Drawing down from capital: the ‘managed outcomes’ the investment industry should, but cannot, deliver
Retirees want to know how much they can draw from their capital to meet their lifetime spending, confident they will not spend too little or run out of money. Trustees need to know how much investment income to target so as to balance equitably the needs of income and capital beneficiaries. Divorcees want to know how much spending a clean break settlement will safely sustain. Philanthropic families want to know how much they can safely give away without risk to their own lifetime well-being, which means their own needs have to be planned first.
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