Earlier this year, Blackrock chief executive Larry Fink gave over much of his annual shareholder letter to one topic: retirement. His missive lacked the charm of Warren Buffett and was to a large degree self-serving, yet the realities he spelt out are indisputable.

Today’s retiree investor has had an unusually positive backdrop. For many years, inflation has been benign and spending power has not been difficult to maintain. A major expansion in capital markets and flows across regions has opened up a plethora of options. Further, home ownership has been for many a reasonably achievable outcome.