7 Simple Steps to Retirement Planning in UAE

Plight of Expats

Every time we see an article in the newspaper or magazine, about the plight of expats having to leave UAE broke, we feel sorry for them; but we assume that things will be fine with us.

Today's Gulf News, talks about 82-year-old, Polish expat Teresa Godlewska, having spent 32 years in UAE and 45 years in the middle east, is leaving for Poland, with no money and or family to turn to.

Teresa Godlewska, an art consultant who came to the UAE 34 years ago, said: “I am embarrassed and ashamed that I am leaving this beautiful country as a destitute.

I have spent 45 years in the Middle East, 34 in the UAE alone, and even if I had saved Dh100 every month, I would have had close to Dh1 million today.

So as I say goodbye, I want to appeal to all expats not to make the same mistakes I have. Please, please save money for a rainy day or you will end up destitute like me.”

Many such expats like Teresa Godlewska, leave UAE broke every year, repenting on their spending habits and lack of savings discipline, and hoping to be saved by a miracle.

7 Simple Steps to a BIG Retirement Nest Egg

As an Independent Financial Adviser, I advise my clients to take the following 7 steps, to ensure that they have a Financially Independent and dignified retirement.

1. Start Saving Early - No matter how small
2. Maintain a Budget, Reduce expenses, Increase savings
3. Build an emergency fund at least equal to 3 months' income
4. Seek Expert Advice on Investing your savings
5. Invest your savings in a diversified portfolio of assets
6. Include passive income-yielding assets in your portfolio
7. Review your investments regularly and realign them with your goals every year.

If you need expert advice for your retirement planning,arrange a free consultation.

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