What Does Your Dream Retirement Look Like?

Imagine 10, 20, 30 years from now. Assuming you don’t plan on working forever, you’ve just ended your career and are looking forward to living the good life in retirement.

What does a good retirement look like to you? Perhaps you imagine yourself living somewhere quiet, living near family, traveling the world or doing humanitarian work.

Have you thought about how much money you’ll need in order to live comfortably during retirement? Don’t worry if you haven’t, you’re not the only one! 

Let’s say you need $1000 per month or $12,000 per year and you plan on retiring in 25 years (aka 300 pay cheques). Ideally, you want to save a lot of cash so you can live off of the income. In this case, you’d need to save up $240,000 in 25 years. Add 25 years’ worth of inflation and that amount jumps to $480,000! 

What does that mean for you today? How much do you need to save to achieve that target? You’d need to save $1600 per month for 25 years in your bank account (with NO return/interest). 

Thankfully, by saving ONLY $500 per month (WITH return/interest), you can achieve the same target of $480,000. That’s quite reasonable, especially if you’re living in the UAE and making much more than you would back home!

Are you a procrastinator? You shouldn’t be! For every 5 years you put off, you’ll need to save double. You’ve always had a plan to retire at 60. While you could have started saving $500 at 35 over 25 years, now you’re 40 and need to save $1000 over 20 years.

These numbers may vary depending on your financial goals and current financial situation. Let’s meet so I can go through the numbers with you. Once you know what you need to do, you can decide what to do. No more procrastination.

Perhaps you already have a retirement or savings plan in place: 

·     How are your investments doing? Not satisfied? 

·     Are you meeting with your advisor?

·     Do you need a second opinion?

Feel free to message me or email me if you’d like to discuss further [email protected]