Times have changed and so has the way we look at life. Earlier, retirement meant 65 years of age for people in Dubai, but not anymore. But retirement has got less to do with the benchmarks set by organizations & more to do with the age when you stop working for money! Retirement to me is spending time as one pleases, doing what you want. The fact is that retirement is the ability to be in control of your time.
Before we get to the points to help you retire early, you need to ask yourself – why do I want to retire early? Early retirement means different things to different people. Retirement does not necessarily mean you will stop working and earning. Early retirement is more about financial freedom – the freedom to do what you want to do and when you want to do it. You should be crystal clear about your reason for early retirement.
However, if you can create a plan by building savings, creating contingencies, preparing for it from the beginning and working on it, early retirement is not that tough in today’s time.
Planning retirement is like preparing a college fund for your children. The earlier you start, the better it is for you to manage your expenses and reach your goal.
Always remember:
Retirement is a journey that does not begin after you quit work. Instead, it is a process that requires adequate planning, strategy, and effort to live a comfortable lifestyle.
Financial back up for emergencies & to enjoy your golden years with a peace of mind
Preparing for inflation & future financial expectations.
Not being dependant on others & enjoying financial independence
High return on investments if you start early
Before proceeding with retirement planning in the UAE, it’s necessary to take a step back and understand your situation. Often, people apply retirement strategies without understanding their goals. Eventually, they find themselves all over.
Avoid such problems; begin your process by answering these questions:
Understanding and accepting your answers assists with achieving clarity in your thoughts and goals – which, in turn, dictate your retirement strategies.
You have to start saving early if you want to retire early. The beauty of starting early is that you can achieve your goals even if you start small because of the power of compounding.
You should start saving for a better future, but do not be burdened by it and stop living your present. You should not have regrets when you start your second innings that you did not enjoy your life. The foundation of your beautiful future must be laid on a beautiful today.
If you want to plan for early retirement in Dubai, you can reach out to me with your concerns, and I’ll be happy to assist you with the finest resources.
