You may not only want to have money to live a fruitful retirement, but may also want a little extra to crossover the last few items in your bucket list – such as enough cash to travel, start a business you’ve always been passionate about, support a cause or purchase your dream house and so on.
Whatever your retirement dreams are – our team at Holborn Assets has come up with 5 ways to maximize your retirement income to do just that:
- Delay the accessible date – As you are aware, annuity rates increase as you grow older. If you delay accessing your retirement income, you are able to contribute more to the pension pot and accumulate more savings, allowing it more time to potentially grow.
- Continue to work – You are at the peak of your career and most of your life’s major expenses are covered or over – buying a house, lavish wedding, purchase a vehicle, children’s education etc. Therefore, the last years of work are considered as the highest income earning years of your life. So, you have more time and a greater proportion to contribute to the retirement income.
- Try the drawdown risk – When you reach retirement, you have the option to either convert your pension into income as an annuity or keep it increased in the stock market (by drawing income via bonds and shares). Understanding that your money remains subject to changes in the global economy, swings in the financial markets – it is also potentially rewarding. This option works well for people with large pension pots.
- Reduce retirement risk – Reduce the proportion of your portfolio. It is noteworthy to cut-down the investment risk of your savings. This applies, especially, if you are an aggressive investor who enjoys taking high risks and looks for long-term gains. Rather, consider short-term cash equivalents.
- Top up your pension pot – You can add to an existing scheme or create an additional one. However, the downside is to keep in mind that boosting your pension pot with high growth investments may come as a huge risk if they fall in value.
A steady income for expats in Dubai is critical in retirement years. Holborn Assets team of financial advisors is prepared to help you manage and maximize your retirement fund prudently – while remaining productive and reducing the fears of being dependent.
Our experts will discuss your financial position and personal circumstances – incorporating the level of risk you are willing to embrace on your comfort zones. Speak to one of our professionals today and find out everything you need to know about Holborn Assets retirement planning services to retire in style.