Plan for Retirement | Wealth Management | HSBC HK
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Set your goals and take proper steps in planning your retirement

Here are the four steps to begin with:

  • 1.Target retirement savings

    • What is your desired age of retirement?
    • What is your preferred retirement lifestyle?

    After setting your desired age to retire and projected monthly living expenses, you can work out your required monthly savings through a financial planning review meeting.

  • 2.Retirement savings period

    This is the number of years you have to plan for retirement. Put your savings priorities in order and beware of how major life events affect your saving for retirement.

  • 3.Post retirement living expenses

    • Hong Kong people aspire to have HKD572,2801 per year for a comfortable retirement, but how much do you actually need may be different.
    • Be realistic about your retirement needs. While most people may think monthly expense will be substantially lower during retirement years, you shouldn’t underestimate the increasing medical expenses when you grow older.
    • Research shows a person at age 65 or older uses 6 times more in-patient care on average1
    • By 2050, almost 1 out of 3 persons in Hong Kong will be 65 or older2, indicating the resources to support seniors population will be highly affected.

  • 4.Protection for family

  • This is the protection amount for your family, for example:

    • How much do you need to support your family, and for how long?
    • Would this amount be different if you cannot support them in case of an unfortunate event?
    • Do you have any unpaid debts, e.g. mortgage balance?
    • What is the estimated reserve for your children’s education?

    Delays are costly

    Waiting too long to start your retirement savings plan can have a huge impact on saving effort. A delay of just a few years may increase your monthly savings by thousands of dollars as the following table shows.

    Monthly savings required at your current age to accumulate every HKD 1 million (Assuming 5% p.a. return)

    Monthly savings required at your current age to accumulate every HKD 1 million (Assuming 5% p.a. return)

    (1) The “Required Monthly Savings” amount rounded up to the nearest ten.
    (2) All numbers shown are hypothetical and for illustration only and is not an indication of the actual performance of any insurance plans or investment products. The insurance solutions referred in this document are subject to risks, fees and charges and may have a minimum payment period. Please arrange a financial planning review meeting for professional advice.

    For example:

    • If your current age is 30 and you want to retire at 60 years old, then you have to save HKD1,210 per month for every HKD 1 million of retirement savings.
    • Delaying the start of your savings plan by 10 years (from 30 to 40) means you would have to save double per month to reach the same target.
    • The earlier you start saving for your retirement, the less you will need to contribute monthly, and the more you can save with your wealth growing with compound interest over the long-run.

    1Source: 2016 HSBC Retirement Monitor

    2Source: Your Health Your Life Health Care Reform Consultation Document (March 2008)

    Financial Health Check

    Want to review your finances and assess if you are on track with your priorities in life? Complete a Financial Health Check online to understand your financial strengths and identify areas that may need further attention.

    Risk Profiling Questionnaire

    Want to understand your investment needs and risk appetite? Simply logon to HSBC Personal Internet Banking and it will take you just a few minutes to complete the Risk Profiling Questionnaire.

    Contact us

    By phone

    (852) 2233 3733(852) 2233 3733

    At an HSBC branch

    Find your nearest branch

    You can leverage on our easy-to-use online Financial Health Check (FHC) tool to review your finances and assess if you are on track with your priorities in life.

    It highlights your financial strengths and identifies areas that may need further attention, in view of your needs across the following five areas:

    • Protecting you and your family
    • Saving for your children’s future
    • Planning for your retirement
    • Managing and growing your wealth
    • Preparing for critical illness

    Disclaimer Select to Expand Select to Collapse

    The information as shown on this page is not for sales purpose and it is hypothetical and for illustration only. It is not intended to constitute a recommendation or advice to any prospective customers and is not intended as a substitute for professional advice. You should not act on any information on this page without seeking specific professional advice.

    Products and services referred to in this website are offered only in jurisdictions where and when they may be lawfully offered by The Hongkong and Shanghai Banking Corporation Limited. The material on these pages are not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.

    Note: Investment involves risks. Past performance is no guide to future performance. Investors must refer to the respective fund's offering documents for further details of the fund and the risks involved.

    Your benefit is subject to the credit risk of the Company. Your premiums paid will form part of the Company's assets. You do not have any rights or ownership over any of those assets. Your recourse is against the Company only. This product is a product of the Company but not HSBC and it is intended only for sale in the Hong Kong SAR.

    HSBC Life (International) Limited is incorporated in Bermuda with limited liability, and is one of the HSBC Group's insurance underwriting subsidiaries.