Hey there, fellow SSS contributors! If you’re like me, you’ve probably been dutifully setting aside your hard-earned money for retirement through the SSS. But recently, I logged into my MySSS account and was greeted with a surprise: WISP (Workers’ Investment and Savings Program) and WISP Plus have vanished!
So, I tinkered with SSS’ website and found their new replacement: The Mandatory Pension Booster and Voluntary Pension Booster.
As a self-employed SSS member who’s been diligently making voluntary contributions for a while now, this sudden name change piqued my curiosity.
What did this rebranding mean for my retirement savings? I decided to dig deeper and find out.
What’s the SSS Pension Booster All About?
In a nutshell, the SSS Pension Booster, or the rebranded WISP, is a provident fund program with two options:
- Mandatory Pension Booster: If your Monthly Salary Credit (MSC) is over ₱20,000, you’re automatically enrolled. A portion of your regular SSS contribution goes into this, split between you and your employer.
- Voluntary Pension Booster: This one’s open to all SSS members, regardless of income. It’s a way to supercharge your retirement savings, with a minimum contribution of ₱500.
You can find these tabs under “Inquiry” -> “Contributions” on your MySSS account.
Since I’m self-employed, I assumed I’d only be eligible for the Voluntary Pension Booster (formerly WISP Plus), as it’s the voluntary counterpart to the Mandatory Pension Booster. However, it turns out that’s not always the case.
If you’re a voluntary SSS member like me, and your monthly contributions exceed ₱4,000, it’s worth double-checking your MySSS account. You might be surprised to find you’ve been automatically enrolled in the Mandatory Pension Booster as well! This is something to be aware of if you’re aiming to maximize your retirement savings.
Why Did They Change the Names?
While the SSS hasn’t explicitly said why they rebranded, it might be to simplify things and make it clearer what these programs are for. After all, “Pension Booster” is pretty self-explanatory.
Benefits of the MySSS Pension Booster
The SSS touts some enticing benefits for this program:
- High Return on Investment (ROI): They’re aiming for an interest rate that beats other savings options (though I’ll get to that in a bit).
- Tax-Free: Both your contributions and the earnings they generate are tax-exempt.
- Flexibility: You can choose how much and how often you contribute (for the Voluntary option).
- Easy Access: Track everything through your My.SSS account.
- Early Withdrawals: In certain situations, you can access your savings before the 5-year mark.
Is My Pension Booster Really “Boosting”?
This is where I got a little curious. The SSS mentions a projected 7.2% return, but my Mandatory Pension Booster doesn’t seem to be growing that fast. I started contributing higher amounts in late 2023, and while I’ve seen growth, it’s not quite matching that 7.2% figure.
It could be because the program is still relatively new, or that the 7.2% is an average over a longer period. The SSS itself says you need to be in the program for at least 5 years to see the bigger benefits. I guess I’ll just have to wait and see how things look after a full year of contributions.
Your Thoughts?
I’m eager to hear from other SSS members. Have you noticed any discrepancies in your Pension Booster growth? Do you have any insights or advice to share? Let’s start a discussion in the comments below!
Disclaimer: I’m not a financial advisor, just an SSS member trying to figure things out. Always do your own research and consult with a professional if needed.
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