4. Deceived by the myth
The most common myth that we have is, "When I retire, my expenses will consequentlyreduce". What if I tell you, it will work out to be exactly the opposite?

Of course you might not have to worry about your Children’s education and Wedding but what about your Health related expenses and travel? Aging as you know, is shadowed closely by illness. Medical overheads and travelling to meet your family and friends will involve a good amount of money.

"After 60 is when you are free from all pressures. It is the golden period to enjoy"

Money should not take away your happiness at the very time. So it is completely essential that you start planning your retirement as early as possible.

5. Paying no heed to Compounding

Planning for retirement always comes at the very end of our to-do list. We want to enjoy everything when we are young and as a result end up depleting all the savings buying a classy home, sporty car and what not. Finally when we stop to realize we are growing old, the urge to save kicks in.

Saving at a later stage might not just be too late but it might also prove to be unfruitful.

"When starting to plan your finances early, a genie called "Compounding" will dust its magic upon you but not later".

The advantage of compounding is huge. Let’s say you start saving 2,000 Dirhams every month from the age of 25. The amount you will end up after you retire will be nearly Dh850, 000 but when you start saving from 35, you only save roughly Dh600, 000 and you actually end up losing an enormous Dh250, 000. Every Dirham counts post-retirement and Dh250, 000 is undoubtedly not a trivial amount.

Small negligence can easily end up making you pay a really huge price. So the question is,

Not only at what age you should start planning your retirement but also with what amount"

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