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Right from the very first day when we started working, we were often reminded by our seniors of the need to save up for rainy days. So by now, after stepping into “green age”, i.e. 60 in age, we should have accumulated a certain amount of wealth, which could be in the form of real estate, such as the property we live in, or a pension, some stocks or a small unit for rental income, etc. When we no longer have a salary or a recurrent income, we have to rely heavily on these assets of ours to support us in the days to come.

This page provides information on various ways to prepare ourselves for a healthy and well-off later life.

First, we should set aside funding for medical expenses. In the event that we need nursing care when we get much older and if we are not eligible for subsidized nursing homes, we should have enough money saved up to meet the expenses of care and attention services in a private residential care home for the elderly and to take care of healthcare needs. All these should be taken into account in our financial management plan which should be a long-term and prudent plan with the aim to preserving the value of our assets and generating recurrent income to cover our day-to-day expense in later life, such as dividend funds, dividend stocks, reverse mortgage, or dividend-focused stocks and shares, etc. In addition, the handling of the funding saved up in our Mandatory Provident Fund (MPF) is also something of concerned to those who have retired.

It remains of course, that there will be a day in which a person comes to the end of his or her life. And so arrangements can be made beforehand on the succession of assets, such as conveying the assets to the next generation according to one’s will, or even to the generations to come. This can be done through financial planning, family trust, etc. while one is still alive to prevent hostility among family members regarding the distribution of these assets. On these arrangements, a common practice is to create a will, and on top of that, more and more people are appointing an Enduring Power of Attorney while they are mentally capable. We have invited experts in law and asset management to provide information in these areas for reference and early planning by readers.

Feature Articles:

Financial management for the elderly
Written by Professor Francis Lui 

Reverse mortgage
Written by Peter Tsang

Will
Written by Peter Tsang 

Enduring power of attorney
Written by Peter Tsang 

Financial Planning
Written by Shirley Cheung 

Inheritance: the final part of financial planning, and the quintessence of one's life
Written by Shirley Cheung 

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