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Abu Dhabi, UAESunday 16 December 2018

Planning for retirement requires dedication and consistency

Readers discuss retirement and fraud

The convicted men said they wanted to exchange $1 million for dirhams, only to make off with the dirhams when they were handed over. John Ryan Carter / The National
The convicted men said they wanted to exchange $1 million for dirhams, only to make off with the dirhams when they were handed over. John Ryan Carter / The National

I write with regard to your page 1 story, Easy life just two years away promises retired 37-year old (October 10). While the full article in the business section provides an accurate description of a talk I gave, the front-page article is inaccurate and misleading. It is totally wrong to claim that I have an “easy life” and that I "promise anyone financial independence" in just two years. While I do understand this is a catchy headline through which to promote the article, this may have misled many readers.

First, what has been erroneously called an “easy life” is made up of many projects, entrepreneurial challenges and many hours of hard work and stress. I do have the freedom of handling all this as I please and I am conscious this is a real luxury. Second, I did not under any circumstance promise anyone that they can retire in only two years. What was explained during my presentation is that by applying the tips and tricks alluded to, one can drastically increase one's savings and reach retirement faster. But let’s be realistic, for some, it will still take decades. Planning for retirement is not difficult, but it requires dedication and consistency.

If there was only one thing I would like people to remember from this article, it is that there are many ways to improve one’s financial situation. The UAE Bogleheads chapter has helped me understand this and I wish all readers could join their info sessions and start their journey to financial independence as soon as possible.

John van Zuylen, Dubai

Beyond the money, fraud is a headache to resolve

In reference to your article, Our battle to recover from financial fraud (October 2), I had blatant fraudulent transactions performed on my card last year and I'm still fighting to get them back. The constant chasing didn't pay off. It came to a head last week when I was told that they had no record of any dispute and that the reference number didn't work. After some harsh words in the branch, I was promised reimbursement.

Lisa Justice, Dubai

I was a victim of fraud by a hotel front-desk employee in India who skimmed my visa card and charged/debited Dh8,440 after I checked out. I received two SMS messages of the charges while getting on the plane and had to wait 10 hours before calling the UAE bank. They noted the incident, had me fill out forms, receipts, details of the fraud and said it could take up to six months to process. After 15 days, the money was credited back to my account, but the bank didn't provide me with any details about the fraud.

Name withheld by request

A lot of the time, fraudsters work in banks or at the same place clients will have used their cards. Employees in data handling departments have full access to your details, which is why mobile phone scams are so easy. There is no watchdog making sure your information is safe. Be extra cautious.

Falah Khalid, Saudi Arabia