By Andy Sambidge
New research shows two thirds hope to retire before they reach 60 but fear they won't.
New research reveals that almost two thirds of expats living in the Middle East hope to retire before they reach 60 but far fewer are confident of doing so.
The study by Zurich International Life (ZIL) shows that, despite an average of 60 percent of expats in the Middle East targeting an early retirement age, only 56 percent believe they will be able to achieve it.
Expats in Bahrain are the most optimistic with 71 percent confident of retiring at their target age, followed by Qatar with 49 percent and UAE – the most pessimistic- with 48 percent.
In a bid to redress the discrepancy expats across the region are taking matters in to their own hands with the research showing that an average of 35 percent of respondents have started their own pension plan.
The second phase of the Zurich Wealth Monitor - a study into the future plans of 700 expat professionals living in the UAE, Bahrain and Qatar – also shows that 56 percent of respondents are using their extra income to supplement their retirement fund.
Paul Haran, Zurich’s Middle East regional director saidd:
“Whilst it is not surprising to find a gap between the ideal and the realistic retirement age, it is encouraging to see so many expats taking steps to redress the imbalance.”
There is nothing to be pessimistic over early retirement.But be optimistic and plan a little in advance when u are earning handsomely.Little drops of water makes up ocean when u do retire! Retire from work. Not from life. A retirement plan is an assurance that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why an increasing number of individuals have already started planning for their retirement, and why you should too, read on. Independence is the new way of life: An increasing number of young Indian professionals are moving away from the traditional joint family structure. Since support no longer comes easily, parents have realized the need to provide for themselves during their retirement years. Costs set to soar: Skyrocketing costs throw even a well-salaried person off balance. With rates rising everyday, you can imagine how high they will be when you are ready to retire. A retirement plan provides you with a steady income every month, to arm you in the face of rising costs. To understand how inflation can impact your monthly expenses, use our special tool, the Inflation Index calculator. Non-earning retirement phase is now longer: Only 4% of India working population- mostly government employees â€“ are covered by pensions. The remaining 96% comprises self-employed and salaried professionals who do not have a formal, mandated provision for pensions.