Ultimate Guide: Can a 65 Year Old Still Pay for SSS?

According to the Philippine Social Security System, members aged 65 and above with fewer than 120 contributions can continue paying to qualify for a retirement pension. So, can a 65 year old still pay for SSS? The answer is a resounding yes.

Quick Summary

Yes, a 65-year-old can continue paying SSS contributions. This is possible by becoming a voluntary member, primarily to meet the 120-month requirement for a lifetime pension or to increase future pension amounts.

Key Points

• Continued Payments Are Possible: Yes, a person aged 65 or older can continue paying SSS contributions as a Voluntary Member.

• Qualify for a Pension: The primary reason to continue is to complete the 120 monthly contributions required for a lifetime SSS pension.

• Boost Your Pension Amount: Additional contributions can increase your Average Monthly Salary Credit (AMSC), leading to a higher monthly pension.

• Voluntary Membership is Key: To continue paying after retirement, a member must update their status to 'Voluntary' and generate a Payment Reference Number (PRN) for payments.

• No Upper Age Limit for Contributions: There is no specified upper age limit for a member to continue paying voluntary contributions to meet the 120-month requirement.

• Consider the MySSS Pension Booster: This is a voluntary savings and investment program open to all members, offering tax-free earnings on top of regular SSS benefits.

Introduction: Debunking SSS Age Limits

Many Filipinos believe that reaching the retirement age of 65 marks the end of their SSS journey. However, this is a common misconception. The Social Security System (SSS) provides avenues for members to continue strengthening their financial safety net well into their senior years.

Why Continue Paying SSS After 65?

Continuing SSS contributions after 65 can help secure a lifetime monthly pension.

• Meeting the Pension Requirement: Members aged 65 or older who haven't met the 120 required contributions can continue paying as a Voluntary Member (VM). This can help them qualify for a lifetime pension.
• Increasing Your Pension Amount: Additional payments can potentially increase your pension, as calculations consider credited years of service (CYS) and average monthly salary credit (AMSC).

How to Continue SSS Contributions After 65

Individuals can become voluntary members to continue paying SSS contributions after 65. This involves changing membership status to 'Voluntary', generating a Payment Reference Number (PRN) via the My.SSS portal or app, and making payments through SSS-accredited channels.

A Powerful Alternative: The MySSS Pension Booster (WISP Plus)

The MySSS Pension Booster is a voluntary investment scheme for members wanting to enhance retirement savings. Open to all SSS members without a final claim, it accepts contributions starting from ₱500. It offers tax-free returns and flexible contributions. The accumulated value can be received at retirement as a lump sum, annuity, or a mix, supplementing regular SSS benefits.

Comparison: Regular Voluntary Contribution vs. MySSS Pension Booster

Feature	Regular Voluntary Contribution	MySSS Pension Booster (WISP Plus)
Primary Purpose	Qualify for pension (meet 120 contributions) or increase pension amount.	Voluntary investment to augment retirement savings.
Eligibility	Any SSS member not currently mandatorily covered.	Any SSS member with at least one posted contribution and no final benefit claim.
Contribution Amount	Based on a fixed Monthly Salary Credit (MSC) schedule.	Flexible, minimum of ₱500 per payment.
Effect on Pension	Directly impacts the computation of the regular SSS monthly pension.	Provides a separate, additional benefit on top of the regular pension.
Investment Component	Contributions are part of the general SSS fund.	A dedicated, tax-free investment and savings account with market-based returns.
Payout	Integrated into the SSS monthly pension or a lump sum if ineligible.	Paid out as a lump sum, annuity, or a mix, separate from the regular SSS benefit.

For more details, members can visit the official SSS website.

Conclusion: Age Is Not a Barrier to a Secure Future

A 65-year-old can continue paying SSS contributions. The SSS offers flexibility, allowing seniors to strengthen retirement security. Continuing as a voluntary member can help qualify for or increase a lifetime pension. Programs like MySSS Pension Booster offer additional ways to save.

Frequently Asked Questions

What happens if I'm 65 but have fewer than 120 SSS contributions?

If you are 65 or older with less than 120 contributions, the SSS allows you to continue paying as a Voluntary Member until you complete the 120 months needed to qualify for a monthly retirement pension.

Can I restart SSS contributions after receiving a lump sum retirement benefit?

The rules are primarily for those who have not yet claimed their final benefit. If you have already received a final lump sum benefit, you have technically concluded your retirement claim. The option to continue contributions is for those who defer their claim to meet the 120-month pension requirement.

What is the difference between regular SSS contributions and the MySSS Pension Booster?

Regular contributions are mandatory for employed members and are used to qualify for and calculate your standard SSS benefits like pensions. The MySSS Pension Booster (WISP Plus) is a separate, voluntary savings and investment plan that provides additional, tax-free returns on top of your regular benefits.

Is there a maximum age to pay for SSS contributions?

While mandatory coverage for employees and the self-employed stops at age 60, there is no upper age limit for a member to continue making voluntary contributions to complete the 120 months required for a pension.

How much should I contribute as a voluntary member over 65?

As a voluntary member, you can choose your Monthly Salary Credit (MSC) from the SSS contribution table. This will determine the amount of your monthly payment. You can select this when generating your Payment Reference Number (PRN) online.

Can my MySSS Pension Booster (WISP Plus) earnings be withdrawn anytime?

The funds are intended as a retirement augmentation. The total accumulated account value is paid out upon your retirement, death, or total disability. Early withdrawals are possible after one year of participation, with some conditions.

Is it better to continue voluntary contributions or invest in WISP Plus at 65?

If you have not met the 120-contribution minimum, your priority should be making regular voluntary contributions to qualify for a pension. If you have already qualified, investing in WISP Plus is an excellent way to grow your retirement funds with tax-free earnings.

How do I check how many SSS contributions I have?

You can easily check your total number of posted contributions by logging into your My.SSS account on the official SSS website or by using the SSS Mobile App.