The retirement age of 65 seems, in a modern society, pretty young. And it would appear that UAE residents agree.
According to a new study from Old Mutual International and Quilter Cheviot, an investment advisory firm, over three quarters of UAE residents plan to continue working in some form when they reach retirement age.
Many respondents said that would feel too young to stop working at retirement age, while 41% said they’d continue working simply for the social aspect of it. Another 35% said they’d continue working for financial reasons.
And just 8% said they’d stop working altogether when they retire, while 16% were undecided.
However, the preference among prospective retirees appears to be for a certain style of working – 77% said they’d prefer to still work upon retiring, but to be self-employed.
“There is much less certainty on what retirement looks like now and no two experiences will be the same. It is interesting that so many will turn to self-employment, which means the onus will be firmly on the individual to plan accordingly and ensure they are not exposed to financial uncertainty in later life,” said Paul Evans, head of region, Middle East & Africa, Old Mutual International.