Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Saving for retirement is one of those essential life tasks that many people delay in the belief that there's still plenty of time to prepare for the future.
A survey earlier this year found that almost half of all residents in the UAE often delayed preparing for their retirement until they had reached their late 40s and 50s.
The survey, by global consulting company Mercer, found that nearly 50 per cent of UAE expatriate employees have no plans to ensure an adequate standard of living after retirement or plan to work beyond the retirement age to ensure continued income.
Financial experts say this may put them at a disadvantage in terms of having a sizeable retirement fund, particularly considering compound interest. However, as the adage goes, “Better late than never”.
“It is often at this stage of life in which it dawns upon people that they have not made enough provision for their retirement years,” says Rupert Connor, partner at Abacus Financial Consultants.
“This is especially true in an expatriate environment, where many businesses and companies do not provide in-house pension schemes. Also, it might be the time when children are no longer dependent, which frees up disposable income.”
It is often at this stage of life in which it dawns upon people that they have not made enough provision for their retirement years
The Mercer study also found that there was a lack of financial awareness among respondents, with 61 per cent reporting no long-term savings at all and 43 per cent expecting their end-of-service gratuity payment to meet their long-term financial needs.
“They will be disadvantaged, but in most instances, it is not too late to make a difference. However, there will be a cost in delaying saving for retirement. There is definitely an impact of giving your money time and the positive effect of compound interest,” adds Mr Connor.
We spoke to three UAE residents who started investing late, but who are now in a comfortable financial position and have concrete plans for retirement.
Late to invest, but early to retire
Jens Winkelmann, 54, started investing at the age of 42 when he moved to the UAE and had substantial money to put aside every month. Until then, he had only invested in a property in Germany but had paid off the mortgage.
“When you are in university, land your first job, start a family and have kids, you are not left with much disposable income unless you decide to cut down on your quality of life,” says the senior executive who works in the process automation industry.
“We lived in Germany earlier and it wasn’t financially possible to save with children growing up. Coming to a tax-free environment in the UAE, I could save because there was more liquidity.”
The German initially consulted a financial adviser who encouraged him to invest in a term-based savings plan. However, after realising that such plans often involve a hefty fee, Mr Winkelmann decided to go down the "do-it-yourself" route. Attending a seminar by Andrew Hallam, a personal finance expert and author of Millionaire Teacher, in Abu Dhabi was also an eye-opener to the world of DIY investment.
Although Mr Winkelmann first started trading in stock exchange-traded funds, he added bond ETFs to his portfolio at the beginning of this year. Having a long-term investment horizon helped him to invest in stocks, which are traditionally considered a risky asset class.
"Considering my age, it is commonly recommended that my portfolio should have a 30 to 40 per cent allocation for bonds. I have a 70:30 weightage for stocks and bonds. Some people may consider this to be high risk appetite for my age," he tells The National.
In 2014, Mr Winkelmann also bought a villa in The Green Community DIP in Dubai. However, with the property’s value declining by 45 per cent, he decided to sell the house and downsize to a rented villa in Arabian Ranches 2 this year.
He recommends that if a person wants to become financially independent soon, they should save 50 per cent of their monthly income.
“Adjust your expenses, such as on vacations, car, house, so that you can live with 50 per cent of your income. I have downsized my house to save on rent and utility bills and also own two cars now, instead of three earlier,” he adds.
All these cost-saving measures have helped to bring forward his retirement by five years, when he turns 59.
“Mathematically, there will be an effect on your retirement savings if you start investing late, but it also depends on how you adjust your expenses. I believe one should save not just for retirement but for 30 years after you retire as well,” Mr Winkelmann adds.
After retiring, he aims to travel the world with his wife. “We aim to find a place which will be our final destination, whether it be in Thailand, Ecuador or Portugal.”
Sufficiently invested despite a late start
Sona Nambiar did not start investing seriously until she was over 40 years of age. Although she started working in 1988, she found it difficult to save because she was paying for her rent, food and other expenses.
"I had zero balance in my account. But when you are at the start of your career, investing is not a priority. When I moved up in my career, I started a recurring deposit scheme but spent that before I left India in 1991 to come to Bahrain. In 1992, I came to Dubai," Ms Nambiar tells The National.
The founder of Kimiyaa, an online content and design solutions start-up in Dubai, has been a single mother since 2003. This made her readjust her priorities and have easy access to cash to deal with any financial challenges. She has no credit cards or loans and doesn't believe in “keeping up with the Joneses”.
I am more risk averse after having seen people bite off more than they can chew
Ms Nambiar also follows a consultative approach at home so that her daughter understands how to manage her finances prudently.
