Redefining Retirement: Why True Wealth Is More Than Just Money
When most people think about retirement, they fixate on numbers: portfolio balances, net worth, or whether their Monte Carlo simulation says they’re “safe.” But after years of working with clients, I’ve learned that retirement is about far more than financial scorecards. True wealth is holistic it’s about money, yes, but also time, relationships, health, and peace of mind.
Moving Beyond the Numbers
I once worked with a client who was financially set. Bonuses, stock options, deferred comp he had it all. Yet he couldn’t retire. Why? Because the drive to optimize his finances blinded him to what he was sacrificing: health, family dinners, and the chance to enjoy life beyond work. It was a wake-up call. Retirement isn’t just math. It’s about trade-offs and values.
The Five Types of Wealth
I often point clients to Sahil Bloom’s framework on wealth: financial, time, social, mental, and physical. Financial wealth is foundational it gives you choices. But it isn’t the most important. Ask anyone who’s lost their health or feels lonely in old age. Relationships and vitality matter just as much, if not more. Balancing all five areas leads to a fulfilling retirement.
The Hidden Trade-Offs
We’ve all skipped family dinners to chase another deal or answered work emails when we should’ve been on a walk with a spouse. In the moment, the trade-off seems harmless. But years later, the cost is real. I’ve learned to set boundaries hard stops at 5 PM, phone locked away during family time because success without presence isn’t really success at all.
Why Many Struggle to Retire
I’ve seen clients with more than enough money hesitate to retire because of deeper fears: loss of purpose, identity, or simply the habit of always optimizing. Money becomes the excuse to keep working. The truth is, retirement requires a shift in mindset. Journaling, meditation, or even quiet reflection can help uncover what truly matters beyond financial metrics.
Putting It Into Practice
So how do you balance financial and non-financial wealth? I encourage clients to schedule family vacations even modest ones because memories matter more than spreadsheets. Score yourself across the five types of wealth to see where you’re lacking. Most importantly, align your financial plan with your life plan. A good retirement plan doesn’t just preserve your money. It supports a life well-lived.
My Takeaway
If there’s one lesson I want people to walk away with, it’s this: wealth isn’t about dying with the biggest account balance. It’s about living a life your future self and your loved ones will thank you for.
You should always consult a financial, tax, or legal professional familiar about your unique circumstances before making any financial decisions. This material is intended for educational purposes only. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns.
Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost.
