Retirement Strategy: Lifestyle Over Wealth
The key to managing longevity risk lies in understanding that every client's retirement outlook is influenced by their lifestyle and mindset, according to a panel of financial advisers.
It's all relative
Emerald Private Wealth director Rachna Chandna emphasizes that recognizing the client's existing lifestyle is crucial. Chandna notes, "Even though they have a lot, it's all relative because their spending patterns are equivalent to their capital."
- Understanding the client's lifestyle and mindset is vital
- The "bucket approach" strategy is used to manage longevity risk
- Protecting the immediate term with cash, fixed-term annuities, or bonds is a key step
Author's summary: Lifestyle drives retirement strategy, not just wealth.
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