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Retirement may sound remote to many employees, but the significance of planning for retirement should never be overlooked.  
 
To encourage employees to actively manage their Mandatory Provident Fund (MPF) and develop a plan for retirement, the Mandatory Provident Fund Schemes Authority (MPFA) is organizing three retirement planning workshops this month (November 2014). In the workshops, a certified financial planner will lead the way in exploring how to make early and proper preparation for retirement.
 
In the first retirement planning workshop held today (12 November), Certified Financial Planner Alvin Lam started with the basic essentials and factors to consider when doing retirement planning and followed with an introduction to useful tools available on the MPFA website. He also made use of some simulated cases to help participating employees grasp the concepts of managing their MPF and other retirement investment at different life stages and under different situations.
 
All participants were provided with a computer in the workshop, so that they could try out the various useful online tools, including a calculator recently launched by the MPFA, which can be used to estimate their retirement savings and needs.
 
The newly launched calculator is a combination of the existing “Calculator on retirement needs” and “Calculator for projecting your MPF accrued benefits”. After entering the relevant information in steps (including current age, income, amount of MPF benefits and other retirement savings, expected rates of return and expected living expenses after retirement), the new calculator estimates how much MPF benefits and other savings an employee will have at the age of 65 and assess if the total amount meets his or her expected retirement needs. If the amount falls below the employee’s expected retirement needs, it will suggest, according to the information provided by the employee, how much more he or she should save every month in the years before retirement.
 
This is the first time the MPFA has invited employees to join retirement planning workshops through their employers and the workshops are free of charge. It will arrange two more workshops on 22 November, allowing the MPFA to get in touch with more MPF scheme members and encourage them to start planning for their retirement as early as possible. Interested members of the public can also visit the “Event” page of the MPFA website to learn more about the workshops and enrolment details.
 
Members of the public can make use of the new calculator, available on the MPF investment education thematic website Making Informed Decisions for your MPF Life, to formulate their own retirement plan. 
 

Workshop participants try out the useful tools available on the MPFA website with the computers provided.

- Ends -
 
 
12 November 2014