Insured individuals should plan for retirement once they are employed: GPSSA

Insured individuals should plan for retirement once they are employed: GPSSA

Proactive planning prior to retirement requires a sufficient period of time, preparation, and foresight, and should ideally start from the beginning of an insured individual’s career path, according to the General Pension and Social Security Authority (GPSSA).

This advice was detailed by the GPSSA as part of the Get Ready - Proactive Financial Planning campaign, which offers members of the public guidance on how to plan their finances in order to enjoy a secure and stable retirement and lifestyle.

The GPSSA’s financial planning campaign runs from 3rd April to 30th July, 2023 and will offer a series of tips, advice, and guidance on how to prepare for pre-retirement and post-retirement stages.

In order to ensure security and ongoing sustainability for insured individuals and their families, financial planning should begin the moment a person joins an entity, since savings and income are highly dependent on one’s line of work and insurance coverage received as per the UAE Pension Law, which determines the type of benefits an insured individual receives upon retirement.

The reasons behind the need to proactively plan early in preparation for the post-retirement period include changes in obligations, priorities, and source of income during an insured person's age span; in addition to lifestyle