Retirement Planning

Retirement is an exciting stage of life offering new opportunities and plenty of time to enjoy travel, hobbies or time with loved ones in Hong Kong.

But if you don’t consider retirement planning until later in life, you may discover there are limited funds set aside to support your desired lifestyle. Planning so that you can enjoy today, whilst making sure there is plenty saved for the future, can be a tricky balance to get right.

PREPARING FOR RETIREMENT IN HONG KONG

Your priorities for retirement might include buying property, travelling regularly, spending time with family and friends and enjoying a particular lifestyle. Whatever your chosen age of retirement it’s important to ensure your plans deliver financial stability for the rest of your life.

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All you need to know about retirement planning

Why is retirement planning important?

Effective retirement planning can help you avoid running out of money in retirement, with your plan helping you calculate the rate of return you need on your investment portfolio, what risks should be taken, and the amount of income that would be safe for you to withdraw from your portfolio.

When should you start planning for retirement?

Retirement can seem a long way off but planning as early as possible gives you more time to save and invest. Planning early also allows you to properly consider all of your options especially given that funding your retirement is much more important as life expectancy rates rise. An active retirement, over a number of years, is now a reality for many people, and something to look forward to. Getting your retirement plans in place can help you achieve financial freedom in your later years, enabling you to enjoy your chosen lifestyle during retirement.

How much money should I retire with?

How much you’ll need to retire with is dependent on many things – including your age, desired retirement age, earnings, health, lifestyle and more. Retirement looks different for everyone, but the most important thing is to consider how you want your retirement to look, and plan accordingly.

Ideally when you retire your pension pot should total 25 times your desired annual income; enabling you to withdraw an annual amount of 4% safely without eroding capital.

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