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With an almost bewildering choice of different financial products available, it can be tricky to know where to start when it comes to pension planning in Hong Kong. Expats face the same challenges as those less travelled, but benefit from being able to use offshore solutions which include tax advantages and additional flexibility.
Here are four points to consider when making financial plans for retirement:
Depending upon your age, there are many factors which simply cannot be accounted for without good planning and regular reviews. Inflation, family situation, health, personal plans and aspirations are all variables which may well change before the time comes to draw a pension income.
While many observers believe 70% of salary will provide a suitable pension, it very much depends on the aspirations of the individual. Taking the time to make realistic and honest estimates of your own individual retirement expenses is essential.
No matter what age someone plans to retire, the earlier the planning process starts the greater the options. Making early provisions will allow savings to work harder and deliver more opportunity for growth.
For an expat, the decision of whether to retire in Asia or return to the home country will have a significant impact on pension needs. Healthcare, living and travel expenses differ considerably between countries and may well change in the future. This should be accounted for when pension planning in Asia.
Attitudes to risk vary from person to person and a good independent financial adviser can help decide which level of risk suits the client at any given stage of their pension planning. People’s attitude to risk may change at different times in their lives and they may want a pension to give the flexibility for this contingency.
Pension planning may not be the most exciting subject, but with life expectancy increasing, it is an area that requires diligence and thought. It is important to seek good advice from an independent and professional financial adviser experienced at matching client needs to the right product.
If you would like to discuss the many pension and savings options available, please get in touch.