WISP Plus, but has been rebranded to show that it is primarily for retirement. For as low as Php 500 per investment, you are on your way to growing your funds for the next 5 years. With the money saved, you can increase your retirement funds or whatever way you want to use it.

MySSS Pension Booster
Image Credit: SSS website

Get to Know the MySSS Pension Booster

Are you looking to increase your savings for your retirement? If you are an SSS member, then the SSS Pension Booster can help you achieve your goals. All SSS members, from corporate managers, rank and file employees, self-employed, and OFWs can avail of this mandatory program. 

What was initially known as WISP and WISP Plus, it has been rebranded as MySSS Pension Booster. The primary goal of this initiative is to encourage members to save up for their retirement as early as possible. 

One of the benefits of saving under this program is that you can earn from your contributions, tax-free. According to sources, the projected annual return is 7.2% which is significantly higher than what you would get if you put your money in a bank.

According to the SSS website, this pension program is more than any regular retirement program since this is a safe and convenient option to grow your savings. Doing so will ensure that you can retire comfortably.

How Can You Enroll in the MySSS Pension Booster Program?

All SSS members who are earning Php 20,000 and above are automatically enrolled in this pension program. If your earnings fall within this category, your contributions are automatically remitted by your company.

Meanwhile, those who are voluntary members can choose to enroll in this mandatory program as well. You only need to access your My.SSS account, click on the enrollment option, and agree to the terms and conditions of this program. WIth that being said, you need to have an SSS number to be able to join. 

How Much Can You Put in Your Savings?

Once you are enrolled in this pension program, you can invest for as low as Php 500 per payment. You can add your investment together when you make your contribution. Since it is a mandatory program, you can invest every month or anytime you have an extra money to invest.

You will know when your contributions are posted by checking your My.SSS account. Eventually, SSS will offer a feature where you can also monitor the investment income. 

When Can You Get Your Savings? 

Members are encouraged to get their savings after 5 years, as a pension. But for some members who are in dire need of cash, they are allowed to withdraw their savings fully or partially. So as much as possible, the savings should be allowed to grow their investment up to 5 years or more. In fact, members can claim their savings and contributions when they retire or in the event of total disability or death.

Watch: SSS Explains How the MySSS Pension Booster Works

This video from one of the programs of SSS explains what the pension booster is and how it can help members increase their retirement funds, along with what they can claim from the regular SSS program. 

In this video, the host and her guest also answer questions from the viewers. Some key takeaways are that, as of now, only current members can join this program. It is not yet available for retirees. The video also highlights the benefit of compound interest on members’ savings.

You can watch the full video here:

Disclaimer: The information posted is from the owner of the video. If you have specific questions, you may ask the owner by commenting on their video or on their social media account.

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