🇭🇰 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? 👩⚕️
----------
🥇 HSBC Premier just published the 2024 Affluent Report for HK
Middle class requires an average of HK$20 mio to retire..
📬 1st Question:
Can we rely on our salary to hit the HK$ 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…
-----------
🥁 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!
✨ For more career & personal growth tips, please visit my site at
I wrote a guide on:
📝 Fixing your CV & LinkedIn in 1 Day:
Link: https://lnkd.in/ggNqAK87
🔥 Negotiate for salary increase or promotion!
Link: https://lnkd.in/grB-GmX8
📊 Interview Preparation For Success:
Link: https://lnkd.in/ghaJcDy4
w
📈 JUPAS University Interview Admission Tips
Link: https://lnkd.in/gj4gz5tF
Comments