Saving for Retirement and Children's Education
Retirement Fact: The earlier you start planning for retirement the earlier you could retire and the bigger your retirement fund.
Unfortunately not a lot of people are aware of this and even worse those who are, decide to do nothing about it but the consequences are terrifyingly high. A recent study by insurance company Zurich concluded the following:The number of people intending to work beyond the age of 65 because they are forced to and need the extra money has more than doubled in the last three years.
65?? Wouldn’t we all want to retire a good 10 years earlier if possible or at least have the option to and not be ‘forced’ to work. Ideally we would want to be travelling, exploring the world, or just relaxing lazily with our cold orange juice on the beach somewhere?
Lack of financial planning globally is a major issue but in the Arab world, the situation is far more serious especially among Arab expats who live and work in other Arab countries. With no state pension back home, not that this makes a significant difference anyway, and with ever increasing spending trends, the outlook couldn’t be bleaker, but it is.
The situation is greatly worsened for the Arab expats by the fact that they also have to cover full education expenses, specifically university, unlike in the West where many students opt to take out student loans. But again, who can say no to paying for their children having the best education possible.
In addition, children marriage expenses in the Arab world puts another great burden on the Arab parent and so the exciting and early retirement dreams that seemed so essential and important initially quickly start to fade away. Working past 65 is today a reality for many elderly and nothing can be done to turn that back. The younger generations however, still have hope.
The solution is simple, start saving early, start saving TODAY!
Contact our financial advisor today to book your free, personal calculation meeting.