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Hong Kong millennials want to retire earlier on lower savings, but their maths may fail, JPMorgan survey shows

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  1. #1

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    Hong Kong millennials want to retire earlier on lower savings, but their maths may fail, JPMorgan survey shows

    https://www.scmp.com/business/money/...-savings-their

    Find it interesting that people in HK think they can on average retire with USD500k in savings.
    mrgoodkat and jrkob like this.

  2. #2

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    I wish I could read the original survey / methodology / assumptions - not SCMP's version of it.

    spode and PetravanderVegt like this.

  3. #3

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    Quote Originally Posted by pin:
    Find it interesting that people in HK think they can on average retire with USD500k in savings.
    Especially considering that this is 500k in 30 years when they retire, with HK inflation rate that's a about 200k USD in today's money.

  4. #4

    Expectations will change as they get older.

    shri, greenmark and paddylast like this.

  5. #5

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    Yeah. HKD 3.6 million in ~30 years at inflation of 2.7%. a year = 3.6m/(1.027^30)=1.62m in HKD today's dollars.

    Assuming retirement at 60 and a lifespan till 100 and a 3% growth rate of that savings, that leaves about 5.8k a month to spend until depletion at 100 years old. (Presumably we live longer?)

    If by savings they simply mean cash / liquid investments, i.e. they own a home and don't have to worry about rent / mortgage I suppose 5.8k a month in todays dollars could potentially be survivable.

    I'm not one to judge lifestyles, but I wonder if in coming up with these numbers of "retire at 60 with HKD 3.6m" survey answers are envisioning a HKD 5,800 monthly spend

    jrkob likes this.

  6. #6

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    I don't understand it. The article says "millennials aged 30 to 40".


    So, where are the group of 24 to 29? Dead? I believe millennials are supposed to be 24 to 39/40?

    Last edited by hannah01; 19-12-2019 at 11:08 PM.

  7. #7

    The math might be correct if we know what these millennials' life expectancy entails.


  8. #8

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    Things have changed ... or remained the same and expectations have changed.

    https://dnyuz.com/2023/09/17/meet-th...ainland-china/