How much do you need to save for retirement?

Mr. Xavier Chan, the Founder and Managing Partner of CWK Global, and Mr. Ray Lee, Vice-Chairman of Hong Kong Accounting Professionals Association, monthly share their views towards financial planning on “Privilege Vita”.

Retirement is inevitable in our lives. However, how much do I need to save for retirement? According to the statistics of the Food and Health Bureau, the total health expenditure rose at an average annual rate of 5.6%, and the report from an international insurance service consultation company said that the medical inflation is set to be 8%, which is much higher than the consumer price index of 3%. Getting older can bring out health problems as well as economic burden on healthcare. How much saving is needed become a hard part on considering retirement.

A lifelong health insurance and critical illness plan can solve the problem. “Dedicated-fund-for-dedicated-use” is always the most effective and simple way to improve financial management.