10 Elements of Retirement Success
In retirement, there isn’t really a standard for success. Retirement is just life. But what if you could measure your retirement life in the areas that matter most? Would it be worthwhile to provide structure to your annual and long-term life goals in retirement? At Corient, we have identified 10 elements of retirement success:
Retirement can be a tapestry of these elements, where each can positively or negatively impact the others. For example, poor health might be a cause of early retirement, and the stress of work might lead to health issues. However, when elements like health and work are in balance, we believe they can enhance life in retirement.
The two sides of money
Each element of retirement can be impacted by two sides of money: the technical and the personal. The technical is the math and strategy of money—what you have, what it costs and how we utilize it. The personal side is your emotions—how money relates to your sense of meaning, purpose and satisfaction.
For example, there are technical benefits to charitable giving, such as tax deductions and estate planning. On the personal side, there is also how it makes you feel when you help others. We believe that the happiest retirement is one that balances the technical with the personal.
Let’s get started
Here are three steps you can take right now:
- Identify the three elements that you would like to focus on this year
- Answer the following questions for each element:
- What would success look like at the end of the year?
- What hurdles could prevent you from succeeding?
- How can your wealth be used to enhance this element?
- Let us know how we can help
ABOUT THE AUTHOR
Charlie Jordan, CPA, CFP, CeFT
Charlie is a Partner, Wealth Advisor in our Atlanta office. Previously, he led the Retiring Well Practice Management group at legacy firm Brightworth. Charlie focuses on helping clients think differently about retirement, integrating the technical and personal sides of money. Charlie is a CPA, CFP® practitioner and Certified Financial Transitionist (CeFT). He is a graduate of the University of Florida and received a Master in Accountancy from Kennesaw State University.
CONTENT DISCLOSURE
This information is for educational purposes and is not intended to provide, and should not be relied upon for, accounting, legal, tax, insurance, or investment advice. This does not constitute an offer to provide any services, nor a solicitation to purchase securities. The contents are not intended to be advice tailored to any particular person or situation. We believe the information provided is accurate and reliable, but do not warrant it as to completeness or accuracy. This information may include opinions or forecasts, including investment strategies and economic and market conditions; however, there is no guarantee that such opinions or forecasts will prove to be correct, and they also may change without notice. We encourage you to speak with a qualified professional regarding your scenario and the then-current applicable laws and rules.
Advisory services are offered through Corient Private Wealth LLC and its affiliates, each being a registered investment adviser (“RIA”) regulated by the U.S. Securities and Exchange Commission (“SEC”). The advisory services are only offered in jurisdictions where the RIA is appropriately registered. The use of the term “registered” does not imply any particular level of skill or training and does not imply any approval by the SEC. For a complete discussion of the scope of advisory services offered, fees, and other disclosures, please review the RIA’s Disclosure Brochure (Form ADV Part 2A) and Form CRS, available upon request from the RIA and online at https://adviserinfo.sec.gov/. We also encourage you to review the RIA’s Privacy Policy and Code of Ethics, which are available upon request.
Our clients must, in writing, advise us of personal, financial, or investment objective changes and any restrictions desired on our services so that we may re-evaluate any previous recommendations and adjust our advisory services as needed. For current clients, please advise us immediately if you are not receiving monthly account statements from your custodian. We encourage you to compare your custodial statements to any information we provide to you.