Retirement Planning Calculator
What is your ideal retirement life?
Do you have enough savings to reach your goal?
The results below are generated according to the personal information and data you have input:
- The retirement age is 65.
- The employer and the employee each contribute 5% of the employee's relevant income (i.e. 10% of the employee's relevant income in total). A self-employed person contributes 5% of relevant income.
- The amount of mandatory contributions made is subject to the existing statutory minimum and maximum levels of income, which are $7,100 and $30,000 per month, respectively. Both levels are adjusted automatically every four years according to the rate of inflation, as measured by the annualized Composite Consumer Price Index changes over the previous 10 years.
- An annual bonus, if any, is included in the relevant income of the last month of each year.
- The expected annual MPF investment return, which the user inputs, is the figure after fees have been deducted (i.e. net of fees and charges).
- Voluntary contributions (if any) are made as a percentage of the relevant income per month. There is no upper limit to the level of voluntary contributions, and all such contributions are fully vested.
- Special voluntary contributions (if any) are made in fixed dollar amounts.
- Mandatory contributions, voluntary contributions and special voluntary contributions are made on a monthly basis and will continue to be made until the age of 65.
- The existing MPF balance, as input by the user, is assumed to be fully vested.
- There are no offsetting long service payments / severance payments, no default contributions, no breaking of employment, and no early withdrawals during the projection period.
The MPFA gives no warranty (express or implied) as to the accuracy, reliability or completeness of any of the information, data, calculations or projected results generated by this calculator. The MPFA is not liable for any human or mechanical errors, or omissions in, or the reliability of, the calculations or projected results, and is not liable for the consequences of any decision or action taken on the basis of the information, data, calculations or projected results generated by this calculator.