Retirement Planning CI Brightworth Private Wealth

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 CI Private Wealth, we have identified the 10 elements of retirement (in no particular order):

  1. Work
  2. Health
  3. Family
  4. Home
  5. Growth
  6. Leisure
  7. Social
  8. Giving
  9. Money
  10. Aging

Consider that it’s not realistic to compartmentalize life into perfectly defined elements. Life is more of a tapestry or a cocktail of these put together where each element can positively or negatively impact the others. For example, with health and work, health is a major cause of early retirement and of being unproductive at work, but the stress of work can also lead to health issues. When in balance, however, they can enhance life in retirement as well as other elements.

The two sides of money

It's also important to remember that every single element is also impacted by the two sides of money: the technical and the personal. The technical is the math and strategy of money—what you have, what it costs, how we utilize it and more, while the personal is your emotions, your philosophy, and your personal biases.

  • For example, there are technical benefits to giving: tax deductions, estate planning, and more. And on the personal side there is how you feel when you help others, your personal connection to a charity, the family legacy, etc.

We analyze through the technical, but our decisions are processed through the personal. Coming back to the elements, an issue with balance can cause both technical (dollars and cents) and personal (identity, motivation, happiness) issues during your retirement life.

Get started

Here are three steps you can take right now:

  1. Identify the 3 elements that you would like to focus on this year
  2. Answer the following three questions for each element: 
    • What would success look like at the end of the year?
    • What hurdles will keep you from success?
    • How can your wealth be used to help/enhance this element?
  3. Let us know how we can help!

ABOUT THE AUTHOR

Brightworth is a nationally recognized, fee-only wealth management firm with offices in Atlanta, GA, and Charlotte, NC. The wealth advisors at Brightworth have deep expertise across the financial disciplines, allowing us to provide ongoing, comprehensive financial advice to families across the country.




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.

Different types of investments involve degrees of risk. Future performance of any investment or wealth management strategy, including those recommended by us, may not be profitable, suitable, or prove successful. Past performance is not indicative of future results. One cannot invest directly in an index or benchmark, and those do not reflect the deduction of various fees which would diminish results. Any index or benchmark performance figures are for comparison purposes only, and client account holdings will not directly correspond to any such data.

Advisory services are offered through CI Private Wealth and its affiliates, each being a registered investment adviser (“RIA”) regulated by the US 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 to 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.