“Of the UAE respondents who plan to take a mini retirement, most plan to fund their breaks through personal savings (40%), investment returns (39%), and rental income (37%),” says the HSBC’s Affluent Investors’ Snapshot’.
“The data shows multi-retirements are not a generational fad or a more traditional ‘career break’,” said Dr. Cora Pettipas, Financial Planner and Retirement Specialist, HSBC. “Multi retirements are a mindset shift, with some individuals increasingly taking time out to focus on living their wealth, not just accumulating it.
“They are creating space for it now – with careful planning to ensure they can fund multiple pauses over the course of their lives.
“They aren’t viewing it as stopping work or their careers, rather, taking new directions that feel more aligned to their values and needs of their families.”
Want to take control of ‘multi-retirement planning?
Here are 6 prescriptions suggested by Dr. Cora Pettipas of HSBC:
* Identify what you want to achieve and define the goals you would need to meet to make it happen.
* Immersing yourself in a new place and culture can be life changing.
* Build a daily routine where you prioritise making progress on your goals, and time for your passions.
* Create a sensible budget strategy that aligns with your goals and consider how you’ll address your next step with confidence and clarity.
* Reflect on the relationships you would like to deepen. The impact on your quality of life could be profound.
* Whether it’s big or small, implement the steps to start living your best life today.
Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well.
Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental.
He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.