Latest news with #TheWealthJourney
Daily Maverick
20-05-2025
- Business
- Daily Maverick
The Wealth Journey podcast: Rethinking retirement as a new chapter of life
Cape Town - As South Africa's (SA) population ages and life expectancy increases, retirement is becoming a phased, multi-decade journey that demands thoughtful planning, emotional preparedness, and strategic financial insight, according to specialist wealth manager Citadel. In the third episode of the Citadel podcast titled, The Wealth Journey, Citadel Director and Regional Head for Cape Town, John Kennedy, shares expert guidance on how retirees can live meaningfully in the 'last third' of life – by having the freedom to choose how they want to live, independently, while creating a legacy that truly reflects their values. Your Children Need Your Independence According to recent research, 43% of SA adults financially support their parents while raising their own families, creating multi-generational financial strain. Kennedy notes that this highlights the importance of retirees needing to be financially independent, not just for their own peace of mind, but for the well-being of their families. 'Your children need your independence more than they need your money or an inheritance. They want to enjoy their time with you.' The dual responsibility of the 'sandwich generation', which places significant financial and emotional strain on families, often leads to delayed retirement savings, increased debt, and heightened stress levels, says Kennedy. 'This is where comprehensive financial planning can be very helpful to navigate these challenges and ensure long-term financial stability for all generations involved.' Rethinking Retirement: From a Destination to a New Beginning 'Retirement today is not an endpoint – it's a new chapter,' says Kennedy. 'It can be the most liberating and rewarding time of your life, but only if it's approached with intention.' Kennedy says the retirement journey can be viewed in three phases: an active phase, where retirees pursue travel, hobbies or family time; a passive phase, where mobility may decline; and a supported phase, where health or care needs increase. These phases each come with their own distinct financial implications, making a comprehensive, adaptable plan essential. Planning for these stages is not just about having enough savings, but about aligning one's financial resources with a particular life vision. 'You've worked for 30 to 40 years, and spent 60,000 to 80,000 hours crafting your financial life, so retirement is your chance to design how you want to live next. That takes clarity and structure,' says Kennedy. Balancing Spending and Legacy: A Structured Approach to Fulfilment In a society where saving is sometimes prioritised above all else, many retirees are surprised to be encouraged to spend more. 'It's counterintuitive, but in many cases, our role as advisors is to say: you've done enough, it's time to enjoy your money responsibly,' Kennedy explains. Through detailed cash flow planning, retirees can safely spend during each retirement phase while preserving their long-term financial security. This planning goes hand-in-hand with legacy conversations, with partners, children and advisors, which are financial as well as personal and emotional in nature. 'Legacy doesn't only begin when life ends,' notes Kennedy, who advises that philanthropy should be viewed as an important aspect of legacy planning. From family support to charitable causes, he encourages structured giving (of time and money) that aligns with personal values, using a holistic approach to ensure long-term impact. 'We encourage individuals to think about legacy while they're still active – through volunteering, mentoring, or structured giving. This is where professional guidance on how to set up a family office or philanthropic activities can enable a new era of responsible giving by the family. Ultimately, it is about living a life of purpose and making a difference, not just leaving money behind.' It's About Relationships, Not Just Returns A prominent theme in the podcast episode is the 'human element of retirement'. Kennedy emphasises that wealth management in retirement is as much about relationships and trust as it is about financial returns. 'In retirement, the questions become more nuanced. It's not just about earning – it's about sustaining, adapting, and making sure that your decisions support both your life and your loved ones,' he says. 'You need an advisor not just to crunch numbers, but to be a real sounding board – someone with insight and empathy who can challenge your thinking and walk the journey with you, whatever may happen in your life.' Expect the Unexpected – and Start Now Kennedy concludes with this insight: 'You have to live by design, not by default. Expect the unexpected, and put a plan in place that allows you to adapt when life throws curveballs. It is never too late, or too early, to create a retirement that is as fulfilling as it is secure.' DM ABOUT CITADEL INVESTMENT SERVICES Citadel is a specialist wealth management company with 32 years' experience in providing holistic wealth management solutions. Citadel's expert advisors forge and maintain authentic relationships with clients based on trust; enabling them to understand each individual's unique goals and develop the best financial roadmap tailored to them. Citadel enables its clients to explore the true potential of their hard-earned wealth by presenting them with tangible advice and solutions. It's a client-centric and advice-led business, with an award-winning in-house asset management team. Citadel offers a variety of services including investment advice, asset management, philanthropy, local and offshore fiduciary services, forex strategy, and family office solutions. For more information about Citadel and its services visit or follow @Citadel SA. DISCLAIMER Citadel Investment Services Proprietary Limited is licensed as a financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002. Kindly note that this article does not constitute financial advice. All information and opinions provided are of a general nature and are not intended to address the circumstances of any individual.
