Are you saving for your Retirement Fund as a UAE Expat?
If you’re currently an expat you should be thinking about funding your retirement. The fact is that without quality financial products behind you, your retirement could be a miserable affair. This is the prospect that many in the UAE seems to be facing in a new 7DAYS poll.
The poll revealed that only 39% of people were saving for retirement. The other 61% cited various reasons why they were not.
“Between school fees, rent and food, there just isn’t enough left at the end of the month to even think about saving for the future.”
Another pointed out that, “salaries now aren’t as good as they used to be.”
Although it is easy to see where these comments are coming from, the fact is that saving for retirement is not really a choice. Consider, the words form Andrew Bates, head of private banking at Middle East at Nedbank Private Wealth.
“If you don’t save for your retirement then it is very rare that someone else will be doing this for you, company pensions and state provisions aren’t generally likely to meet expenditure needs in retirement.
“And due to medical science, people are now living much longer than they used too, it would seem a grave shame to work hard all of your working life and then be unable to enjoy your retirement.”
He also warned that changes were coming which will make the need to save for your retirement as a UAE expat greater.
“Often company pensions as we know them will not be available to internationally mobile expatriates, these are either replaced with things such as end of service gratuity in the GCC and the UAE or removed altogether for people in certain geographies.”
Saving for your Retirement as an Expat
Although this makes quite depressing reading there is hope. Using award winning financial planning services gives you perspective, helps you select the right financial products for you, and ensures that no matter how much you put away for retirement, your return on investment will be as good as it can be.
With this in mind visit my financial planning site, MicheleCarby.com, and complete the Call Back Service form. Together we can ensure your retirement is not a miserable affair.
For more information, please contact Michele Carby at Holborn Asset Management on +971 50 618 6463 and on e-mail at [email protected]
