Get a head start to financial freedom
Over 60% of people in Hong Kong aren't confident about their retirement and aren't sure how to plan for a brighter future. With average lifespans increasing, you'd likely be looking at a longer retirement period as well - this is why it's so important to kick-start your retirement planning as soon as possible.
The HSBC FinFit survey estimates that an average person will need HKD4.7 million to retire comfortably in Hong Kong. Throw in other aspirations you want to chase, hobbies you want to pursue and insurance coverage to protect the ones you love, and you may discover your retirement budget is more complex than you had originally envisioned. That's where we come in.
At HSBC, we make future planning accessible, less complicated and easier than you think. We can help you map out your goals, guide you through the coverage you may need and ultimately create the best wealth management plan to get you there, no matter where you're currently at in life.
Key stages of retirement planning
Have a clear retirement goal
The sooner you start planning, the more secure your retirement will be. A good place to start is having a clear vision in your mind of what your retirement means for you.
Here are a few things to think about:
- the retirement dreams you want to fulfil
- day-to-day living costs
- protection you'll need against the unexpected, like medical insurance
Not sure where to start? Take a look at our HSBC Retirement Monitor to see how much Hong Kong retirees are spending.
Make a savings plan
Once you know what your retirement will look like, work out how much you need to set aside for it.
You can use our Retirement Planning Calculator to work out how much you need to save to reach your retirement goal.
Stick with your savings plan
Once you have a plan, start putting money aside regularly. To help you build up a saving habit and stick to it, set up a direct debit to transfer your savings into a dedicated retirement pot, savings account or other retirement saving product. You can start small and add more later but the earlier you start, the better.
Choose the right investment products
Choosing the right products to help your pot grow is an important step. The money you earn from your retirement portfolio can make up a large part of your retirement pot.
There are some important factors to consider when choosing the right retirement products, like tax relief, the flexibility of contributions and withdrawals, and the level of risk to take. You could also choose multiple products to suit different needs and diversify your portfolio.
Review your plan regularly
Retirement planning can take a few years, and it's not unusual for things not to go according to your plan all the time.
That's why you should review your progress regularly, at least once a year. You might discover some adjustments you need to make to keep your plan on track.
Even in retirement, you should review your plan. See how likely your retirement savings will last by using our Post-retirement Evaluation Tool.
Protect yourself and your family
Retirement planning isn't just about saving. Make sure you and your loved ones are well protected in case anything unexpected happens.
You can use our Protection Need Calculator to check if your protection needs are well covered.
Where are you with your retirement planning?
Not thinking about retirement yet?
Retirement may be decades away and could seem like a mere dream for now, but did you know the best time to plan for financial freedom is actually the present? Seems like a daunting task, but the trick is to break this giant goal into smaller milestones. We're here to help.
Taking retirement planning more seriously?
How much do you need for an ideal retirement life? Thinking about this is definitely not easy, as there is much to consider, such as your retirement age, lifestyle and how to reach the target through saving and investing. You're not alone – over 60% of people in Hong Kong are in the same boat and aren't confident about their retirement. Let us show you how, step by step, as you take charge of your retirement financial goals by thinking ahead, planning early and working out your budgets.
Have your retirement pot in place and are ready to relax?
You have come a long way - but are you on track to realise your retirement dreams? A good financial plan whilst you're in retirement is essential for the peace of mind you should enjoy in your golden years. We can guide you through this planning process to help you attain a retirement life that you deserve.
Retirement calculator and other tools
We've got all the tools and resources to help you get the most out of your retirement planning.
Retirement planning calculator
How much do you need to retire? Calculate your retirement saving target and see what adjustments you can make based on your ideal retirement life.
Retirement roadmap
Ready for the future? Find out if your retirement plans are a go or no go and discover insurance products that can help with your goals.
Financial Health Check
Log on to online banking and take a test to determine your retirement needs.
Post-retirement evaluation tool
Ready to retire? Check how likely your savings will last.
Start your journey with us
Whether you're just starting out or already at the peak of your career, we're here to help you with your retirement planning. All you need to do is take these first steps to start your journey with us.
Open an account with us
It's easy, seamless and only takes a few steps with the HSBC HK Mobile Banking app.
Build your wealth by investing
Open an investment account with us for great opportunities to grow your wealth and manage it.
Risk Profile Questionnaire
Determine your risk appetite to see which investment products are best suited for you.
Explore related products and solutions
Investments
See our suite of investment products and pick the tools that align best to your retirement goals.
Mandatory Provident Fund (MPF)
Find out all you need to know about making MPF investments.
Insurance
Protecting yourself and your loved ones against the unexpected is a key step in retirement planning.
Wealth Insights
Tap on our global views to stay on top of the latest market trends and make informed investment decisions.
Book an appointment
Arrange for an appointment with our wealth management experts to get advice on your retirement planning.