Information Centre

Enjoying a comfortable and carefree retirement life is the dream of many. To make sure you are prepared for retirement, it is important to make your financial planning well in advance. The first step is to do the math by understanding the reserves needed to cover your expenses in your retirement. The MPFA offers two handy digital tools, namely the “Retirement Planning Calculator” and the “Retirement Planning Mobile App”, which could help you estimate your retirement reserves and projected expenses.

Using the “Retirement Planning Calculator” is simple. You just need to input basic information such as age, salary, MPF contribution ratio, existing MPF reserves and expected retirement conditions. The calculator will then estimate the retirement reserves you will need, your MPF balance and other retirement savings at the time of retirement. This will give you a better understanding of your financial status upon your retirement and enable you to plan for retirement more effectively.

However, we all know that an average working life spans about 40 years which will cover different important stages of life therefore, retirement financial planning should be adjusted accordingly. You should use the “Retirement Planning Calculator” regularly to review your retirement financial needs and goals so as to establish the most suitable MPF and retirement investment strategies.

Developing a healthy financial habit is key to a sound and sustainable retirement financial planning. The MPFA’s “Retirement Planning Mobile App” features a “Spending Tracker” function which can help you develop a good habit of daily bookkeeping, and enable you to have a holistic view on your spending patterns. By controlling non-essential expenses, you can save more and achieve your ideal retirement life.

Retirement Planning Calculator

Retirement Planning Mobile App