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.
This story is from the August 05, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 05, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Heather's Boy prepares for Cape
FORM: UNBEATEN DE KOCK RUNNER TO CONFIRM HIS REPUTATION AHEAD OF CAPE GUINEAS
Courage wins the day for Atticus
IMPRESSIVE: LAIRD-TRAINED GELDING FIGHTS ON GAMELY TO CLAIM R6M BETWAY SUMMER CUP
PIRATES COME UNSTUCK
PREMIERSHIP: STELLENBOSCH PUT ABRUPT END TO BUCS' PERFECT START
Cut Bavuma some slack
Temba Bavuma has often been praised by coaches and teammates for his leadership abilities, but as a specialist batter the Proteas skipper must have been frustrated by his lengthy struggle to convert fifties into centuries.
Proteas keep growing as a unit
South Africa's batters are feeding well off each other as they start to find consistency at the highest level, according to Proteas coach Shukri Conrad, after they shone again in the dominant victory over Sri Lanka in the first Test in Durban which concluded on Saturday.
Wallabies far from finished product
Australia coach Joe Schmidt says his side are \"maybe\" not at the level yet to win the three Test series with the British & Irish Lions next year but they are ready to make it a \"contest\".
Proteas keep their heads up
With England having secured a 3-0 clean sweep in the T20 International series that concluded at the weekend, Proteas all-rounder Nondumiso Shangase says the national women's team are keeping their heads up as they prepare for a three-match ODI series against the tourists.
Bulls flex their muscles abroad
URC: DOWN CONNACHT AS SHARKS SINK THE STORMERS
Kane ruled out 'for the time being'
Bayern Munich striker Harry Kane (right) has been ruled out \"for the time being\", with a hamstring tear, the club announced yesterday.
'Crazy' win thrills Arteta
London - Mikel Arteta (above) said Arsenal's \"crazy\" 5-2 win at West Ham has catapulted his team back into the Premier League title race.
