Up until last week, foreigners in the UAE did not have a local UAE pension fund to invest in. The only way foreigners could plan for their retirement was to utilize plans provided by the companies they work for; however, these plans were not really standardized across the UAE. But guess what?...
It turns out that just a couple days ago, HH Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, announced that expat employees in Dubai’s public sector are now able to join a new savings pension plan. This new end-of-service savings fund allows foreign employees residing in the UAE to plan ahead for retirement and work with peace knowing that this saving scheme guarantees that their families will have access to opportunities for financial growth while they work and once they retire too.
All of us dream of kicking back and living a financially secure life after a certain age – it’s in our best interest to start thinking about ways to go about doing that. This latest update to saving schemes in the UAE was the sign we all were waiting for…if you’re wondering on how to go about planning for retirement, this blog has it all!
I have enough money in my 401K to retire today...as long as I die by the end of the month