Guide on MySSS Pension Booster for Members Who Want To Secure Financial Stability in their Senior Years
MYSSS PENSION BOOSTER – Learn here how this program can actually help you achieve financial stability for the future.
Preparing for a comfortable retirement is a priority for responsible individuals who want take care of their golden years. This can be achieve through a membership to social insurance giants but it is important to really know the ways to get to the goal.
If you are a member of the Social Security System (SSS), it is best to know that this social insurance giant built a safety net for its members who don’t just want the basic when they reach 60 years old. You might have already heard about the MySSS Pension Booster and want to know more about it.
The MySSS Pension Booster is actually known as Workers’ Investment and Savings Program (WISP and WISP Plus). It is a savings scheme wherein the members’ money are grown safely through professional government management and it is exempted from tax deductions.
If you want to ensure that you achieve a great, dependable retirement fund when you finally decide to retire, here are the ways on how the MySSS Pension Booster can actually help you:
Mandatory vs. Voluntary
This program is not only open for high and middle-income earners. Those who want to voluntarily save under it can actually do so. There are two (2) tracks available:
- Mandatory Track (Formerly WISP): This track is for private-sector employees, corporate executives, and land-based overseas Filipino workers (OFWs) whose Monthly Salary Credit (MSC) exceeds ₱20,000. According to the Social Security System, any contribution amount corresponding to earnings over the ₱20,000 ceiling is automatically placed into this booster fund. For the local employees who fall on the same track, the cost is shared proportionately between the employer and the employee.
- Voluntary Track (Formerly WISP Plus): This track is open to all active SSS members. Self-employed individuals, informal economy workers, and voluntary members can register in the program through this track regardless of their salary credits. Members have the option to enroll and contribute as low as ₱500 per payment, with no maximum limits, adjusting it entirely to their personal budget.
How MySSS Pension Booster Can Grow Your Money
The funds collected under this Social Security System program are pooled together and they are invested in stable and high-yielding government securities, fixed-income corporate bonds, equities, and money market instruments. They are managed safely under professional management.
The funds under this program are provident fund. Thus, compound growth greatly increases the amount. Records show that it has brought highly competitive returns to the members. To further boost how much the members can receive, the social insurance giant also completely waived its traditional one percent annual management fee from 2025 until 2028.
Payout and Flexibility
Under the MySSS Pension Booster, all your principal savings plus cumulative investment earnings are absolutely exempted from tax deductions during the payout. Once you file your final retirement claim upon reaching the age of 60 or more, you have the option on how you can claim your retirement fund:
- as a lifetime monthly pension
- as a one-time lump sum
- a tailored combination of both monthly pension and one-time lump sum
Under the Voluntary Track of this program is cash flexibility that allows the members to make a partial or full withdrawal in case an unfortunate season takes place. This is something that standard contributions to the social insurance giant do not allow. Under the program, withdrawals are allowed as early as after at least five (5) years of posting.
Additionally, unlike standard SSS contributions, the Voluntary track offers cash flexibility. Members facing extreme hardships (such as critical illness or involuntary job separation) can access partial or full withdrawals early on, while regular members can freely opt for full or partial fund withdrawals after staying in the program for at least five years.
How to enroll to the MySSS Pension Booster?