You may stop working, but you cannot stop spending! We can help you make your money work so that you can afford not to.
Imagine how would life be if you live more than 100 years?
Is it possible?
Well, it appears to be!
According to Professor Stuart Kim of Stanford University, The first person to live up to 200 years has already been born! - Source
Global life expectancy is rapidly increasing.
"It has increased by more than six years between 2000 and 2019 – from 66.8 years in 2000 to 73.4 years in 2019." - https://www.who.int/.
On the other hand, the concept of a stable job is fading slowly but steadily, and the Gig economy is fast emerging. The recent COVID-19 crisis and the rapid technological innovations have totally disrupted the future of the economy and employment.
Having said that, there has been very little change in the way people approach their retirement savings.
If you are a UAE national working in either in government or private sectors you are eligible for pensions and other retirement benefits. However, the retirement corpus accumulated may not be enough to fund your retirement lifestyle, so you will have to save and invest in a private pension plan or retirement plan.
Very few companies provide retirement benefits to Expats. While it is mandatory to provide a gratuity for expats, it is usually not enough to fund a comfortable retirement.
So if you are an expat, so you are on your own when it comes to Retirement Planning in the UAE. Typically there is also the uncertainty of how long you can live and work here, so it isn't easy to make a viable long-term investment plan for your retirement!
Considering the above challenges, our objective is to provide new age retirement solutions blend with passive income strategies, ideal for a UAE resident like you.
Depending on your retirement income goals, risk appetite, potential cash flows, and retirement timelines, I can help you design the best pension plan or investment plan for retirement.
Typically UAE residents aim to retire between the ages of 55-60, but nowadays they are hoping to become financially independent much earlier. Given the stressful work environments, people are burning out faster so the concept of FIRE - Financial Independence & Early Retirement is catching up among UAE residents rapidly.
Ideally, you should start planning for your retirement as soon as you start earning. However, it is important to create at least 3 months of emergency savings, before any investment is made.
The sooner you start investing for your retirement, the easier it would be. As it would help you benefit from the power of compounding.
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” - Albert Einstein.
When you start early, you can also focus on other important financial goals like Children's higher education, property investment, etc. Otherwise, you could be in a Chicken or Egg dilemma to prioritize your retirement or children's higher education.
Both are major financial goals and you cannot compromise on either of them. Hence starting early on your retirement savings makes the achievement of other goals easy.
Yes, We don't follow a one size fits all formula.
We use the GAiM Plan - A comprehensive financial planning, investment advisory, and portfolio management system. We provide bespoke advice based on your retirement objectives, current and projected cash flows, inflation, and your attitude to risk.
If you want to live outskirts or in a town, you may have to consider access to affordable and quality health care, while the inflation and cost of living could be relatively low.
When you know where and when you want to retire, it is easy to estimate how much you would need to spend every month on retirement.
While it is difficult to exactly predict your retirement lifestyle and expenses, we can make a fair estimate based on the above factors. Also, there is lots of information on the internet to help with this aspect.
You will receive a detailed report and recommendation after our financial planning session.
Based on your retirement goals, investment, and risk appetite, we can choose from a wide range of investment solutions like;
Yes, all plans we recommend are international and you can continue to hold, manage and encash them even after moving out of UAE. We will provide all the necessary support in managing your plans throughout the investment period.
I can help you project your retirement corpus by estimating your retirement expenses, potential inflation, and a conservative growth rate on your investments.
Click here to Arrange a Free Consultation to get a detailed analysis of your retirement cash flow needs.
Read the following blog posts to know more about our Retirement Planning Solutions, or click here to arrange a Free Consultation;