Strategic financial management is extremely important, says expert.
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.
John Kennedy, director and regional head for the Western Cape at Citadel, says strategic financial management in retirement is extremely important, especially considering that this phase can be divided into three distinct periods, each requiring different financial approaches.
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%.
The same poll on X revealed similar results with 66.5% of participants prioritising a sustainable income stream, while 11% prioritised preserving wealth, 16.8% leaving a legacy and 5.8% selecting philanthropic endeavours.
Kennedy says retirement can be segmented into three phases: the active phase, the passive phase and the supported phase, each with its own unique financial needs and challenges.
هذه القصة مأخوذة من طبعة August 05, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة August 05, 2024 من The Citizen.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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