The Institute of Financial Planners of Hong Kong (IFPHK) has released in April the fourth “Hong Kong Retirement Expense Index” (Retirement Index) since its first launch in 2020. The Index has increased by 8, with respondents spending $14,700 monthly and up by around $1,000 compared to last year.
IFPHK Hong Kong Retirement Expense Index 2023
Retiree Spends HKD15,000 per month and RMB1,350 in GBA per visit Hong Kong Retireees Consumes Only Half of Pre-retirement Income Advocating for a Joyful Retiring Life
The Institute of Financial Planners of Hong Kong (IFPHK) is pleased to release the “IFPHK Hong Kong Retirement Expense Index” (Retirement Index) today. The Retirement Index has experienced a noteworthy increase of 8 basis points, reaching a score of 127, reflecting the rising trend of retirement expenses among respondents. The survey reveals that retirees now spend HKD14,700 per month, up by around HKD1,000 compared to the previous year.
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IFPHK Hong Kong Retirement Expense Index 2022
External Economic Condition Affects Income Replacement Rate
Only One-Fifth of Respondents Have Arranged the “Three Instruments of Peace”
The Institute of Financial Planners of Hong Kong (IFPHK) has released in June the third “Hong Kong Retirement Expense Index” (Retirement Index) since its first launch in 2020. The Index has slightly increased by 1.4, with respondents spending $13,800 monthly and up by $300 compared to last year.
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IFPHK Hong Kong Retirement Expense Index 2021
Up by 20 Per Cent Retirees’ Average Spend at HK$13,465 Per MonthEstimate the Need to Save HKD4 Million for Retirement
The Institute of Financial Planners of Hong Kong (IFPHK) released the first “Hong Kong Retirement Expense Index” (Retirement Index) today. Taking 2020 as the baseline year and 100 as the basis point, the 2021 Index surged to 117.4, up by 17.4%. According to the Index, respondents spend HKD13,465 monthly, up by HKD$2,000 compared to HKD11,467 in 2020.
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IFPHK Hong Kong Retirement Expense Index 2020
Retirees’ Average Spend at HK$11,500 Per Month Amid PandemicAging Society and Fewer Children Underline the Need to Expand Passive Income Sources
The Institute of Financial Planners of Hong Kong (IFPHK) have recently commissioned a professional research institute to conduct a research on the actual expenses of the retirees in Hong Kong. The findings reveal that the COVID-19 have casted a substantial drop on retirees’ travelling and dining-out expense, with their actual monthly expense averaging HK$11,500.
DownloadThe Index is the first of its kind in Hong Kong to gauge the actual living expenses of retirees since 2020. Commissioned by IFPHK, the NielsenIQ (Hong Kong) Limited has conducted the research and interviewed approximately 300 retirees, who are aged between 55 and 74, on the phone. The Index is commissioned annually and takes reference to the Composite Consumer Price Index (CPI) and the expenditure weights published by the Census and Statistics Department of Hong Kong. With 2020 set as the baseline year, the year-on-year changes of the Index are published annually to provide a benchmark of retirement living expenses for the public. All respondents have not taken any social welfare benefits that require government approval and a personal income before retirement of HK$18,000 or above. The survey also studies their income source, investment and wealth management habits, and retirement confidence.
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