HSBC: Tips On Managing Retirement

Building upon the retirement insights from HSBC’s global report, here are some useful tips to better manage your retirement.

HSBC’s 13th global report, Generations and journeys, revealed some interesting insights about the retirement trends in Singapore.

Based on the research findings, the global report has also provided a list of practical actions that can be taken to help today’s retirement planners save for a better financial future.

Consider all your retirement expenses

• 22 percent of retirees have credit card repayments as one of their outgoings
• However, only 12 percent of pre-retirees expect to be repaying their credit card bills during retirement
• It is important to list out all possible retirement outgoings when planning for retirement

Start saving earlier for retirement

• 40 percent of retirees say they would have started saving for retirement at an earlier age
• Start to save for retirement earlier can help to build a bigger fund and allow it to grow for longer

Make sure your advice is professional

• 21 percent of pre-retirees and 34 percent of retirees who received retirement advice and/or information only got it from their friends or family
• It is good practice to seek information from many sources, but make sure the advice you receive is professional

Be prepared for financial ups and downs

• 38 percent of pre-retirees who started saving for retirement have either stopped and/or faced difficulties
• When saving for retirement gets difficult, be sure to review all your finances and seek alternative ways to help you continue saving for a comfortable retirement

Reproduced with permission from The Future of Retirement Generations and journeys, published in 2016 by HSBC Holdings plc.

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