Perhaps one of the things many of the women I know have in common when it comes to finances is not saving.
They blame it on the shopping temptations, body maintenance, and fancy dinners on weekends.
Beyond all that, they still have a desire to save. Although our the government provides its Emirati employees with an excellent retirement package, it does not mean that they should not be saving on the side for unforeseeable circumstances.
Fulfilling a retirement vision calls for considerable planning, and women, unlike men, have different circumstances to consider.
For one, they generally tend to outlive men, which means that they will need health care for longer.
In addition, during their careers, they often take more time out of the workforce to care for newborns, or sick family members, which has an effect on their savings.
When I asked older women, around the age of 40 to 50, about what they wish they had done differently regarding their finances, they said they wished that they had carefully planned their retirement and saved more early in their careers.
Though it is never too late to start planning your retirement, keep in mind these mistakes and try to avoid them:
Ÿ Not setting out goals. I don't know about you, but I can certainly imagine my retirement years spent with my loved ones in a house by a beach somewhere. But it is important to keep in mind that planning a retirement requires having more details, such as: When do I want to stop working? Where would I want to live? How much money do I want to have in the bank?
Ÿ Beware of starting late, taking saving breaks, and cashing out. Saving during the good times is probably one of the best gifts you could give your future self. As pressed as you may find yourself, try not to cash out your retirement savings. It is preferable to dedicate a separate bank account for them.
Ÿ This takes us to not saving for long enough. The average life expectancy of a woman is 80 years, and men at 75 years, which means that a woman will need more access to funds for health care and other expenses, especially with consumer prices increasing every year.
Ÿ Depending too much on your home value. Suppose your house is in a great location, and because of that it has survived real-estate market turmoil and price drops. You still cannot completely depend on that as a subsidy to your fund plan. Count it as a component of your overall retirement plan, but not as a sole factor to it.
Ÿ Saving for your children's college education ahead of your retirement plan. I am not encouraging anyone to be selfish, but many tend to save for their children's college education ahead of their retirement plans. When it comes to children, there are many options, such as grants, scholarships, and loans to finance tuition, but not as many options when it comes to your retirement plan. That does not mean you should not save money for your children, but prioritise your retirement plan first.
Ÿ Investing too traditionally. Many women tend to invest conservatively, mostly in fixed-income. Though this might somehow guarantee that they will not lose their investments, there is also a risk for not having real growth. Investment diversification will not only aid in a faster investment growth, but also minimise the risk against the ups and downs of the economy and having all your money in one place.
Ÿ Last but not least, it is best to consult a professional financial adviser who could provide you with the best retirement options that would suit your career and lifestyle and who would be able to assist you in putting together a retirement plan.
Manar Al Hinai is an award-winning Emirati fashion designer and writer based in Abu Dhabi
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
Sholto Byrnes on Myanmar politics
COMPANY%20PROFILE%20
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The%20specs
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Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Company%20Profile
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SERIE A FIXTURES
Friday Sassuolo v Benevento (Kick-off 11.45pm)
Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)
Sunday Cagliari v Inter Milan (3.30pm), Atalanta v Fiorentina (6pm), Napoli v Sampdoria (6pm), Bologna v Roma (6pm), Genoa v Juventus (9pm), AC Milan v Parma (11.45pm)
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The%C2%A0specs%20
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
Company%20Profile
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