London, UK (PRWEB UK) 11 October 2013
The survey went on the reveal that 15% of expats are not saving any money at all for retirement.
Due to the limited pension options available locally and the high cost of living saving enough for retirement is notoriously difficult in the UAE. But there are several overseas pension options that expats can use to recover this shortfall.
David Retikin, Director of Operations at Pryce Warner International Group, commented: “Expats in the UAE are playing with fire by not saving enough for retirement. Many of our clients came to us because they were struggling to find decent pension schemes that they could use while based in the region. The high cost of living means that many people aren’t saving enough and in some cases anything at all. But even if you can only save a small amount that money can be made to go a lot further with the right pension scheme.”
One of the top reasons that expats were not saving enough was because they felt that retirement was too far away to be worth saving for.
But life expectancies are getting longer and longer, which means that expats need to prepare for a much longer retirement period. This means that savings need to be made now in order to pay off fully by the time individuals retire.
QROPS overseas pensions are one way in which expats in the UAE can get more out of their retirement savings, however little they are able to put away each month.
Samira Zakour, Chief Marketing Officer of NBAD Trust Services, commented: “Inadequate savings today would make it harder for people to support and sustain themselves in the future. It will also be difficult for them to maintain during retirement the same standard of living they have now.”