In the past, the entrepreneur has been put off by how expats spoke about owning multiple properties in their home countries but complained that they lived frugally in the UAE with very little liquidity as they had huge loans to pay.
“They complained that their holidays were for opening, cleaning and closing homes they hardly stayed in. Or they spent time chasing and changing managers who handled the land back home and misappropriated funds,” she adds.
Ms Nambiar currently has a mixed basket of assets that includes one property, a few equities, bonds and fixed deposits.
“I am more risk averse due to my background in business journalism and having seen people bite off more than they can chew,” she says.
The Indian expat has never used the services of a financial consultant, although she used to consult her father because he ran a financial services business.
Ms Nambiar does not allocate a fixed amount for investment every month as she has been running a start-up since 2016, and the business requires cash injections to keep it going.
“I don’t see myself retiring as I enjoy my work as an entrepreneur. I think the quality of my retirement will be comfortable as I have different priorities in life. During the past six years, I have started travelling and learned to travel solo and value experiences more than assets,” she adds.
Living frugally to make up for lost time
Mahesh Butani, 60, cleared all his debts at the age of 33 and started saving and investing. However, at 40, he lost his job, moved back to India and was left with only a small percentage of his savings to live on.
“I soon picked up the pieces, returned to Abu Dhabi, lived frugally and saved more to make up for lost time. I also changed jobs to get a higher income,” Mr Butani adds.
The family also made cutbacks to save more money to make up for the lost savings time. “We drive a Kia instead of a Range Rover, live in a two-bedroom basic apartment instead of a sea-facing, high-rise three-bedroom apartment, and have limited socialising, visiting expensive restaurants and buying unnecessary gadgets. We have chosen intellectual pastimes and travel instead.”
I am already comfortable because I will have income from rents and deposits and will not need to divest my stock holdings for a while
Although the civil engineer planned to retire immediately after his daughter finished her education in the US, he has changed his plans and intends to stay in the UAE until his employment lasts, or he turns 65.
“I would like to stay here some more to increase the value of my investments. I am already comfortable because I will have income from rents and deposits and will not need to divest my stock holdings for a while,” says Mr Butani.
Although his investment targets have been met, he still invests 30 per cent of his monthly income. It’s mostly been DIY, but he has advisers for investments in equities, futures, forex and commodity trading.
The Indian expat has invested in bank fixed deposits, mutual funds, property, insurance-linked savings schemes, equities and gold.
“I can take substantial risks as I have saved sufficiently in property and risk-free assets such as fixed deposits. I mostly invest in equities and related instruments now,” he adds.
His retirement goals are to have sufficient inflation-adjusted income to last for the rest of his and his wife's lifetimes, and to leave a substantial inheritance for their daughter.
What to do if you start investing late?
Financial advisers recommend people initially create an income and expenditure spreadsheet.
“At what age is retirement anticipated and where will it be geographically? What does retirement look like? Try and have a feel for what income might be needed,” says Mr Connor.
He advises late investors to save more and spend less, be disciplined and stick to a budget.
“Try to manage costs, for example, if one can reduce costs by $500 [Dh1,836] per month, then this is the equivalent of $500 in growth on their investment per month,” he says.
Mr Connor also points out that several people are now working longer than before and this can make a big difference in having enough retirement income. “This is possible because of a combination of making extra contributions, not taking withdrawals and allowing the funds more time to grow.”
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
MATCH INFO
Azerbaijan 0
Wales 2 (Moore 10', Wilson 34')
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
HWJN
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Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Honeymoonish
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Sunday's Super Four matches
Dubai, 3.30pm
India v Pakistan
Abu Dhabi, 3.30pm
Bangladesh v Afghanistan
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Attacks on Egypt’s long rooted Copts
Egypt’s Copts belong to one of the world’s oldest Christian communities, with Mark the Evangelist credited with founding their church around 300 AD. Orthodox Christians account for the overwhelming majority of Christians in Egypt, with the rest mainly made up of Greek Orthodox, Catholics and Anglicans.
The community accounts for some 10 per cent of Egypt’s 100 million people, with the largest concentrations of Christians found in Cairo, Alexandria and the provinces of Minya and Assiut south of Cairo.
Egypt’s Christians have had a somewhat turbulent history in the Muslim majority Arab nation, with the community occasionally suffering outright persecution but generally living in peace with their Muslim compatriots. But radical Muslims who have first emerged in the 1970s have whipped up anti-Christian sentiments, something that has, in turn, led to an upsurge in attacks against their places of worship, church-linked facilities as well as their businesses and homes.
