Ways of saving money for retirement in Hong Kong

Retirement saving is such a great way of planning ahead of retirement. As per reports, Hong Kong people are facing troubles as they are outliving their retirement plans ahead by 6 years. They are smart and would save their money for retirement rather than going on a holiday. Savings plan hong kong are so many and these are well covered by the government. Everyone plans of having a secure life after retirement that you can plan only when you save well.

  1. Two ways of saving for retirement
  • Mandatory Provident Fund

If you are an employed person, this is an automatic retirement plan that you can opt for. The savings will be managed by the MPF portfolio. It helps in maximizing your growth of income savings. You have to consider factors such as age and risk tolerance. When you are nearing the retirement plan, make sure that your funds are not compromised at all. You do not like suffering losses when you are on the brink of retirement.

  • Investment types

Another way of saving money is through personal investments. Some of the scheme types are listed as under:

  1. AIA offers so many retirement options and the best way it simply choosing Simply Love-Encore. If you are planning for lifetime protection, then Admire Life 2 is also a great option. With the Golden year’s income plan, it will provide a fixed income for all the retirees.
  2. HSBC is a great company to look forward to. It offers Income Goal Insurance Plan for saving up your plans along with meeting all your requirements. You can choose between a 10 year or 15 years plan. The longer the term you take, the more returns you will receive.
  3. AXA is another company providing a Wealth advance savings plan similar to a life insurance savings plan that combines life insurance with growing your savings to the mid-term phase. AXA helps in meeting the bonus of every goal you are planning of meeting.

life insurance savings plan

  • Ways of being wise while saving for investment

When saving for retirement, it is important to focus on the type of lifestyle you are leading to know what you can save. Some of the ways are listed as under:

  1. Understanding your needs

What are the medical costs that you want to incur? Are you the sole bread earner of your family? These are some of the decisions that you must take while choosing a retirement investment plan. For living in expensive cities like Hong Kong, you have to be prepared financially all the way.

  1. Deciding the way of receiving the retirement income

Be sure of investing in something that helps you to move ahead and grow further. You have to remember that the longer you take to withdraw your retirement plans, it will have more potential growth.