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Living in retirement

The goal of retirement has been years in the making, and now it’s time to transition to living in retirement. HSBC1 is here to help you plan the next phase of your life.

Creating an effective retirement strategy

An effective retirement strategy can help you plan how to spend and invest your savings so you’ll have a reliable cash flow and potential to generate additional income to help you enjoy the retirement years. Here are some key steps to consider:

  • Plan your spending

    Create a financial plan based on your goals and spending, and consider how long you’ll need your money to last.

  • Invest

    Build a portfolio that considers your desired growth, income, risk and timeline.

  • Additional income

    Tap into your portfolio in tax efficient ways to generate a reliable income stream.

  • Monitor your plan

    Continuously monitor and adjust your plan and portfolio to reflect your needs, while monitoring the market or life changes.

Learn more about financial goal planning.

Other things to consider

Required Minimum Distributions (RMDs)

The IRS requires you to take RMDs from all of your tax-deferred retirement accounts when you reach a certain age. The Required minimum distribution is the minimum amount you must withdraw from your account each year. Learn more at investor.gov.

Social Security Benefits

Social Security can provide you added financial protection while living in retirement. Eligibility begins at age 62, but you can decide when you want to start receiving your benefits. Know your Social Security benefits and your statements. Learn more at ssa.gov.

Estimate future health care costs

Medicare doesn’t start until age 65 and won’t cover everything. With Medicare or other healthcare insurance, you may be responsible for costs such as insurance premiums and out-of-pocket expenses your insurance doesn’t cover, like a deductible, copay or coinsurance.

Health care cost if you retire before the age of 65

If you retire before age 65, you’ll need to cover health care costs until Medicare kicks in. You may have the following health care coverage options:

  • Health plans from the Health Insurance Marketplace (www.healthcare.gov)

  • COBRA

  • Private insurance

  • Employer retiree insurance (This is most common with federal, state and municipal employees.)

  • Insurance from your spouse’s employer

  • You can also use money saved in a Health Savings Account (HSA) to pay for insurance premiums and other qualified medical expenses tax-free.

The HSBC approach

We spend the time to get to know you. Our HSBC Financial Professionals2 will discuss your goals of living in retirement which often include:

  • Travel plans

  • Possible downsizing

  • Managing medical and healthcare costs

  • Working in retirement

Whatever is important to you while living in retirement, we’re here to support.

Begin to experience the benefits of working with us by scheduling a review with an HSBC Financial Professional.

Connect with a Financial Professional

New to HSBC?

Call 800.662.3343 or from outside the U.S. or Canada, please call 847.876.1574 to speak with an HSBC Financial Professional.

Monday through Friday 9am - 5pm ET

Existing HSBC customer?

Speak to your Premier Relationship Manager to connect you with a Financial Professional.

Log on to access your Premier Relationship Manager’s details.

Investment, annuities, and variable life insurance products are offered by HSBC Securities (USA) Inc. (HSI), member NYSE/FINRA/SIPC. In California, HSI conducts insurance business as HSBC Securities Insurance Services. License #: OE67746. HSI is an affiliate of HSBC Bank USA, N.A. Whole life, universal life, term life, and other types of insurance are offered by HSBC Insurance Agency (USA) Inc., a wholly owned subsidiary of HSBC Bank USA, N.A. Products and services may vary by state and are not available in all states. California license #: OD36843.

 

Investments, Annuity and Insurance Products:

 

ARE NOT A DEPOSIT OR OTHER OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES

 

ARE NOT FDIC INSURED

 

ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

 

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MAY LOSE VALUE

 

All decisions regarding the tax implications of your investment(s) should be made in consultation with your independent tax advisor.

 

Research backgrounds of brokers and firms for free by visiting FINRA's BrokerCheck website.

 

United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts - including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts ("FBAR")). U.S. persons should consult a tax adviser for more information.

 

1 HSBC refers to HSBC Bank USA, N.A., HSBC Securities (USA) Inc. and HSBC Insurance Agency (USA) Inc. HSBC Bank USA, N.A. provides banking products and services. HSBC Securities (USA) Inc. provides investment products and services and is an affiliate of HSBC Bank USA, N.A. HSBC Insurance Agency (USA) Inc. provides insurance products and services and is a wholly owned subsidiary of HSBC Bank USA, N.A.

 

2 Financial professional refers to Financial Consultants (FCs), Investment Counselors (ICs), and High Net Worth Relationship Managers (HNWRMs). All offer bank products through HSBC Bank (USA) N.A., investments and certain insurance products, including annuities, are offered through HSBC Securities (USA) Inc. and traditional insurance products are offered through HSBC Insurance Agency (USA) Inc.