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00:00If you are approaching retirement, there are five things you need to consider when deciding how best to organize your finances once you stop earning.
00:08Factor number one is the need for guarantees. Some people want to know what income is coming in and when, but others are happy with some uncertainty about that.
00:17Number two is your ability and willingness to manage a portfolio of investments. Your pensions and your savings and your investments will need managing for best results.
00:25Next is your tolerance for and understanding of investment risk. Are you a cautious investor or do you understand the risk of investments and have weathered storms in the past and held your nerve?
00:36Number four is your desire to leave a legacy, to have some money left that you can give to your family or to your favorite causes, either in later life or when you die.
00:44And finally, factor five is your expectation of longevity. None of us know when we're going to die, of course, but most of us have some expectation based on our family and our own health.
00:54All these factors influence your choices around retirement income, how you invest and what you spend.
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