St. James’s Place Middle East launches retirement calculator in the UAE for residents and expats

St. James’s Place (SJP), a FTSE-listed global advisory firm with over one million clients and US$245 billion in funds under management, has just launched its retirement calculator in the UAE to help residents and expats work out how much they might need in their later years.

Using assumptions based on historical data and personalised inputs, the calculator helps savers estimate how much they will need in retirement.

SJP’s calculator reveals a personalised savings target based on an individual’s current and retirement age, their required monthly income, and how much they have already saved.

Savers can estimate how their savings will grow and last throughout their retirement years in minutes, as well as a monthly saving target. The calculator provides an indication of the gap between existing savings and how much people need to put away to achieve their desired retirement lifestyle.

SJP, which has a 95% client retention rate, generally encourages people to target saving multiples of their salary by a certain age.

According to the firm, people should aim to have the equivalent of a year’s salary in retirement savings by age 30 and six times by age 50 to give themselves the best possible chance of achieving their retirement goals.

If people fall behind in their earlier years, it can be harder to make up later on. SJP’s calculator also provides analysis on the hidden costs of delaying retirement savings by five, 10 or 15 years, bringing the importance of pensions into sharp focus.

The calculator also provides helpful tips on prioritising pension savings alongside other outgoings, such as bills, and the importance of regular contributions.

Life expectancy is on the rise globally, and planning for a 100-year life requires a careful, long-term approach to savings and investment. Working out your required savings target early is crucial, SJP says.

SJP Middle East Head of Business, Daniel George, encourages people in the UAE to think carefully about retirement whether they are just entering the workforce or at a later stage in life.

“The earlier you plan, the easier it is to achieve your ideal retirement lifestyle,” says George. “Research suggests that many people are not saving enough, whether they are based in the UAE permanently or planning to return to their home country. The reality is that people need to accumulate more savings to realise their desired standard of living, particularly as life expectancies increase.

“Fortunately, there are tools available to help people navigate these challenges and set goals,” he adds. “SJP’s retirement calculator can help people across the UAE gain valuable insights into their retirement targets. If you already haven’t thought about your retirement goals, the best time to start is now.”

To learn more about SJP’s comprehensive retirement solutions, please visit https://www.sjp.asia/ae