Top of main content

Getting support from family - a guide for retirees

If you're going to receive financial support from your children after retirement, there are a few ways you can make the arrangement as easy as possible for them. In doing so, both you and your children can benefit.

Mutual support

1.Make it clear it's not mandatory

The most important thing to tell your children is that you don't automatically expect them to give you money. This is especially true if you know your children are struggling at the moment.

Any agreement you come to should be a partnership between you and your children, based on love, respect and a desire to see each other comfortable and happy.

2.Return the favour

You may not be able to pay your children back, but you can do other things to make their lives easier. For example, if you spend part of your free time looking after your grandchildren, your children will save on childcare and find it easier to support you or realise other wealth management goals.

3.Treat your children occasionally

As you're receiving financial support from your children, you may not want to use that money to buy extravagant presents. Instead, think about what you can give your children from your own possessions – a vintage car you don't drive anymore, a holiday home you don't visit or maybe a precious heirloom.

4.Share the responsibility

The eldest child is often the one who supports their parents financially. But this can be a heavy responsibility for them and one that would be better shared among their siblings.

If you have more than one child and they are all in a strong financial position, consider an arrangement where all contribute as much as they can afford.

Related content

9 significant stats about retirement

 
This link will open in a new window

How to plan for retirement

 
This link will open in a new window

5 reasons to start saving for retirement

 
This link will open in a new window

How to invest in retirement

 
This link will open in a new window

More products and information

Investment

 
This link will open in a new window

Global experts' advice to help you capture global investment opportunities and mitigate investment risks to meet your diversified investment and wealth management needs. Our investment products include:
Structured products, Dual Currency Investment and Enhanced Yield Investment, Overseas Investment Plan, and Local Unit Trust and Hong Kong Mutual Recognition of Funds.

Insurance products

 
This link will open in a new window

We take into account your protection needs at various life stages to help you find out suitable insurance plans, leveraging on our ability to offer a one-stop platform for your insurance needs.

You could check our insurance partner policies including Health insurance, and Life insurance, and our Online service.

HSBC insights

 
This link will open in a new window

In today’s fast-paced financial world, the only way to stay ahead is to be on top of current market events. Tap into our unique market insights and investment analysis to stay informed about the latest trends and regional news with just a few clicks.

Get started

Create your financial plan

 
This link will open in a new window

Start aiming for your goals today by putting together a plan in a few simple steps.

Get personalised advice

  Make an appointment This link will open in a new window

By phone

For general inquiry (RBWM only)

400-820-3090

Please dial the country code of mainland China +86 if you are calling from overseas, Hong Kong SAR, Macau SAR, or Taiwan

Frequently asked questions

What are the basic rules to making investments? 

When should I start financial planning for my future? How should I approach financial planning? 

Where can I get more information about investment products? 

Disclaimer 

Although the above information is carefully written, the Bank does not warrant, state or guarantee the accuracy or completeness of the above information. The above information is not and should not be regarded as an offer or purchase invitation for any financial product, nor should it be viewed as an investment proposal.