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Planning for a Happy Retirement

Would you like to plan for a happy retirement? Worry-free days full of travel and adventures? Most of us want that for our golden years but these days, a happy retirement looks quite different than it did for our parents and grandparents. Over the last few decades, life expectancy has increased dramatically around the globe. In fact, the Office for National Statistics (ONS) estimates that a 65-year-old man would live an average of 85 years in 2022. A 25% probability exists of surviving until age 92. A 65 year old woman can expect to live for an average of 87 years. A 25% probability exists of surviving to age 94.

Retirement Age

In addition, Hong Kong’s average retirement age is 65 years old, which means you could have a few decades of kicking back and enjoying your golden years. But with great flexibility comes great responsibility, and you must ensure your finances are up to the challenge.

The reality is that we’re now living longer, which means our savings and investments have to last longer too. In light of everything mentioned above, your retirement income may need to last 20, 30, or even 40 years. As a result, it’s crucial to plan for all the future expenses associated with later-life care.

Types of Retirement

What kind of retirement are you aiming for? The sky’s the limit – just make sure your finances are up to the task.

Cliff-edge retirement

Ah, retirement. It’s the time when you can finally say “see ya!” to your job and “hello!” to your golf clubs (or whatever your preferred retirement activity is). But let’s be real – it can also be a little scary.

In our current work culture, we have a set retirement age and a firm end date. It’s like a countdown clock to the big day. Having a specific date in mind can make financial planning a little easier, but it can also be a shock to the system when that day finally arrives. Suddenly, you’re free as a bird, but you also have a lot more unstructured time on your hands.

That’s why planning ahead for this significant life change is important. You don’t want to be caught off guard and struggle to adjust to your new lifestyle. Sure, it’s great to have more freedom and flexibility, but it can also be a bit overwhelming.

So, when you’re planning for retirement, don’t just focus on the financials. Think about what you want your day-to-day life to look like. What kind of structure do you need to feel fulfilled? What activities do you want to pursue? These are important questions to ask yourself.

Early retirement

Ah, early retirement. It’s the dream, right? The thought of saying “adios” to work and “hello” to everything you’ve been putting off for years. But before you start planning your early retirement party, let’s talk about the important stuff: money.

Early retirement isn’t just about having more free time. It’s also about having enough money to enjoy that free time. If you want to retire early, you need to make sure you have enough money to maintain your lifestyle for the long haul.

And that’s only sometimes easy. With more time not working, you’ll need more money to cover your expenses. Plus, you need to be confident that your retirement savings will last as long as you do. It’s a tall order, but it’s possible.

The key is to start planning early. Figure out how much money you’ll need to retire comfortably and work backwards from there. Maximise your retirement savings by contributing as much as possible to your pension and retirement accounts. And remember to think about other sources of income, like rental properties or part-time work.


Retirement doesn’t have to be a one-size-fits-all affair. If the idea of never working again fills you with dread or you’re not ready to let go of your career just yet, flexi-retirement might be the perfect solution.

You get to work less but still earn some money to support your lifestyle. It’s like having your cake and eating it, too – who doesn’t love that? You can dip your toes in the pool of retirement while still being in the workforce. You could even pursue that passion project you’ve always wanted to start while you have the luxury of a flexible schedule.

Just keep in mind that this approach comes with some financial implications. You might have to consider tax or navigate pension rules, but don’t let that from putting you off. With the right financial plan, you can make flexi-retirement work for you.

Retiring Well

Retirement planning can be overwhelming, but it doesn’t have to be! Whether you’re dreaming of an early retirement or planning to work until the end, the key is to having a solid financial plan and more importantly, a LifePlan.

As you transition into each retirement phase, your income needs will likely change. You may have a higher income requirement during your active and busy years as you travel and pursue your passions. Remember that a little part-time work or consulting can provide a financial cushion during this time.

As you start to slow down and settle into the traditional retirement lifestyle, you’ll likely find that your expenses will likely decrease. You may spend more time at home with family and take fewer vacations.

Financial Planning For Retirement

Pyrmont’s financial planners can assist you in gaining a thorough understanding of how to move through each of these stages and make sure you have ENOUGH? to do the things you desire.

Understanding your life goals and knowing whether you have ENOUGH? are the first steps, which we can assist you with through cashflow modelling.We can work with you to determine if you can retire at the age you want or whether you need to make your money work harder in order to reach your goals by mapping your cash inflows and outflows over the course of your lifetime.

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Retirement is your time, so do whatever you want with it—travel the world, spend time with your family, help out in your community, or even mentor an entrepreneur.

We’ll be by your side every step of the journey, assisting you in finding the right balance between protecting your finances and enjoying a fulfilling retirement. Contact us if you’d like to learn more.

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