Workplace Savings & Retirement Plan

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Throughout our working life we strive hard to achieve financial security, as well as a comfortable lifestyle, for our family. Ensuring that we will be able to sustain this standard of living when we no longer have the security of a regular income is an essential consideration. In the GCC, expatriates do not have a state pension scheme to rely on, and the maximum end of service benefit is capped at 24 months basic salary, irrespective of how long one serves the company.

With life expectancy increasing, our savings may have to last for a longer period so it’s important to be realistic about how much we need to save. According to a recent UK report, a 65 year old retiree would need to save a retirement fund of USD 360,000 to generate an annual income of just USD 19,400 a year, assuming a retirement length of just 18 years.

General advice from financial experts is that one will need 60% to 80% of their final working year’s income to maintain their current standard of living during retirement. By beginning sooner rather than later and carefully investing a manageable amount of money periodically, it is possible to build significant savings for comfortable retirement.

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