The Top 15 Good Investments for OFW Parents Before Retirement

Apr 18, 2024

Overseas Filipino Workers (OFWs) are modern-day heroes, sacrificing their comfort and being away from their families to provide a better future for their loved ones. However, amidst the toll of working abroad, it's essential for OFW parents to set clear goals that go beyond financial stability. As retirement approaches, it's crucial to ensure not only financial security but also emotional fulfillment and a legacy that lasts beyond their working years and leaves behind children. Here are the top 15 goals OFW parents should strive for before retirement, tailored specifically to the Filipino context.

Financial literacy and planning

Before retirement, OFW parents must prioritize financial literacy and planning. This includes understanding investments, savings, and retirement plans. Consulting with financial advisors and attending seminars on financial management can greatly assist in securing a stable financial future.

Debt-Free Living

Filipino culture encourages helping family members financially, which may lead to accumulating debt. Before retirement, OFW parents should aim to be debt-free to enjoy the benefits of their retirement years without the burden of financial obligations.

Education Fund for Children

Investing in their children's education is a top priority for Filipino parents. OFW parents should strive to establish education funds to support and ensure that their children have access to quality education, even after they retire.


Owning a home is a significant milestone for Filipino families. OFW parents should work towards owning a house or investing their money in real estate properties to provide stability and security for their family, even after retirement. They should also note that when owning a home, there are numerous fees they need to consider, like processing fees, brokerage fees, and the like.

Business Ventures

Starting a business is a common aspiration for many OFW parents. Before retirement, they should explore entrepreneurial opportunities, whether it's establishing a small enterprise in their home province or country or investing in a franchise business.

Health and Wellness

Health is wealth, especially in retirement. OFW parents should prioritize their physical and mental well-being by maintaining a healthy lifestyle, undergoing regular check-ups, and investing in health insurance plans to cover medical expenses in the future.

Emergency Fund

Life is unpredictable, and having an emergency fund and making sure bank accounts have stable funds is crucial for unforeseen circumstances. OFW parents should set aside funds equivalent to at least six months' worth of living expenses to weather any financial emergencies.

Philanthropy and Community Involvement

Giving back to their communities and helping those in need is deeply ingrained in Filipino culture. Before retirement, OFW parents should actively participate in philanthropic endeavors, whether it's through charitable donations or volunteering their time and skills.

Retirement Savings

Aside from mandatory government contributions, OFW parents should proactively save for retirement through various investment vehicles such as mutual funds, stocks, and retirement plans. Starting early and consistently contributing to their retirement savings will ensure a comfortable and secure retirement lifestyle.

Family bonding and quality time

Despite the distance imposed by overseas work, OFW parents should make an effort to prioritize family bonding and spend quality time with their loved ones whenever possible. Building strong family relationships is invaluable and contributes to a fulfilling retirement life.

Continuing Education and Skills Development

Learning should never stop, even in retirement. OFW parents should invest in continuing education and skills development to stay relevant in the job market or pursue personal interests and hobbies.

Estate Planning

Planning for the distribution of assets and properties is essential to ensuring that OFW parents' wishes are carried out and their family members are provided for in the event of their passing. Seeking legal advice to draft a comprehensive estate plan is crucial.

Sustainable Lifestyle

With increasing awareness of environmental issues, OFW parents should strive for a sustainable lifestyle by adopting eco-friendly practices such as reducing waste, conserving energy, and supporting sustainable products and initiatives.

Cultural Preservation

Maintaining ties to Filipino culture and heritage is vital for OFW parents and their families, especially when living abroad. Keeping traditions alive through celebrations, language, and cultural activities helps instill a sense of identity and belonging.

Legacy Building

Beyond material wealth, OFW parents should focus on building a legacy that transcends generations. This may include imparting valuable life lessons, instilling strong values in their children, and leaving behind a positive impact on their community and society.

Retirement marks a new chapter in the lives of OFW parents, and setting clear goals is essential to ensure a smooth transition into this phase. With careful planning and perseverance, they can achieve these goals and enjoy the fruits of their labor for years to come.

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