It’s an oft-repeated question, how much do you need to save to retire? Unfortunately, there is no one right answer to that because when it comes to retirement, every person is different. Some may want to retire early and own a luxury villa or travel the world, while others may want to quit at 65 and live a simple life.
Retirement strategies also vary greatly depending on where the individual wants to retire or how expensive the living costs are going to be. Also equally important is where the retirement money is invested.
If the goal is to have at least Dh1 million stashed away in the retirement pot, setting aside a fixed amount per month may just work out well for some retirement savers in UAE. According to Evans, if the expatriate is 35 years old, the required monthly contribution to have Dh1 million by the age of 65 might need to be around Dh1,200.
Source Credit: Khaleej Times
Read full story: http://bit.ly/2yXafir