Does your retirement planning include the three phases of retirement as well as the risks involved when you are older?
Does your retirement planning include the three phases of retirement, as well as the risks involved when you are older?As you approach retirement, the third phase of your life after childhood and your working years, planning for financial security becomes crucial, especially to protect the wealth you built and maintain your lifestyle for the rest of your life.
A poll published on Citadel’s LinkedIn page reveals that 68% of the participants saw sustainable income streams as a priority, ahead of preserving wealth at 19%, leaving a legacy at 10% and philanthropic endeavours at 3%. As you age, shifting a portion of your investments to shorter duration and more conservative asset classes should help to protect your assets from market volatility. However, Kennedy warns, do not be too risk averse with your investment strategy, otherwise your money may not keep growing at the rate required to sustain your needs.
When planning for your long-term financial stability, there is real value in consulting with professional financial advisors, who can personalise strategies based on your unique circumstances, accurately calculate the quantum you need to live the life you want and ensure your retirement plan is robust, risk-managed and adaptable.
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