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How to plan for retirement

Whether you're thinking of round-the-world trips or spending more time with family, creating a financial plan today can make your dream a reality. Here's how to put together your first plan in seven simple steps.

Retirement planning

The first step in planning for retirement doesn’t have to be something as boring as assessing your finances. It can be thinking about your dream retirement. You might want to:

  • Go back to university/college
  • Volunteer for a charity that's important to you
  • Move abroad or travel more
  • Take up a new hobby
  • Live closer to your family

If you have an idea of what you'd like to do in retirement, the next step is working out how much money you'll need to achieve your goals.

Can you afford to plan for retirement straightaway, or do you need to pay off debts first? Freeing yourself from loan repayments might make more financial sense right now and leave you with more money to contribute to your retirement fund later.

Once you know what you're aiming for, you should assess how you're doing financially right now. Are you on track for a good retirement and how far are you from your retirement goal?

A good general rule is that your retirement fund contributions should be a percentage of your earnings, roughly equal to half your age – which means when you're 36 years old you should save 18% of your earnings. Once you turn 40, you should be saving 20% of your earnings.

Your retirement plan could include a range of products and should cover your own needs and the needs of the people who rely on you for financial support.

If you're an HSBC Premier customer you can talk to your Relationship Manager about your retirement options.

Otherwise, book a one-to-one review at your local branch. 

It’s less expensive than you think to put a retirement plan into action – insurance premiums are usually lower than expected and even small savings can quickly add up.

As you grow older and your circumstances change, you should update your financial plan accordingly. The goals you had in your thirties will no doubt be different in your sixties, so your retirement wealth management plan should be updated as well.

The first step in planning for retirement doesn’t have to be something as boring as assessing your finances. It can be thinking about your dream retirement. You might want to:

  • Go back to university/college
  • Volunteer for a charity that's important to you
  • Move abroad or travel more
  • Take up a new hobby
  • Live closer to your family

If you have an idea of what you'd like to do in retirement, the next step is working out how much money you'll need to achieve your goals.

Can you afford to plan for retirement straightaway, or do you need to pay off debts first? Freeing yourself from loan repayments might make more financial sense right now and leave you with more money to contribute to your retirement fund later.

Once you know what you're aiming for, you should assess how you're doing financially right now. Are you on track for a good retirement and how far are you from your retirement goal?

A good general rule is that your retirement fund contributions should be a percentage of your earnings, roughly equal to half your age – which means when you're 36 years old you should save 18% of your earnings. Once you turn 40, you should be saving 20% of your earnings.

Your retirement plan could include a range of products and should cover your own needs and the needs of the people who rely on you for financial support.

If you're an HSBC Premier customer you can talk to your Relationship Manager about your retirement options.

Otherwise, book a one-to-one review at your local branch. 

It’s less expensive than you think to put a retirement plan into action – insurance premiums are usually lower than expected and even small savings can quickly add up.

As you grow older and your circumstances change, you should update your financial plan accordingly. The goals you had in your thirties will no doubt be different in your sixties, so your retirement wealth management plan should be updated as well.

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Global experts’ advice to help you capture global investment opportunities and mitigate investment risks to meet your diversified investment and wealth management needs. Our investment products include: Structured productsDual Currency Investment and Enhanced Yield InvestmentOverseas Investment Plan, and Local Unit Trust and Hong Kong Mutual Recognition of Funds.

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You could check our insurance partner policies including Travel insuranceHealth insurance, and Life insurance, and our Online service.

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