Mr. Xavier Chan, the Founder and Managing Partner of CWK Global and Mr. Ray Lee, Vice-Chairman of Hong Kong Accounting Professionals Association, share their views towards financial planning every month on “Privilege Vita”.
From time to time, there are surveys about “How much money do you need for retirement?”. Most of these surveys ask young people or potential retirees how much money they expect to need for their retirement. In recent years, there is a new type of survey which focuses on the retired people and asks them what their latest retirement expenses are.
Take the “Real Retirement Living Expenses” survey conducted by the Financial Planner of Hong Kong as an example, it was the first survey commissioned by a professional research institute, based on the real retirement living expenses and income patterns of the retired people, with the aim of providing more realistic and concrete data for the reference of the government and the public. According to the “Hong Kong Retirement Expenditure Index”, the average monthly basic expenditure for retirement in 2021 is HK$13,465, which means that the annual expenditure per person is about HK$160,000. There is no standard for whether $13,465 per month is more or less. Do you have an objective estimate of how much money you want to spend each month for retirement?
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