Enjoy a luxurious and carefree existence (4,3,4,2,5)

I believe the answer is:

live the life of riley

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'enjoy a luxurious and carefree' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.

'existence' is the wordplay.
I cannot quite see how this works, but
'existence' could be 'lifeofriley' (I have seen 'Easy existence' mean 'life of riley' so perhaps 'existence' could also mean 'life of riley') and 'lifeofriley' is present in the answer.
This explanation may well be incorrect...

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I've seen this clue in The Times.

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