Too young to think about your pension in Dubai - Think again!

Published on: 03/14/16 05:55:pm

Working in Dubai as an expatriate has its perks. For one you do not have to pay any tax, but are you taking full advantage of it? Dubai has a certain lifestyle that you have earned and become accustomed to. But will you be able to keep it? Have you put into place any retirement plan that will help you secure your future? We know you have plans for that never ending vacation; are you saving for it?

I can't afford to save!

A fund that has 40 years to grow is more beneficial than a fund created a year before retirement. Giving your fund enough time to grow into something substantial is crucial. For instance, when you save $500 per month for 40 years, with a 7 percent growth per annum, you stand to return $1.1 million. But if you do the same for just 10 years and then let it grow for 40 years, you stand to return $1.2 million.

So save what you can, as soon as you can to make the most of your money.

With expo 2020 coming up, a survey of 110 senior executives was conducted in the month of May-June, 2015, out of which 85 companies had UAE based employees. Here are its findings:

  • 80 percent of the respondents expect to take on new staff annually over the next three years;therby increasing their staff up to 10 percent.
  • Reflectively, 65 percent of the respondent expect a 5 percentage increase in salary in the same period of time.

With this positive outlook for the region comes a chance for a better future. We know that you work hard, but are you working smart? Your money is an asset; are you making the most of it?

We understand that you have other priorities and responsibilities to consider. We encourage you to get in touch with our professionals to discuss this in detail and to futher explore your options for retirement planning when living in Dubai.

For more information visit us at: www.GWMwealthmanagement.com or get your FREE Financial Health Check here:

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