A Retirement Shortfall Calculator (RSC) has been launched on the internet by HSBC Life Assurance (Malta) Ltd. This new service continues to further enhance the Bank’s services and products in the area of retirement planning.

The RSC will greatly assist individuals to determine their retirement shortfall at a pre-retirement stage. The system takes into consideration the individual’s current age, retirement age, state pension entitlements and existing savings already set aside for retirement.

The RSC is very simple to use. “All one has to do is input the date of birth and salary to instantly calculate the respective retirement age, the estimated state pension at retirement, the estimated annual income required at retirement, and the amount required to purchase an annuity that covers the shortfall.”

The system also goes a step further – by calculating the monthly savings that need to be made from the day the policy is issued, in order to build up an adequate retirement pot for one to be able to maintain the same standard of living during the retirement years.

“HSBC believes it has a responsibility to provide customers with the means to plan for their future. The Retirement Shortfall Calculator is a valuable tool that will provide clients with an efficient starting point for the planning of their retirement years,” said HSBC Bank Malta plc’s Chief Executive Officer, Shaun Wallis.

In addition, a referral function has been included for those customers wishing to arrange an appointment with one of our Financial Planning Officers at HSBC Bank Malta p.l.c., in order to discuss retirement planning in greater detail.

More information on HSBC’s Life Assurance new Retirement Shortfall Calculator can be found by logging onto http://www.hsbc.com.mt/htmlnew/retirementplanning.htm or by calling Customer Service on 2380 2380.