Some ideas taken from this book: Retirement Income Redesigned by Harold Evensky and Deena B. Katz
Combing Maslow's Hierarchy of Needs & Retirement Income for Life
How much is Enough in Retirement Life?
By breaking down our retirement income needs into Maslow Meets Retirement Money of Needs, this may help to estimate how much is really enough.
The Money Levels for Retirement Life:
- Survival Money. How much do you spend simply to survive?
- Safety Money. You will want to protect your life.
This could mean health care costs, health insurance, and/or proper
portfolio planning so you don’t outlive your money.
- Freedom Money. Money needed to do the things that bring joy and fulfilment to your life. Could be travel, education, or fine wine.
- Gift Money. Money for people and causes that deserve your help. This is the replacement for “love”.
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