Three ways retirement in UAE will change beyond recognition
By Will Grahame-Clarke, 10 Oct 17
Retirement in the sunny UAE looks set to change beyond recognition according to research by Old Mutual International and Quilter Cheviot.
Respondents said the boundaries between working life and retirement had become blurred, and more people expect to work part-time, and enter retirement gradually.
3 out of 4 (76%) people living in the UAE plan to continue working in retirement, either part-time or in a different job, marking a big shift in expectations.
Many may feel too young to stop working and want to keep going to maintain interaction, with 41% saying they will continue working for social reasons.
Others plan to continue working part-time to make ends meet, with 35% saying they will work for financial reasons. Just 8% are planning to stop working altogether when they retire and 16% are undecided.
Mark Leale, head of Quilter Cheviot’s Dubai representative office, says: “Retirement no longer happens on one day, it is a longer term transition and therefore the financial plan that people make for retirement also needs to adapt.”
Of those who plan to continue to work, an astounding 77% plan to be self-employed, perhaps showing the region has a significant number of budding entrepreneurs.
Paul Evans, head of region, Middle East & Africa, Old Mutual International, comments: “There is much less certainty on what retirement looks like now and no two experiences will be the same. It is interesting that so many will turn to self-employment, which means the onus will be firmly on the individual to plan accordingly and ensure they are not exposed to financial uncertainty in later life.”
