Schedule a talk with one of our advisors to learn more about Summitry and how we can help you get a foothold on your financial life.
Oct 5, 2023
Our definition of a “successful retirement” is one that provides happiness and satisfaction. Our chances of producing a successful retirement increase when we reflect upon and invest in the elements of life that make us happy. While financial security is a critical component, the most significant and often overlooked elements are relationships, health, and meaningful purpose.
As a wealth management firm with decades of experience assisting Bay Area residents navigate their journey toward and through retirement, our commitment is to help our clients achieve their financial goals. Equally important, we are dedicated to supporting our clients in manifesting a successful and fulfilling life.
Here we discuss four key tenets of a successful retirement.
An 85-year-old Harvard Study on happiness, also known as the Grant & Gluek Study, is one of the longest-running studies on adult development and well-being. It began in 1938 and followed the lives of 268 male Harvard students, later expanding to include their offspring and a control group of disadvantaged youth. The primary aim of the study was to identify factors that lead to healthy and happy lives over the long term.
As participants of the Harvard study reached later stages of life, they were frequently asked about retirement. According to their responses, the most significant challenge encountered during retirement was the inability to replace the social bonds that had been nurtured and sustained in the workplace for many years.
Maintaining social connections helps combat feelings of isolation and loneliness that may arise during retirement. Engaging in social activities, spending time with loved ones, and cultivating new friendships can bring joy and a sense of belonging in this phase of life.
Physical and mental health are crucial aspects of a happy retirement. Staying active through regular exercise, maintaining a balanced diet, and getting proper healthcare can contribute to overall well-being. Hopefully, these are habits you’ve already formed long before retirement, so maintaining them or even accelerating them should be accomplishable with focus and commitment.
Finding meaningful purpose and fulfillment in retirement is essential for long-term happiness. This involves pursuing interests, hobbies, or volunteering opportunities that align with one’s passions and values. Engaging in activities that provide a sense of purpose can give retirees a reason to wake up excited every day and create a sense of accomplishment and fulfillment.
Financial security is the foundation of a happy retirement. It involves careful planning and saving during one’s working years to ensure a stable and comfortable financial situation after retiring. Having sufficient savings, investments, and an effective retirement plan in place can alleviate financial stress and provide the freedom to enjoy retirement without worrying about money.
At Summitry, we create personalized retirement plans tailored to your individual goals and financial situations. We help clients estimate their retirement needs, set achievable financial goals, and create strategies to ensure a comfortable retirement. Our services include personalized financial planning, retirement planning, estate and trust planning, California tax strategies, asset management, and customized investment strategies. One of the key stressors of retiring can be navigating the significant transition from contributing to your balance sheet through earned income to living off your balance sheet in retirement. You’ve worked hard to accumulate your wealth and with the help of Summitry’s , unique investment approach, you’ll feel the confidence to focus on the other essential aspects of retirement.
We help clients reflect on what makes them happy and what produces real satisfaction in their lives. Through regular engagement and thoughtful conversations, we discover our clients’ objectives (and often, help them create them), to develop an effective financial strategy to fulfill these objectives. If this is not already a conversation you’re having with your Advisor, we look forward to beginning it with you!
As advisors, we are present during many key life-changing moments such as marriage, welcoming new children, divorce, selling or buying a home, starting a business, and dealing with the loss of loved ones. These transition periods are often times when priorities, goals, and needs change. As partners to our clients, we take the time to understand these critical moments and model adjustments to their financial plans and investment strategies, ensuring their plan is consistent with their intentions. Further, we foster a community where our clients can invest in their personal and psychological well-being. Here are a few examples:
If you have a retirement story to share, email us at firstname.lastname@example.org. We’d love to hear how you’ve prepared, course-corrected, or manifested happiness.
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Schedule a talk with one of our advisors to learn more about Summitry and how we can help you chart a path for your financial future.
Chief Growth Officer