Problem: Symbolic Immortality
Later that day you meet with another client. He is 70 years old, and you are discussing his retirement decumulation (spending down) plans. 75% of his portfolio is in a separate account of funds he has inherited from his mother. He explains of the separate account, "Oh, that's not my money, that's family money. It's from my mother. I can't spend any of that." You ask if he has heirs of his who are in need of the funds, but he says that all are financially independent and have adequate savings of their own for their retirements as well.
Describe 5 methods to encourage the client to actually use, consume, or enjoy some of the funds in this inherited account. For each method include:
a) Title [Just a label]
b) Description [What, precisely, would you say or do?]
c) Justification [Why do you think this would work? What have you learned this semester that would support the idea that this strategy would work?]