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Retiring? Save up to really enjoy

Early retirement aspirations and longer life expectations mean the retirement savings pot needs to be greater than ever.

Dubai: The retirement aspirations of many UAE residents are under threat due to a lack of retirement planning, according to research and analysis released today by Zurich International Life.

According to a survey of 1,021 UAE residents by YouGov, 46 per cent hope to retire before the age of 60. Zurich’s survey also finds 36 per cent of respondents expect to live in retirement between 10 and 20 years with another 39 per cent expecting to be retired for over 20 years.

Early retirement aspirations and longer life expectations mean the retirement savings pot needs to be greater than ever.

However, Zurich’s research discovers 63 per cent of respondents are not confident they are saving enough for retirement; this figure rises to 75 per cent for Arab expats who are the most concerned about their pension provision and is lowest among Western expats (52 per cent).

Meanwhile, the survey finds only 56 per cent of UAE residents have a retirement plan, either a personal or company pension. Western expats are most likely to have a retirement plan (68 per cent) and Arab expats least likely (50 per cent).

“People naturally aspire to retire early and spend the twilight years of their lives relaxing away from the stresses of employment. But unless you have saved enough to cover your retirement expenses, you will either have to work longer or face the possibility of surviving with a lower standard of living than previously desired,” said Peter Cox, head of international pensions at Zurich International Life.

business@khaleejtimes.com