Seven out of 10 UAE residents want to retire in the country, predominantly people aged 50 to 65, according to a recent YouGov survey (pdf) commissioned by Zurich Middle East. The desire to retire in the UAE is especially prevalent among those earning more than AED 25k per month, the ins. firm said.

Enough funds in the vault? While three quarters of respondents feel they have enough in the bank, 65% also said they’d rely primarily on workplace savings or gratuity for their future financial security, the value of which many are overestimating, head of business development-employee benefits at Zurich International Life Limited Ashika Tailor told Khaleej Times.

Costs are rising fast… The annual cost of retirement in the UAE currently stands at AED 240k, according to Zurich; however, this figure is set to reach AED 477.5k by 2045, and by 2060 residents can expect to pay an eye-watering AED 7.2 mn for 15 years of basic retirement.

Despite this, 61% of respondents still think AED 5 mn or less is enough for a comfortable retirement in the UAE. However, this sum likely won’t be enough for a typical 20 to 30-year retirement period without any additional passive income, Tailor adds.

Big plans: Many residents are optimistic about their retirement plans, with 44% hoping to start a business and others eyeing travel or picking up a new skill. Despite these aspirations, 61% have yet to consult a financial advisor to plan their retirement and only 4% have invested in a dedicated retirement savings plan.

To avoid outliving their savings, residents should actively save, invest, and plan, Tailor told Khaleej Times. UAE residents have a strong affinity for tangible assets, according to the survey, with people investing in gold, real estate, and stocks. Younger individuals are more likely to take risks with non-traditional investments, while older respondents prefer traditional investments.

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