Retirement Planning and Advice
Retirement marks a significant transition, especially after a busy and successful career. Thoughtful planning is essential; it enables you to reflect on what truly matters to you while also determining how to finance those priorities. By doing so, you can achieve financial freedom and fully enjoy the rewards of your hard work throughout your professional journey.
SEEKING EXPERT RETIREMENT PLANNING ADVICE?
It’s essential to envision what you want your retirement to look like and take practical steps to turn those dreams into reality. Our team in Hong Kong is here to work closely with you to create a customized plan, guiding you on your journey toward financial freedom.
Careful planning is essential, particularly when it comes to taxation. It is important to consider obstacles such as income tax thresholds and the potential for double taxation for individuals with assets in multiple jurisdictions. Our team can assist you in exploring options for income withdrawal from various investment vehicles, taking into account the different tax implications associated with each.
If you would like to speak to our team of Financial Planners and advisers to discuss your retirement plan, please do get in touch.
Combining guidance and support from Progeny’s Corporate Legal team, Private Legal team and Wealth Management team, we are able to provide truly holistic support.
With teams across the UK and overseas we can help support you at any stage of your planning process.
As a B-Corp certified firm, we are proud to join a select group in the UK professional services, committed to high standards of social and environmental impact globally.
Preparing for retirement in Hong Kong
Planning your retirement in advance helps you achieve your goals and gain financial freedom. It’s a personal process best done with an expert who can assess your age, desired retirement age, earnings, health, and lifestyle. Our planners will work with you to create a tailored plan for your ideal retirement.
01
GIVE YOURSELF TIME TO PLAN FOR RETIREMENT
While the prospect of retirement can be exciting, establishing a plan to ensure you are financially sound can feel like a worrying task. It’s no surprise that the decisions you make before retiring can shape the rest of your life.
Ideally, when it comes to retirement planning, it really is a case of the earlier you start the better. By setting aside retirement savings over time you will be in the best position to build a substantial fund over your working life, making sure that funds are allocated in the most efficient way for your individual circumstances.
02
HOW MUCH IS ENOUGH?
A common question when planning for retirement is how much you need to save. The answer is dependent on many things – including your age, desired retirement age, earnings, health, lifestyle and more. In the end retirement looks different for everyone – you may want to travel, spend time with family and friends or focus on hobbies or pursuits which your working life may not have given you time for.
Your current income, financial position and arrangement must of course be a consideration, and common sense is needed too.
Ultimately you will need to work with your financial planner to determine your own ‘magic number’ when it comes to providing for your retirement; one which reflects your unique circumstances, plans and lifestyle.
An expert can offer an impartial opinion to help you determine your retirement goals and the steps needed to achieve them. The key point is not to ignore this critical area of financial planning.
Much like other stages of your life, planning can be a real key to success.
03
MAXIMISING YOUR PENSION
In Hong Kong, the Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Register (ORSO) are the primary retirement savings options. However, relying solely on these schemes may not be enough to meet your retirement needs. There may be lower-cost alternatives that offer a broader range of investment choices, which could be more suitable for building a portfolio of assets.
An expert adviser can help you explore the best investment options aligned with your future goals.
04
DRAWING YOUR PENSION
While many have a retirement date in mind (and a predefined age on their pension plan for when pay-outs can begin) it’s important to consider a number of factors when deciding when to start taking your pension.
Firstly, you don’t have to stop working to be eligible to draw your pension. However, in the UK you currently have to be 55, unless serious health conditions trigger an early withdrawal.
In Hong Kong you may have the option to take your pension in one lump sum. However, whether this is the right thing to do will depend on personal circumstances, such as the other assets at your disposal.
The most important factor to consider is how you want your retirement to look, both financially and personally. As with all decisions regarding retirement planning, it is important to seek professional advice, to ensure that you make the correct decisions for your circumstances.
Please Note
Tax rules, levels and regulations are subject to change and the availability of tax reliefs will depend upon individual circumstances.
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Frequently Asked Questions
Retiring is a significant life change, especially following a successful career, so planning ahead can help you to consider all the aspects. The earlier you begin the more options you’ll have, so that you can make the most of the freedom which retirement can offer. It’s also helpful to consider tax efficiency as part of any retirement planning.
A common question when planning for retirement is how much you need to save. The answer is dependent on many things – including your age, desired retirement age, earnings, health, lifestyle and more. In the end, retirement looks different for everyone – you may want to travel, spend time with family and friends or focus on hobbies or pursuits which your working life may not have given you time for.Â
The most important consideration is to think about how you want your retirement to look, and put in place sensible steps to help ensure your dreams can become reality.
With many people now living longer, your retirement years need to be properly financed. If you plan to retire at or around the traditionally ‘expected’ retirement age, the impact on your pensions and savings could be significant. Although a shift in attitudes may come as UK State Pension ages extend, it’s a fact that longer life expectancy will certainly need to be considered when it comes to any planning. And it’s no surprise that for many, the State Pension will barely be adequate.
Do you have a particular age at which you wish to retire?
Do you plan to take a more gradual step away from your career by perhaps working part-time, freelance or as a non-executive director?Â
Factoring in these considerations will enable you to ‘work back’ when saving for retirement.
Traditionally there have been popular destinations for British retirees – a return home to the UK after time overseas or a move to a sunnier, warmer climate such as one of the Mediterranean hotspots. With global travel more accessible and technology providing a reliable link home, other more contemporary destinations are now also an option.
No matter where you choose to retire it is important to take advice from international experts to ensure that your tax and financial affairs are properly structured. This will then leave you free to enjoy the exciting lifestyle on offer.
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Please note
Any information on this website relating to services and products is of a generic nature, are not specific to an individual’s personal circumstances and should not be taken as advice or recommendation. Any tax treatment is dependent on the individual circumstances of each client and may be subject to change in future. You should seek professional advice before making any financial decisions.
This communication is not investment advice. The value of investments and income from them is not guaranteed, can fall, and you may get back less than you invested. Your capital is therefore always at risk. Past performance is not a guide to future performance. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.
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