🇭🇰 2024 HSBC: You need HK$20 mio to retire? (SGD 3.5 mio)

1st: Can we rely on our salary to reach HK$20 mio? 

2nd: Do we need that much to retire? 👩‍⚕️ 

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🥇 HSBC Premier just published the 2024 Affluent Report for HK

Middle class requires an average of HK$20 mio to retire..

https://lnkd.in/gh_iNF-F

📬 1st Question:

Can we rely on our salary to hit the HK$ 20 mio mark?

Using a very aggressive assumption: 

💰 I make $1 million since I graduate at 22 years old and retire at 55 years old 

Working Years = 33 

My savings rate is HK50% = 500k 

20 mio/500k = 40 years…. < 33 years…

🤔 That means I can only retire at 62 years old… based on HSBC’s report.

And remember my previous article that only 5% of the HK working population makes over HK$1 million?

🌏 Even if I am the top 5%, I can’t hit the 20 million mark relying on salary alone…

And provided that I would not be laid off after 45 years old and 

I still could maintain my high income job until 62 years old…

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🥁 2nd Question:

How much do I need to retire?

🏠 Without kids, I only need a fully paid property of 1 bedroom of HK$4 - 5 Million & monthly passive income of HK$20k.

That translates to HK$9 million… Far from the 20 mio figure.. 

👭 Because women in HK have the longest lifespan in the world.

Our average lifespan can last up to 88 years..

(Sometimes I wonder if it is a good idea to live for so long because when I am old, I am unable to work/eat/travel/exercise/enjoy life that much - Topic for another day)

👯‍♀️ Hence women need to save up more than men for retirement.

With kids.. To be honest, I don’t know what the figures will be…

Maybe I can pick my followers’ brains to comment on this!

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