plan your retirement | Saving | Pension Plans | Starting up your own business
Your retirement signifies a new phase in your life in terms of leaving your work. It is a chance for you to get involved with some of the activities for which you did not have time while you were busy with your work. Planning well for your retirement years will allow you to have a comfortable retirement. It is never too early to begin planning for your retirement. In fact, the younger you start saving for it, the more you will save, as you will have a longer time to do so.
There are many aspects to consider when it comes to deciding how much you need to save for your retirement such as when you intend to retire, when to start saving, and your current income. You also have to think about the goals and plans you wish to accomplish once you are retired. To do so, try to estimate the amount of money you will need each month to cover your living expenses and plan your savings accordingly.
One of the popular saving instruments is a savings account. Unlike a current account, this tool allows you to receive annual interest on your money. Bonds can also be used as a saving instrument. Bonds basically allow you to lend a fixed amount of money for a predetermined amount of time to a bank or other institution. Terms for bonds differ, but all bonds entail the repayment of the full amount of the capital placed after completing the specified time (usually referred to as maturity rate) with additional interest rates according to fixed intervals. You can choose to invest in bonds at both national and international banks.
UAE nationals are entitled to pension payments through the Abu Dhabi Retirement Pensions and Benefits Fund once they retire. Established in 2000, the Fund is responsible for managing pension funds and end-of-service benefits for Abu Dhabi nationals.
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You might want to start your own business once you retire. This will require planning and saving so that you can have some of your own equity in the business. You need to research what type of business you would like to have, taking market needs into consideration. Innovation is always a plus when thinking of new business concepts. Ask around and try to find out what types of services or items people need or are missing from the market. And even if it is not a new product or service, think of ways in which you can differentiate your business from the competition.
There are many aspects you need to consider before you start your new business. Most importantly, you need to decide how you are going to finance your business. Research and collect information on the different services that are available to help you get started – funding, training marketing etc. are available from different agencies and institutions. You have to consider how much of your own money you will put into the business and whether you will involve any partners in your venture. You can also apply for business loans to aid you in financing your project.
If you decide to apply for a business loan, make sure you decide how much you need before applying. Furthermore, research the different lenders available to you, and it would also help if you can have legal advice on the loan stipulations.
To learn more about the different agencies that support entrepreneurs and to get inspiration from other young Emirati entrepreneurs,
visit the AKOUN
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