More recently, ISIS has vowed to go after the Christians, claiming responsibility for a series of attacks against churches packed with worshippers starting December 2016.
The discrimination many Christians complain about and the shift towards religious conservatism by many Egyptian Muslims over the last 50 years have forced hundreds of thousands of Christians to migrate, starting new lives in growing communities in places as far afield as Australia, Canada and the United States.
Here is a look at major attacks against Egypt's Coptic Christians in recent years:
November 2: Masked gunmen riding pickup trucks opened fire on three buses carrying pilgrims to the remote desert monastery of St. Samuel the Confessor south of Cairo, killing 7 and wounding about 20. IS claimed responsibility for the attack.
May 26, 2017: Masked militants riding in three all-terrain cars open fire on a bus carrying pilgrims on their way to the Monastery of St. Samuel the Confessor, killing 29 and wounding 22. ISIS claimed responsibility for the attack.
April 2017: Twin attacks by suicide bombers hit churches in the coastal city of Alexandria and the Nile Delta city of Tanta. At least 43 people are killed and scores of worshippers injured in the Palm Sunday attack, which narrowly missed a ceremony presided over by Pope Tawadros II, spiritual leader of Egypt Orthodox Copts, in Alexandria's St. Mark's Cathedral. ISIS claimed responsibility for the attacks.
February 2017: Hundreds of Egyptian Christians flee their homes in the northern part of the Sinai Peninsula, fearing attacks by ISIS. The group's North Sinai affiliate had killed at least seven Coptic Christians in the restive peninsula in less than a month.
December 2016: A bombing at a chapel adjacent to Egypt's main Coptic Christian cathedral in Cairo kills 30 people and wounds dozens during Sunday Mass in one of the deadliest attacks carried out against the religious minority in recent memory. ISIS claimed responsibility.
July 2016: Pope Tawadros II says that since 2013 there were 37 sectarian attacks on Christians in Egypt, nearly one incident a month. A Muslim mob stabs to death a 27-year-old Coptic Christian man, Fam Khalaf, in the central city of Minya over a personal feud.
May 2016: A Muslim mob ransacks and torches seven Christian homes in Minya after rumours spread that a Christian man had an affair with a Muslim woman. The elderly mother of the Christian man was stripped naked and dragged through a street by the mob.
New Year's Eve 2011: A bomb explodes in a Coptic Christian church in Alexandria as worshippers leave after a midnight mass, killing more than 20 people.
Stage results
1. Julian Alaphilippe (FRA) Deceuninck-QuickStep 4:39:05
2. Michael Matthews (AUS) Team BikeExchange 0:00:08
3. Primoz Roglic (SLV) Jumbo-Visma same time
4. Jack Haig (AUS) Bahrain Victorious s.t
5. Wilco Kelderman (NED) Bora-Hansgrohe s.t
6. Tadej Pogacar (SLV) UAE Team Emirates s.t
7. David Gaudu (FRA) Groupama-FDJ s.t
8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t
9. Bauke Mollema (NED) Trek-Segafredo s.t
10. Geraint Thomas (GBR) Ineos Grenadiers s.t
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
More from Neighbourhood Watch
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
You may remember …
Robbie Keane (Atletico de Kolkata) The Irish striker is, along with his former Spurs teammate Dimitar Berbatov, the headline figure in this season’s ISL, having joined defending champions ATK. His grand entrance after arrival from Major League Soccer in the US will be delayed by three games, though, due to a knee injury.
Dimitar Berbatov (Kerala Blasters) Word has it that Rene Meulensteen, the Kerala manager, plans to deploy his Bulgarian star in central midfield. The idea of Berbatov as an all-action, box-to-box midfielder, might jar with Spurs and Manchester United supporters, who more likely recall an always-languid, often-lazy striker.
Wes Brown (Kerala Blasters) Revived his playing career last season to help out at Blackburn Rovers, where he was also a coach. Since then, the 23-cap England centre back, who is now 38, has been reunited with the former Manchester United assistant coach Meulensteen, after signing for Kerala.
Andre Bikey (Jamshedpur) The Cameroonian defender is onto the 17th club of a career has taken him to Spain, Portugal, Russia, the UK, Greece, and now India. He is still only 32, so there is plenty of time to add to that tally, too. Scored goals against Liverpool and Chelsea during his time with Reading in England.
Emiliano Alfaro (Pune City) The Uruguayan striker has played for Liverpool – the Montevideo one, rather than the better-known side in England – and Lazio in Italy. He was prolific for a season at Al Wasl in the Arabian Gulf League in 2012/13. He returned for one season with Fujairah, whom he left to join Pune.
Killing of Qassem Suleimani
Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
