Financial legacy means more than just money

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By Chris Farrell

“Generational wealth, that’s the key,” said hip-hop artists and entrepreneur Jay-Z in his song Legacy on his new album 4:44. He’s right.

Legacy is a critical concept to smart retirement planning. Wade Pfau, a leading retirement researcher and professor at the American College, a higher education institution for financial planners, calls “legacy” one of four pillars of retirement planning. The other pillars are longevity, lifestyle and liquidity.

I think the concept of legacy is becoming increasingly important to more people because we’re enjoying longer, healthier lives, on average. The prospect of longer lives offers an unprecedented opportunity for older Americans to rethink and re-imagine what they want to accomplish later in life and what kind of legacy they want to leave behind.

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