Rethinking Wealth in Retirement: Have You Planned for Five Types?

One of the things we’ve learned in our time supporting retirement planning is that the non-financial aspects can be equally as valuable as the financial ones. Of course, one of our most important roles is helping clients build a financial future to support their long-term goals.

Yet financial security alone does not necessarily lead to a fulfilling retirement. Some individuals retire very comfortably from a financial sense, but struggle with a loss of structure, purpose or connection. Others discover that while they spent decades preparing financially, they gave far less thought to how they would actually spend their time (and their money) once they got there.

The idea that wealth extends beyond finances is explored in the book, The Five Types of Wealth.¹ When a group of people between the ages of 80 and 90 was asked what advice they would give to their younger selves, what stood out most was not what they said, but what they didn’t say. Almost nobody mentioned money. Instead, their reflections centred on relationships, health, purpose, regret and peace of mind. This observation formed the foundation for the idea that wealth can be understood more broadly than financial net worth alone, encompassing four additional forms that together contribute to a meaningful life. Here are perspectives on each type in the context of retirement planning:

Time Wealth — Time is often overlooked as one of our most valuable assets. Drawing on the philosophy of memento mori (Latin for “remember you must die”), the book suggests that an awareness that life is finite can change the way we prioritize our days. Time wealth is the ability to control how time is spent, rather than letting it be dictated by external demands. While retirement offers the opportunity to reclaim control over schedules, it also forces an important question: what will we actually want to do with that freedom?

Social Wealth — Relationships and human connection are increasingly being recognized as essential contributors to physical health and longevity, particularly in an age of growing social isolation. The book suggests that digital interaction can create the illusion of connection, while often replacing deeper human interaction. It introduces the concept of “anti-networking,” which involves focusing less on collecting contacts and more on developing deeper relationships that evolve into genuine friendships. In many ways, retirement can either strengthen or weaken social wealth. Work often provides built-in routines, communities and social interaction. Without intentional effort, many of these connections fade over time.

Mental Wealth — One of the book’s recurring themes is that many people unconsciously tie their self-worth to achievement, productivity or professional identity. Retirement can therefore feel disorienting because people are no longer receiving the external validation that careers often provide. Mental wealth involves curiosity, growth and purpose. The book suggests that fulfillment later in life often comes from shifting away from achievement-based validation toward contribution, mentorship, creativity and personal growth. Many of the happiest retirees continue developing new skills, exploring interests, volunteering, teaching or remaining intellectually engaged.

Physical Wealth — Physical wealth underpins nearly every other form of wealth because without health, our ability to enjoy time, relationships, purpose and even financial security can become limited. In the book, physical wealth is framed less as fitness performance and more as energy, vitality and capability. During our working years, this is often viewed as something that can be postponed as careers and other responsibilities take priority. Yet many of the habits that shape physical well-being, such as sleep, exercise, nutrition or stress management, can compound gradually over decades.

Financial Wealth — Of course, financial wealth still matters. A well- constructed financial plan provides stability and flexibility. Yet, the book distinguishes financial security from the endless pursuit of more, and suggests that defining what “enough” means well in advance can lead to greater clarity and satisfaction.

As advisors, our role is to help clients build their financial future. Yet some of the most meaningful conversations clients will have are about much more than money: how time will be spent, and what will make the years ahead worthwhile. The Five Types of Wealth offers a reminder that planning ahead for all dimensions of wealth can help shape a more fulfilling retirement.

^{1. “The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life,” Sahil Bloom, Random House, February 2025.}

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