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HARI: Characteristics of a new defined lifestyle (DL) retirement planning product

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  • Rama Malladi

    (California State University Dominguez Hills)

Abstract

Approximately 16% of the world's population lives in countries with some concept of a financial retirement plan. Of the remaining population, many do not have access to a Western-style retirement system, and the concept of Dharma subliminally influences them. Dharma, an Eastern philosophical system, recommends Sanyasa (renunciation), instead of comfortable retirement life, as a life goal. This paper proposes a new defined lifestyle retirement planning instrument, referred to as Holistic Annual Retirement Investment (HARI), a standardized, tradable, futures contract that can alter the way individuals think of and plan for their retirement according to their belief system. HARI is a hypothetical product based on the Eastern value system and needs improvement ideas from other researchers. So, the reader is urged to be imaginative and forgiving.

Suggested Citation

  • Rama Malladi, 2022. "HARI: Characteristics of a new defined lifestyle (DL) retirement planning product," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(2), pages 147-163, June.
    • Handle: RePEc:pal:jofsma:v:27:y:2022:i:2:d:10.1057_s41264-021-00108-x
    DOI: 10.1057/s41264-021-00108-x
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    More about this item

    Keywords

    Defined lifestyle; Dharmic finance; Socially responsible investing; SRI; Retirement planning; Financial planning;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • P36 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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