Daily Maverick
14-05-2025
- Business
- Daily Maverick
Holistic Wealth Management: Balancing Family Support, Growth, And Legacy Planning
Cape Town – South Africans in their mid-30s to 50s are navigating some of the most financially demanding years of their lives, caught between raising children, supporting ageing parents, and preparing for retirement. This generation, often referred to as the 'sandwich generation', requires nuanced financial planning and disciplined decision-making, according to leading wealth manager Citadel. 'By midlife, many individuals have achieved professional success and are earning more than ever before, yet their financial responsibilities often outgrow their salaries,' says Jodi Suchard, Advisory Partner at Citadel. 'Managing debt, saving for the future, supporting dependents, living well, and planning your legacy requires a holistic and well-considered wealth strategy.' In the second episode of The Wealth Journey podcast, Suchard and Seugnet Moggee, Fiduciary Partner at Citadel, unpack the unique wealth challenges faced by midlife professionals and offer practical guidance on how to protect their family's financial well-being. Avoid Lifestyle Inflation – Prioritise Financial Resilience 'As your income increases, it's tempting to upgrade your lifestyle,' says Suchard. 'But we urge individuals to stay grounded. Pay off debt quickly, maintain consistent savings, and live within your means. Our goal is for clients to reach a point at which they work because they want to, not because they have to.' Suchard emphasises that it is never too late to start. 'Even if you've missed the early years of saving, it's still possible to chart a successful financial path,' she says. 'A professional advisor can help develop a lifetime cash flow plan that aligns your current income with your future goals, ensuring financial independence remains achievable.' Estate Planning and Fiduciary Oversight Must Not Be Delayed A critical step for anyone with children is to have a valid, up to date will in place. 'The absence of a will can causes major legal and emotional difficulties for your loved ones, especially where guardianship is concerned. It is important to name guardians for minor children in case of unexpected events,' cautions Moggee. 'Drafting a will is not simply a legal requirement, it's a cornerstone of responsible legacy planning.' Suchard adds: 'Wills need to be reviewed regularly, especially after major life changes like divorce, the birth of a child, or a move abroad. It's also never too early to prepare a will.' Plan for Multigenerational Financial Demands The financial burden of caring for both parents and children can be overwhelming without careful planning. 'Cashflow is key,' says Suchard. 'Include future family events like weddings, medical care for ageing parents, and educational expenses in your plan, so that such events do not become financial emergencies.' Moggee notes that fostering financial independence in children is just as important. 'Inheriting money is a privilege, not a right.' Suchard agrees,' Parents need to educate their children early on the value of budgeting, saving, and investment. Involving children in financial discussions, even in small ways, can help reduce entitlement and foster accountability.' Trusts and Estate Structures Must Suit the Individual While trusts remain a relevant tool for 'protecting assets, managing inheritance and safeguarding against financial misuse', both experts caution against using them for the wrong reasons. 'Trusts are not tax dodges, they are strategic tools for families with specific needs, such as minor children, beneficiaries with special needs, or multi-jurisdictional estates,' explains Moggee. 'We also need to caution that trusts come with complexity, costs, and compliance obligations.' Divorce, Remarriage and Inheritance Require Proactive Legal and Financial Planning Post-divorce financial readjustments are necessary to avoid unintended consequences. Wills need to be updated post-divorce, especially as ex-spouses may still inherit unless a will is updated within three months of the divorce. 'Individuals often forget to update their wills or fail to understand the implications of marital contracts,' says Suchard. 'In cases of blended families or second marriages, proper fiduciary structuring is vital to protect children from previous relationships and ensure that inheritance is distributed fairly and according to your wishes.' Conclusion: A Holistic Plan for a Complex Phase of Life 'By midlife, the stakes are higher, and mistakes are more costly,' says Moggee. 'A trusted advisor who understands the full financial and personal picture can coordinate across fiduciary, advisory, and investment planning.' Suchard agrees: 'Every family's story is different, and so their financial roadmap must be unique to them. We start by listening – because wealth isn't just about money, it's about the freedom to choose the remarkable life you want to lead and legacy you want to leave behind.' DM Seugnet Moggee, Fiduciary Partner Jodi Suchard, Advisory Partner and Seugnet Moggee, Fiduciary Partner ABOUT CITADEL INVESTMENT SERVICES Citadel is a specialist wealth management company with 32 years' experience in providing holistic wealth management solutions. Citadel's expert advisors forge and maintain authentic relationships with clients based on trust; enabling them to understand each individual's unique goals and develop the best financial roadmap tailored to them. Citadel enables its clients to explore the true potential of their hard-earned wealth by presenting them with tangible advice and solutions. It's a client-centric and advice-led business, with an award-winning in-house asset management team. Citadel offers a variety of services including investment advice, asset management, philanthropy, local and offshore fiduciary services, forex strategy, and family office solutions. For more information about Citadel and its services visit or follow @Citadel SA. DISCLAIMER Citadel Investment Services Proprietary Limited is licensed as a financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002. Kindly note that this article does not constitute financial advice. All information and opinions provided are of a general nature and are not intended to address the circumstances of any individual.
