If you are planning your retirement fund, HK$4.3 million might just be enough as long as you stay healthy, according to an international financial services organisation. But most Hongkongers are unprepared for retirement, with a big gap between their actual financial needs and planned savings, Sun Life Financial says. In a survey, the company found that retirement savings targets varied widely, from less than HK$500,000 per person to more than HK$20 million. The mean is HK$4.3 million, which Sun Life vice-president Eugene Lundrigan says 'might be okay if one stays perfectly healthy'. 'People should consider medical expenses as one of the major factors when calculating their retirement fund,' he said. In the face-to-face survey, carried out between December and January, researchers interviewed 354 working people aged between 25 and 55 with a monthly household income of HK$20,000 or above. Fifty-two retired people aged between 56 and 70 were also surveyed. Almost 40 per cent of respondents said they would save the equivalent of 10 years or less of their present income for retirement, while the mean was 18.75 years. Of the working people interviewed, only 54 per cent had factored in future medical costs and of the remaining 46 per cent, 87 per cent said they planned to cover such costs with insurance. 'But when asked what kind of insurance they will rely on, only 40 per cent say they have medical insurance. The rest only have life insurance that does not cover medical costs,' Lundrigan said. The study also found people underestimated their life expectancy, with men expecting to live to 80 and women to 78. But the Census and Statistics Department says life expectancy for men in 2031 will be 82 and 88 for women. Lundrigan said people should add a buffer for medical expenses and consult a financial adviser.