HSBC Premier has conducted a survey in 2024 with 1,057 affluent-class individuals who possess HKD1 million or above in liquid assets to gain insights into their retirement aspirations and planning strategies. The report reveals that the ideal retirement age for the affluent class is 60 years old.
In reality, how can affluent-class individuals truly retire without any worries? Let’s take a closer look!
The ideal retirement age for the affluent class is 60 years old
On average, retirement planning starts at the age of 45
75% of affluent-class individuals born in the 80s/90s want to "plan early"
Yet, 45% have NOT taken any proactive steps
80% of respondents need to support
support 3 family members*
*The 3 family members mentioned include the respondent themselves
50% of retired individuals with children
have delayed their retirement planning
Affluent-class parents
delay retirement by 7 years
compared to affluent-class individuals without children
20% of affluent-class parents among them
still provide financial support to their children
even at the average age of 64
They have put their children’s financial needs into their retirement plans, and
set aside HKD1.4M
for their children’s future
The average life expectancy in Hong Kong continues to rise, retirees may need to fund decades of post-retirement living expenses. The longer the retirement, the more inflation erodes your savings. Additionally, the increase in medical expenses in recent years has been quite significant.
80% of the affluent class
opt for private hospitals
and spend an average of HKD34,000 annually on regular family healthcare
50% of the affluent class aspire to have
"medical financial freedom" before retirement
An average of
HKD1.1M is earmarked for healthcare expenses
1/4 affluent-class individuals anticipate that they will fall short of their ideal retirement
65% seek diversified investments to better secure their retirement funds in volatile markets
HSBC Premier, it’s more than banking. We are here to meet all your needs, offering comprehensive retirement solutions, from wealth management and investment products, to insurance and healthcare coverage. We also take into consideration your children’s global education plans and strive to elevate your enjoyment in life, giving you the confidence to plan for a secure retirement and embrace the lifestyle you have always envisioned.
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