The Earlier you Start a Pension the Better your Life in Retirement
With the allure of tax free salaries life as an expat in the UAE is appealing. The fact is, however, the more the numbers look favourable in our bank account, the more we tend to empty it. A recent survey in The National showed that over 50% of the UAE population pay monthly credit card or personal loan fees. Repayments are often inflexible and carry high interest rates. If you have one of these financial burdens, this is a drain on your resources.
The Importance of Pensions and Insurances as an Expat
In many respects retirement and insurance such as life and critical illness cover is the last thing on your mind. It is important to realise however that the sooner you start paying into a pension, the better your money will work for you. Although retirement may seem a long way off, it will come round faster than you think. When you reach this point, you will probably have dependants, and probably want to spend money on your family. This is hard to do with an underfunded pension.
Life and critical illness cover is also something you should think about. If you were to suddenly be struck down with illness, something which is more common than you think, how would you cope? How would your family cope?
Similarly, if you were to die then how would your family meet funeral costs? Flying people to their homeland for burial is not cheap. As the breadwinner, how would your family survive financially? These are not nice questions but important ones.
According to a survey by Zurich International Life most UAE expats failed to save enough for their pension requirements. This is a shame as the choice is simple. Start saving now and have a good life for the whole of your life, or ignore it and have a poor and miserable old age.
The decisions you make now will have a huge impact on your retirement, and should the worst happen, how will your family meet expenses?
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Source: The National