It has been said that in life you can’t avoid death and taxes! It is also true that at some stage we will all retire. How well you have provided for that eventuality will decide when that day will come, but come it will. When we were younger retirement was a lifetime away and not something to worry about. As we get older it then becomes more of a concern, until nearer the dreaded day when it becomes a worry whether or not you have made enough provision to retire into a comfortable retirement. It is no exaggeration to say that most people would dream of a long and happy retirement, unfortunately for some, that will just be a dream.

It doesn’t have to be of course, we all have it within ourselves to ensure that our retirement will be happy and comfortable. Unfortunately through life retirement planning is not given that much importance until its too late.

There is a very simple equation to ensure that you will have a long and happy retirement. Investing 10% of every pay packet you receive will be sufficient to have a decent retirement.

In Hong Kong it seems that up until a few years ago people didn’t see a pension as important as the tradition was that your children will look after you. However that has changed and families can now be scattered all over the world. The Government in their wisdom decided to ensure that every employee had a pension with the introduction of the Mandatory Provident Scheme (MPF). This at least goes some way to addressing the problem.

In other countries governments have been telling their people that they cannot rely on a decent pension from the state and they should take responsibility themselves. This has lead to a boom in personal pension plans.

In 1998, a British national newspaper, the Daily Telegraph, carried out a survey on everyone retiring in that year. 86% of respondents stated that they worried that they had insufficient funds to see them through their retirement. This is inspite of the fact that the UK government had been warning people of the consequences of insufficient pension funds for nearly twenty years previously.

Everyone has the responsibility that they have sufficient provision for retirement. If need be we can quantify your existing arrangements and give you an overview of your likely pension.

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