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Retirement
may seem a long way ahead of you. However,
the earlier you start the planning, the
more adequate retirement funds you will
save. Do you think Mandatory Provident
Fund is already good enough for you? Here
you may get some ideas:
Mr Chan's retirement plan
| Age:
30 |
Accumulated
MPF contribution at age 60: $492,725 |
| Target
retirement age: 60 |
Planned
monthly expenses after retired: $8,000
(Today's purchasing power) |
| Monthly
MPF contribution: $1,000 |
Approximate
total retirement fund needed: $2,880,046 |
| Expected
retirement life: 20 yrs |
Fall
short amount: $2,387,320 |
| (Assumes
inflation rate=2%, saving interest
rate=4%) |
If
you were Mr Chan, what would you do in
order to get enough funds?
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