We asked if you are ready for retirement, do you have a plan?
Are you putting the pieces in place so you can eventually retire?
Nearly eight out of ten pre-retirees in the UAE (78 per cent) say lack of free time (37 per cent) and work commitments (34 per cent) are preventing them from leading a healthier lifestyle.
As a result of which, almost half (46 per cent) of the working age population believe that poor health will make saving for their retirement more difficult.
With over half of UAE pre-retirees (61 per cent) unable to predict how much they are likely to spend on healthcare in retirement, the study reveals that unless working age people take practical steps to improve their wellbeing, they risk being financially unprepared for a comfortable retirement, especially with other life events coming in the way.
“Not surprisingly, pre-retirees and retirees are concerned that poor health will affect them in retirement especially in terms of their ability to take care of others (33 per cent), their mobility (33 per cent) and their ability to work (33 per cent).
“On the financial side, the majority of working-age people are unable to predict how much they will spend on healthcare in retirement, which can turn out to be a considerable amount.
“The number of people spending on healthcare nearly doubles as they grow older; for instance, 16 per cent of 25-34 year olds say they spend money on prescriptions and medicines, and 15 per cent on doctors and dieticians, as opposed to 34 per cent and 36 per cent respectively of those aged above 55 years that say they do so,” the report adds.
According to a study by Statistics Canada, 31% of those polled between the age of 45 to 60 said that their financial preparations for retirement were inadequate. In another study by Investors Group, only 19.6% to 24.5% of non-retirees over the age of 45 were not concerned about retirement. They were the minority that felt comfortable, prepared and ready for the golden years. Everyone else (three quarters) expressed some concerns. In a study by RBC, 56% of non retired Canadians were worried that they would not be able to enjoy the lifestyle to which they were currently accustomed to. Finally, the Canadian Labour congress based on three separate surveys said as many as 73% of people were worried how much they would save for retirement.