Why are you worrying when it's not yet happening- your retirement

[Starmix]

Why are you worrying when it's not yet happening- your retirement, worry only when you are already at retirement age and do not have retirement money to sustain your old age, called pension. You are still young and have many years to prepare for the old age. We have to remind ourselves that there is no forever young and that we have to make sure, that when that time comes, we aren't insecure because we have a monthly pension. So, while there is still time, think about it , or reject. The decision is yours.

 

[Springtime]

We do not have a pension system here. Therefore, we need to plan and save enough money to make sure that we can live a quality life after retirement.

 

[Starmix]

We do not have a pension system here. Therefore, we need to plan and save enough money to make sure that we can live a quality life after retirement.

Why is there no pension system in Hongkong? It will be sad when reached old age and doesn't have a pension. People there must save a lot for old age sake.

 

[Springtime]

Why is there no pension system in Hongkong? It will be sad when reached old age and doesn't have a pension. People there must save a lot for old age sake.

We just have a Mandatory Provident Fund for those who are employed. During employment, both the employer and the employee needs to contribute 5% of the salary to the Fund every month. A Fund Manager is assigned to manage the Fund and make investment. When the person reaches 65, s(he) can withdraw money from the Fund. But usually, the money in the Fund is not sufficient for retirement.

 

[Starmix]

We just have a Mandatory Provident Fund for those who are employed. During employment, both the employer and the employee needs to contribute 5% of the salary to the Fund every month. A Fund Manager is assigned to manage the Fund and make investment. When the person reaches 65, s(he) can withdraw money from the Fund. But usually, the money in the Fund is not sufficient for retirement.

It seems not sufficient considering the deduction only 5 percent from the salary. I thought that deduction will be intended to enjoy lifetime but it cannot be because you might be required to withdraw lump sum from our fund.