Do you have enough money to retire?
We have prepared this series of stories in collaboration with the Institute of Financial Planners of Hong Kong. These comprise of actual cases spanning a range of topical, commonly-faced retirement issues, and they explore how Hong Kong people look at retirement today.
When asked about what is the best time to retire, many would say the earlier the better. However, retirement cannot be done impulsively – you need to be fully prepared financially and mentally. If you think about it carefully, the idea of early retirement usually works itself out.
Middle-age can bring along a new set of challenges, and unemployment can be one of them. Being unemployed and not having a regular income can be hard, especially if you have substantial financial commitments and dependents.
If you are in a relationship and thinking of retiring, then the decision affects not just yourself, but your partner as well. Since retirement planning is a personal matter, communication with your partner is an important part of the process. You must talk with your partner to understand their thoughts and concerns, especially when it comes to your retirement plan.
When you start thinking about retirement, what sort of lifestyle do you want? Do you look forward to one free of work, without worrying about having enough money to pursue your dreams? Is this really a Mission Impossible? It's not, with proper planning...