October 1 marked the International Day of Older Persons, providing a reminder to reflect on how ageing is evolving and what it means for retirement.
The global population of older adults is growing at an unprecedented pace, with the number of people aged 65 and above projected to double to 1.6 billion by 2050, according to the World Economic Forum.
This demographic shift carries profound implications, not only for society but also for how we approach financial planning, retirement, and long-term care for older generations.
Longevity literacy is key
The retirement age of 65, established in the late 19th century, was introduced when life expectancy was far shorter. Today, thanks to advancements in health care and improved living conditions, people are living longer, healthier lives.
For instance, life expectancy in the UAE increased from 73.2 at the start of the century to 78.3 within two decades, according to the World Health Organisation.
As a result, many are rethinking the idea of retiring at 65, especially when they still have much to contribute professionally and personally.
This shift calls for a new approach to retirement planning: one that goes beyond setting aside savings for a few years of rest. Retirement today often spans decades, making it critical to have a financial strategy that ensures long-term security and quality of life throughout those years.
A crucial element in navigating this reality is longevity literacy – understanding and preparing for the financial implications of living longer.
Factors like family health history, lifestyle choices, and medical advances all play a significant role in determining how long we live, and these should be factored into any retirement plan.
At the same time, inflation and rising costs must be accounted for, making it essential to develop strategies that preserve purchasing power and support a comfortable lifestyle in the years to come.
Long-term care and insurance
One of the biggest challenges in retirement planning is preparing for the unexpected. As we age, unforeseen costs – such as medical expenses and long-term care – can strain even the most carefully planned finances. This is why a strong retirement strategy goes beyond building savings. It requires anticipating the realities of ageing and preparing for potential costs.
As life expectancy increases, so does the likelihood of needing long-term care, whether through home health support, assisted living, or full-time nursing care. These services can be expensive and, if not planned for early, can deplete savings quickly.
Long-term care insurance is one option, but it’s not the only solution. Some prefer to set aside funds for future care, while others may explore government assistance programmes. Addressing these costs well in advance helps avoid financial strain later in life.
It’s equally important to regularly review insurance coverage. As health care needs evolve with age, once adequate policies may no longer cover all expenses. This includes reviewing health insurance, long-term care insurance, and life insurance.
For older people, life insurance can be a vital part of legacy planning, ensuring loved ones are financially protected. However, underwriting for older clients requires specialised expertise, as the risks and needs differ from those of younger people.
Purpose matters as much as finances
Financial security is fundamental to retirement planning, but it’s only part of the equation. Today, retirement offers a chance to embrace new experiences, pursue passions and make the most of this phase of life.
Research by Harvard Medical School shows that retirees who remain active – whether through social activities, intellectual challenges, or continued professional involvement – tend to experience better overall health and greater happiness.
Having a daily exercise routine and maintaining a strong social circle contribute to both physical and emotional well-being.
Retirement must also provide the freedom to focus on activities that may have been sidelined during working years. For some, this could mean starting a new business or exploring creative endeavours. For others, it’s an opportunity to volunteer, mentor younger generations, or support causes close to their heart.
Retirement doesn’t have to mark a hard stop on contributing to the economy and society in meaningful ways. You only get old when you stop learning. Embracing lifelong learning and new challenges can keep the mind sharp and the spirit young.
Ultimately, it is an opportunity to live life on your terms, guided by joy, purpose and connection.
A thoughtful approach to both financial security and emotional fulfilment ensures that this phase is not just comfortable, but also deeply rewarding.
Ashok Sardana is the founder and managing director of The Continental Group, a financial services provider
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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
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FA Cup semi-finals
Saturday: Manchester United v Tottenham Hotspur, 8.15pm (UAE)
Sunday: Chelsea v Southampton, 6pm (UAE)
Matches on Bein Sports
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
COMPANY%20PROFILE
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
UAE currency: the story behind the money in your pockets
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Where to apply
Applicants should send their completed applications - CV, covering letter, sample(s) of your work, letter of recommendation - to Nick March, Assistant Editor in Chief at The National and UAE programme administrator for the Rosalynn Carter Fellowships for Mental Health Journalism, by 5pm on April 30, 2020.
Please send applications to nmarch@thenational.ae and please mark the subject line as “Rosalynn Carter Fellowship for Mental Health Journalism (UAE programme application)”.
The local advisory board will consider all applications and will interview a short list of candidates in Abu Dhabi in June 2020. Successful candidates will be informed before July 30, 2020.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Last five meetings
2013: South Korea 0-2 Brazil
2002: South Korea 2-3 Brazil
1999: South Korea 1-0 Brazil
1997: South Korea 1-2 Brazil
1995: South Korea 0-1 Brazil
Note: All friendlies
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
