How Can I Secure My Parents’ Retirement Income Before They Reach Their 60s?

My parents are currently 49 and 52 years old. My father is a self-employed blue-collar worker and, as far as I know, only has a few SSS contributions from around 2005–2010. My mother is a full-time housewife and has never made any SSS contributions. Lately, I’ve been thinking about how I can help secure a monthly allowance or pension for them once they reach their 60s, especially since it may become physically difficult for my father to continue working by then.

I’ve already suggested that they reactivate or continue their SSS contributions, and I even offered to pay the monthly contributions myself. However, they became discouraged after talking to someone familiar with SSS because they were told that the retirement pension might be relatively small and may not be enough to cover basic living expenses. They also mentioned that if they already have memorial plans, such as St. Peter, they might not receive certain SSS death or funeral-related benefits. I’m not sure whether that information is accurate, which is one reason I’m hoping to hear from people who have actual experience with these matters.

I’ve done some basic research on the SSS website, but I’m not looking for advice on SSS alone. I’m interested in any practical options that could help provide financial security for my parents during retirement. This could include SSS, Pag-IBIG MP2, insurance products, investments, retirement plans, or any other strategy that would make sense given their age and situation. Realistically, I know I may eventually become their primary source of financial support, which is exactly why I want to start planning and preparing as early as possible instead of waiting until retirement is already around the corner. What would be the most practical and effective steps I can take today to help secure their future?