Many people are enjoying longer retirements than they planned for, but that can come with the prospect of not being able to make ends meet in later life.
So the sooner you start saving for retirement, the more you'll be able to save, and the more comfortable you'll be.
In China, HSBC's own research shows that 66% of working people have either not yet started saving for retirement, have stopped doing so, or find it difficult to manage their retirement fund.
Everyone's situation is different, so there is no single rule to follow that will tell you exactly how much money you'll need for your retirement. It will depend on many factors, including:
A good starting point is to assume you will need between half and two-thirds of your salary, after tax is deducted, to maintain your current lifestyle.
You may be entitled to a government or state pension, but in most cases it will be difficult to live on this alone. In some countries, they are means or asset tested and are only designed to support those most in need. You should plan to supplement any government pension with savings and investments of your own if you possibly can. Remember, too, that the terms and/or laws guiding government pensions may have changed by the time you reach retirement age.
You may find that your employer has an obligation to contribute towards your pension or retirement fund in proportion to your own contributions. It can help to grow your savings significantly, and you may also be entitled to tax relief on the combined sums saved.
Some employers might also offer 'contribution matching', which is when they agree to make additional contributions into your retirement savings, as long as you agree to increase your contributions as well.
