How much do I need?

With retirement on the horizon, how much money do you need to save exactly? If you're 50 years old and have no pension, you will need to set aside 40 per cent of your salary each month and create an emergency fund in cash deposits equivalent to about three months' pay.

"Assuming you save the equivalent of $1,000 (Dh3,670) per month for 15 years, you could save $253,000 or $365,000, depending on how well your investments perform over that time period," says Steve Gregory of Holborn Assets.

"You could then enter retirement with an income from that and see your fund continue to grow in future years, allowing an increasing income as you grow older. Alternatively, you could take that capital sum and purchase a regular income for life. You'd make the decision about your options when you get to retirement, but the important thing is to start building your fund," he adds.

This may mean reducing expenses and increasing your income at the same time. If your partner doesn't have a job, it's time he or she finds one.

"Commit to a regular savings plan with access to a wide range of investment funds that are managed by experienced and regulated fund management companies. You can contribute as little as $150 per month into such schemes," notes Gregory.

Once you've set a savings target, you need to review it regularly to ensure you're able to achieve your goal, says Roy Gaunt, a chartered insurance broker at Nexus.

Gaunt says your savings options will depend on a number of factors, including when you wish to retire and whether you have a property you could sell to release capital and buy a lower-priced place to live in.

"You may also have the expectation of receiving some income in retirement from a company pension scheme from a previous employer, or even a state pension scheme. In any event, it is important to establish a target age, and the amount of income needed and then make a commitment to achieve this," he adds.