The Best Time to Claim Your SSS Pension Is When…

There are two kinds of people in this world, the spontaneous and the one that plans ahead of time.

If you belong to the second one, I guess you are already starting your retirement planning. You are on the right track. However, if you are the spontaneous kind of person, having retirement plan is not a bad thing. If you want the road leading to your retirement to be smooth, then you must plan ahead!

One of the things you need to plan for retirement is your SSS pension. To get the most of your SSS retirement benefit, you need proper timing. Think about the optimal time to file for your retirement and claim your pension. Also, know when you’re qualified to file for SSS retirement and how they compute monthly pensions.

Are You Qualified to Avail of SSS Pension?

There are people who wants to retire at an early age and that’s possible. But you need to wait for 21 to 30 years to claim your SSS pension, depending on your current age.

Monthly Pension

If you paid at least 120 monthly SSS contributions before the semester of retirement and meet the following criteria, SSS provides monthly pension:

Optional retirement:

  • Unemployed and at least 60 years old
  • Unemployed, at least 55 years old, and was an underground mineworker for at least five years before the semester of retirement

Technical retirement:

  • Whether employed or not and at least 65 years old
  • Employed or not, at least 60 years old, and an underground mine-worker

Lump Sum Amount

You can still receive your payment equal to your total SSS contributions, both employee and employer share, plus interest if you’ve paid less than 120 monthly contributions when you retire.

How Much SSS Pension Will You Get When You Retire?

SSS retirement benefit computation is too much to comprehend because they use a complicated method to compute how much pension a retiree should get. But no worries. There’s an easy way to make sense of it.

The member’s average monthly salary credit and the credited years of service are the two things SSS takes into account when computing monthly pension. So the higher your average salary bracket and the longer your employment period, the higher your total number of SSS contributions. That leads to a higher monthly pension.

When Is The Best Time to Claim Your SSS Pension?

Knowing all the qualifications and computation for the retirement benefit, it is time to make a smart plan on when to claim your SSS pension!

Retiring at age 65 or older is better because you can increase your contributions before your retirement for a higher pension. But filing for SSS retirement benefit sooner also has its advantage.

Qualified dependents will receive 10% of the retirees pension and in case of the pensioner’s death, the primary dependents will get 100% monthly pension.

To maximize your retirement benefits; apply only when you’re sure that you’ve paid the required minimum of 120 SSS monthly contributions, keep on paying your SSS contributions as a voluntary member until you reach 65 or older, and claim your SSS pension not earlier than 65.


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