Maybe you feel like you don’t earn enough. Or you don’t understand how investing works. Or perhaps you can’t organise your finances. These are factors that can lead to financial stress and set back your retirement savings.
A lack of assets and money management challenges are contributing factors to high levels of financial anxiety and stress, according to a 2021 report by the Finra Investor Education Foundation and Global Financial Literacy Excellence Centre.
“We also find that financial anxiety and stress can have long-term consequences: those who are financially anxious and stressed are less likely to plan for retirement,” the report says.
Sometimes, when people are worried about something financial, they just ignore it, says Adam Frank, a certified financial planner and registered investment adviser in Los Angeles.
“But the problem is, the longer you wait to start investing or continue investing for retirement, the more you have to do later,” Mr Frank says.
Strategies to reduce financial stress
If financial stress is affecting your ability to save for retirement, you may have to work longer and you may also risk running out of money in retirement. But getting started as soon as you can could help you reach your retirement goals faster.
If you’re anxious about your ability to save for the future, here’s how you can manage those feelings and get on track.
Create a realistic budget
“The first thing will be to get organised — you know, the big, bad B-word, it gets a bad rap, it’s budgeting,” says Lauryn Williams, a Dallas-based financial planner.
Budgeting can help you save more because you’ll learn where your money is going, which can free up opportunities to shift your priorities.
The first thing will be to get organised — you know, the big, bad B word, it gets a bad rap, it’s budgeting
Lauryn Williams,
a financial planner
Ms Williams suggests creating a “bucket budget”, which is a set amount you can spend in each financial category. Examples of buckets include household items, recurring bills and entertainment. Retirement can be a bucket, too.
“It’s not accounting for every single penny, [or] every single transaction, which can be really overwhelming and create more financial stress, especially if you’re doing it on your own,” she says.
Another budgeting tip Maggie Gomez, a financial planner based in Orlando, Florida, suggests is downsizing, so you have more money to pump into retirement savings. For instance, you could get a less-expensive car or downsize to cut housing costs.
“You’re not reducing the quality of your life. You’re giving yourself a better future, and it’s not going to be much longer until you really feel those rewards,” she says.
Take stock of your retirement savings
Financial advisers suggest you take inventory of all your retirement accounts. This way, you have a clear picture of how much you have, which will help inform how much you need to save.
If you can save for retirement but are still falling behind, Mr Frank suggests automating payments.
Track your progress
Feeling like you aren’t making headway can trigger more financial stress. You could track your accounts as you contribute, Ms Gomez says.
Seeing the progress you’re making could evoke positive feelings and remind you that you’re investing in your future, she says.
She also advises people to manage their expectations and not expect tremendous growth during the early days of investing.
“When you first start investing, the majority of your account’s growth is going to come from your own deposits versus from market returns. So the more money you can put into the account sooner, the more your account will compound,” she says.
Ask for help if you need it
To help relieve financial stress, Ms Williams suggests being transparent about your situation with a financial adviser or financial therapist, friends or family.
Getting clear about what you don’t know and filling those information gaps could help you gain a better understanding of your financial situation so you can move forward confidently.
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- NBA-spec basketball court with auditorium
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- Spaces for historical and cultural exploration
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More on animal trafficking
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
On the menu
First course
▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water
▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle
Second course
▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo
▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa
Third course
▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro
▶ Lamb 2 ways Braised lamb, crispy lamb chop, bulgur, physalis
Dessert
▶ Lumi Black lemon ice cream, pistachio, pomegranate
▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
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On sale: now
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
