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Saturday, Feb 22, 2025
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Welfare chief urges Hongkongers to buy annuities as they could become centenarians
The average age of Hongkongers born in recent years could reach 100, said welfare secretary Law Chi-kwong, as he called upon people to buy annuities for a stable income after they retire.
According to latest estimations made by the Census and Statistics Department, male babies born in 2020 could live to 82.9 years, while female babies could reach the age of 87.95.
However, Law said those babies could live even longer.
If the city's death rate continues to fall, he expected male babies born in 2020 to live to an average age of almost 100 years. By 2090, it would be unlikely for them to retire at the age of 70, he wrote in his blog.
Law called upon citizens to buy public annuities which can last throughout their lives in order to safeguard their living quality when they grow old.
As women often live longer than men, Law suggested men to buy a package for their spouses too if they do not have the Mandatory Provident Fund or pension.
If a man buys two HK$500,000 public annuity plans for himself and his spouse at the age of 65, he will be getting a combined HK$66,000 per year. If they manage to become centenarians, they would be able to get a total of HK$2.33 million from the plans when they reach the age of 100.
However, Law said those babies could live even longer.
If the city's death rate continues to fall, he expected male babies born in 2020 to live to an average age of almost 100 years. By 2090, it would be unlikely for them to retire at the age of 70, he wrote in his blog.
Law called upon citizens to buy public annuities which can last throughout their lives in order to safeguard their living quality when they grow old.
As women often live longer than men, Law suggested men to buy a package for their spouses too if they do not have the Mandatory Provident Fund or pension.
If a man buys two HK$500,000 public annuity plans for himself and his spouse at the age of 65, he will be getting a combined HK$66,000 per year. If they manage to become centenarians, they would be able to get a total of HK$2.33 million from the plans when they reach the age of 100.
