Are you Retirement Ready? Is your retirement plan on track?

Are you Retirement Ready?

The future is closer than you think. According to a 2019 study*, 75% of the UAE expats plan to retire by the age of 65. However, most expats do not have a realistic retirement plan. And among these, less than half are saving up for pension even if they are not looking to work beyond the average age of 55 years. So, are you one of them?
With no official retirement schemes for expats in place, it is our own responsibility to make sure we can afford to sustain the after-work lifestyle. After all, do you wish to downgrade from your luxurious 'dream house' to a place that you have to 'accommodate in'? And why? Because you did not save up.
Start saving today - for your dream house or that limitless world tour.
Think hard, plan now and save for the future!

To help you start, here is a list of to-dos. And it's not that hard.

Why do you need to plan for retirement?

Most people in their 40s do not think of retirement plans until they are on the verge of retiring. By that point, building a savings that can take care of all their needs in their old age is almost impossible. From grocery and utility bills to medical expenses, children's futures to loans (if any), the financial commitments are many. And without a stable income to support these expenses, their savings could run out in just a few years.
So, what is it that stops most people from planning for their post-retirement life correctly?

The challenges

These are some of the most common reasons that prevents people from building their retirement savings.

Lack of knowledge on the subject or being overwhelmed by vast amounts of information.
Trust is key when it comes to money. Not knowing who to trust with their life's savings is another barrier.
Questions like "Where should I invest?" and "How much should I save?" plague the mind.
Retirement planning tends to become less of a priority for those already leading a comfortable life.

The consequences of not having a robust retirement plan can hit your savings early on. When you least expect it, you could be facing mounting educational costs, expensive travel bills and other expenses; and all without having a regular income to fall back on. So how can you prevent this financial disaster?

Start saving today!

Simply dreaming of visiting different countries in your retirement years will not make it come true. You need the support of a smart, well-rounded financial instrument to help you achieve all your retirement goals. A good example is Standard Chartered Bank's My Future Saver, or Smart Savings plan which provides you of a stable and secure financial future that can meet your every post-retirement goal. These solutions provides:
Variety of funds: You have the liberty to invest in different kinds of funds and in a currency of your choice, to create a portfolio that suits your risk appetite.
Family protection: You can also have an option to add a waiver of premium to your MyFuture Saver policy, to secure your family's future. This means that should something happen to you, the premiums are paid your behalf, taking the burden off your family as well.
Life Cover:The option of the life cover ensures you to not only grow but also safeguard your wealth for your family.
Armed with the right information and retirement policy from Standard Chartered, there's no reason you should not start planning your golden years right now. So, aspire higher and begin your journey to fulfilling all your retirement goals today.

For more information: My Future Saver, or Smart Savings plan

Sources:
expatistan
statista
fpinternational

Published: Mon 21 Oct 2019, 3:09 PM

Updated: Sun 3 Nov 2019, 1:41 PM

KT Engage