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Evaluating your retirement needs
If you retired today, would you have enough money to fund your desired retirement lifestyle?
It may be a difficult question to answer because there are so many variables to consider. However, it is important to evaluate your present financial situation and attempt to forecast your retirement picture.
Pre-retirement
In your Pre-retirement calculation, you need to ask yourself the following questions:
- What is the market value of all my investments today (include pension and saving plans)?
- How much money do I invest each month?
- What is the average rate of return I can generate on my investments until I reach retirement?
- What will my investment portfolio be worth at retirement based on those assumptions?
At retirement
For the “At Retirement “ calculation, you need to ask yourself the following questions:
- How long do I expect to live, or how long do I need the money to last?
- How much money will I need/want each month after taxes?
- How much pension income can I expect to receive from the government?
- How much pension income can I expect to receive from a company pension plan?
- How much money can I draw from my personal retirement portfolio and for how long.
While these calculations may seem complex, HSBC can help you find answers to the above questions.
By using our Retirement Planner you can quickly evaluate your retirement picture.
Find out more about retirement planning where you are..
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