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18. I have already joined a MPF scheme. Do I still need to consider other retirement plans, e.g. life insurance and other investment tools?

As the average life expectancy for Hong Kong people grows longer, retirement period can potentially last for many years.  The monthly living expenses and medical fees during retirement, together with inflation cost, could be a substantive burden for a typical retiree.


MPF is an employment-based retirement protection system of which employees and employers make regular mandatory contributions at 5% respectively of the employee’s relevant income, subject to the minimum and maximum relevant income levels.  To enjoy a secure retirement life, you may need to consider additional retirement planning to meet your retirement needs.


In order to diversify the financial sources after your retirement, you may consider different saving, insurance and investment tools which offer alternative means for financial protection, money management and bequest tools, involving different risk exposure, to tailor the plan to serve your retirement needs and risk appetite.