“What am I going to do after I retire?” “How can I stay relevant?” “Do I have all of my bases covered to help assure financial independence after I stop working?”
Certainly questions such as these are often posed by both men and women as they ponder their future after retiring from a career. Considering 75 million baby boomers will be reaching retirement age over the coming years, there will be no shortage of inquisitors in the foreseeable future.
A novel solution has been the “Life Transition Group,” an informal collection of aged 60 something men and women who have been meeting quarterly over the past four years in the West Los Angeles area. Their agenda follows what founders Ron Dresher and Brian Harris convey in their group’s mission acronym, “C.H.A.I.R.S,” which stands for charity, health, achievement, independence (financial), relationships and spirituality.
Virtually all mental health professionals agree that achieving balance in life is a key to happiness. The group, known as LTG, strives to accomplish just that, by inviting guest speakers who are professionals in fields related to their acronym. Group meetings consist of one to two dozen members, varying based on each ones availability.
One meeting featured a speaker talking about his experiences in assisting a non-profit which helps troubled youth find their way. Not only was the cause compelling, but more important to the group was what the speaker was able to derive personal satisfaction from having risen “to a cause beyond himself.”
On a separate occasion, a physical therapist/trainer/nutritionist talked about aging and how we can have tremendous positive impact on our health not just by general exercise and proper eating, but also by personal care with a purpose.” The idea is to embrace a lifestyle that supports all aspects of body wellbeing and preventative maintenance.
Still another was a psychologist-psychoanalyst, who presented a framework for enhancing the quality of marital and other relationships. A key suggestion was a five step process to help assure we are “in the moment” to fully experience many of the emotional gratifications that are right in front of us every day.
None of this, of course, would reach the full benefit if we are without a plan for our financial future. So as the financial advisor who has addressed the group on several occasions, I stressed the importance of having a comprehensive investment plan. “It is pretty challenging to reach higher levels on the happiness scale if you are worried about money,” I have stated in citing Abraham Maslow’s hierarchy of needs pyramid. So I provide timely reports on portfolio planning and the importance of obtaining “Your Number” for achieving financial independence.
What is perhaps equally valuable, the group as a hard and fast rule always leaves time for discussion after the speaker has completed his or her presentation. “Tell me one key thing you got from today’s presentation that could make a positive change in your life.” Group leader Dresher will pose. As members go around the room and within a minute’s time answer the question, an atmosphere of trust and bonding is built that can be challenging to find elsewhere in the members’ busy lives. So, four years later, the assembly has built an atmosphere of support, comradery and candor that rivals any found elsewhere.
In fact, at one recent meeting on finding purpose in life, one participant during the closing recap quipped “One thing I discovered is the importance of not judging each other, as I felt was done during our break off discussion earlier in the meeting.” So in the spirit of candor and mutual support, the group was able to work things out to a positive resolution. “I believe we have a well thought out model here that could be valuable to many, many people,” adds Dresher as he reflects back on his group’s journey. “This just started as a few guys getting together to share their concerns over one of life’s most challenging transitions, that of retirement.” Certainly there is plenty of research to back that observation. Study after study shows that our life spans can actually be extended not just by maintaining our physical health, but also by having a sense of challenge, relationships, community and connection. In fact, one study by Allianz insurance company (2002) found that a person’s average life span can be increased by nine years if they maintain close friendships and family relationships.
Whether the Life Transition Group is a fountain of youth or not remains to be seen. But as every participant will attest, being part of such a dynamic, mutually supportive group has certainly made the journey that much more enjoyable.
Note: Ron Dresher, Brian Harris and the Life Transitions Group are not affiliated with Wells Fargo Advisors Financial Network.
Uncertainty over the economy and financial markets has many people concerned about their financial futures. For friends, relatives and colleagues who may find this information helpful, please feel free to share with them. Remember, for those who could benefit we offer a complimentary, no obligation “Second Opinion” that can offer an objective financial review. Keep us in mind for those who may be seeking a wealth advisory practice like ours—one that delivers services according to the needs and perspectives of its clients.
This information is not considered a recommendation to buy or sell any investment or insurance and is being provided for information purposes only and is not a complete description, nor is it a recommendation. We strongly recommend an advanced tax and estate planning expert be contacted for further information since Wells Fargo Advisors Financial Network LLC (WFAFN) does not provide tax or legal advice. Any opinions are those of Mitchell Kauffman and not necessarily those of WFAFN. The information has been obtained from sources considered to be reliable, but Wells Fargo Advisors Financial Network does not guarantee that the foregoing material is accurate or complete. Prior to making a financial decision, please consult with your financial advisor about your individual situation. Investment products and services are offered through Wells Fargo Advisors Financial Network LLC (WFAFN)/Member SIPC. Kauffman Wealth Management is a separate entity from WFAFN.
Kauffman Wealth Management is a separate entity and is not directly affiliated with the Life Transition Group. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer for any services. Kauffman Wealth Management nor Wells Fargo Advisors does not endorse the Life Transition Group and therefore gives no assurances as to the quality of their services
Mitchell Kauffman provides wealth management services to corporate executives, business owners, professionals, independent women, and the affluent. He is one of only five financial advisors from across the U.S. named to Research magazine’s prestigious Advisor Hall of Fame in 2010, and among a select list of 100 over the past 20 years.
Inductees into the Advisor Hall of Fame have passed a rigorous screening, served a minimum of 15 years in the industry, acquired substantial assets under management, demonstrate superior client service, and have earned recognition from their peers and the broader community.
KWM Wealth Advisory is a separate entity and is not directly affiliated with the Life Transition Group. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer for any services. KWM Wealth Advisory nor Wells Fargo Advisors does not endorse the Life Transition Group and therefore gives no assurances as to the quality of their services.
For more information, visit www.kwmwealthadvisory.com or call (866) 467-8981. Investment products and services are offered through Wells Fargo Advisors Financial Network LLC (WFAFN), Member SIPC. KWM Wealth Advisory is a separate entity from WFAFN.
