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Research has shown that, on average, people of a working age start saving for retirement when they are 32.
Source: 2016 HSBC report, ‘The Future of Retirement: Generations and journeys’
On average, people of a working age expect to retire when they are 63.
Source: 2017 HSBC Survey Report, ‘The Future of Retirement: Shifting sands’
Regular monthly expenses for retired individuals differ, depending on their chosen lifestyles: Basic lifestyle* HKD7,240 Modest lifestyle^ HKD11,730 Comfortable lifestyle^ HKD22,395 Affluent lifestyle^ HKD39,355
*assumed living in public housing
^assumed living in a private flat with no mortgage
Source: HSBC Retirement Monitor March 2020
Make sure you only include long-term savings, investments and MPF you’re not planning to access before you retire.
Only 37% of working age people think they’ll be financially comfortable in retirement, according to an HSBC survey. Saving and investing more, and starting earlier, could help.
We'll assume that your retirement funds are invested at the risk level you select.