Retirement Strategy: Lifestyle Over Wealth
The key to managing longevity risk lies in recognizing the impact of lifestyle and mindset on a client's retirement outlook, according to a panel of financial advisers.
It's all relative
Emerald Private Wealth director Rachna Chandna emphasized that understanding a client's existing lifestyle is crucial. She noted that
even though they have a lot, it's all relative because their spending patterns are equivalent to their capital.
- Chandna's approach involves a bucket strategy, protecting the immediate term with cash and fixed-term annuities or bonds before considering long-term plans.
Author's summary: Lifestyle drives retirement strategy more than wealth.
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