As an expat in Dubai, Abu Dhabi, or Saudi, your day-to-day thoughts may not be on retirement but enjoying life here and now. However, retirement planning is essential for expats. It's important to step back and ask yourself a few key questions. Start with this one. What is your dream? What is your lifestyle goal for retirement? Whatever that dream is, the only way to make it happen is to plan for it now.
What's Your Vision of the Future?
Lifestyle planning is the process of building a financial plan that's constructed around the lifestyle you desire. Alternatively, many people simply base their decisions around the products available on the market. Your goal is simple. Take a leap into your future. Imagine what you are doing, experiencing, and needing. Envision your lifestyle at that point. Then, take a step back to the present. What do you need to do now to allow yourself that dream lifestyle?
- What does your dream life look like?
- What are you doing?
- What does it feel like?
- Where are you living?
- Who are you with?
Ideally, you'll be able to use these questions to clarify why you do what you do today. For example, it's rough going to work every day and giving up small pleasures now in hopes of having big dreams come true later. However, when you ask yourself these questions and imagine what life will be like then, it make sense.
- Why do you go to work each day?
- Are you seeking freedom?
- Do you want more independence?
- Are you working to build financial freedom for yourself or securing your family's future?
- Do you want peace of mind or just nicer things?
Pension planning, or lifestyle planning, needs to be accomplished now. When you have time on your side, your gain a wealth of potential. There's time to build your wealth and to take advantage of compounding interest. You do have numerous pension planning tools available to you in the UAE including QROPS and SIPPS. These retirement strategies can help you to build your wealth faster while also aligning your investments with the goals and dreams you've created above.
Here's the bottom line. You can have anything in your future retirement if you take the step towards planning for it now. Don't limit your future dreams by waiting too long to put an effective pension plan or retirement strategy in place. It could cost you everything you are working for right now if you do.
Instead, let Guardian go to work for you crafting the ideal lifestyle plan to help you accomplish everything you've been hoping and dreaming for in your future. The possibilities are endless and the opportunity to live your dream life are within reach.