White paper reveals secrets of retirement
Proper preparation for retirement requires an early start to financial planning, a sense of 'self and purpose' beyond work, and an active mind and body, according to financial planner Charmaine Curtin.
Curtin is the managing director of Global Partnerships Financial Consulting (GPFC), and has released a white paper on the "secrets to a successful retirement" after discussions with GPFC clients.
Rather than being a "grey area", there are some common factors to achieving success in retirement - the first of which is an early approach to financial planning, she said.
"This makes sense, as retirement can be a very challenging and confusing time for many people and the peace of mind that comes from financial security is invaluable," Curtin said.
Another factor highlighted in the research is the importance of achieving a sense of self beyond a work identity, according to the white paper.
"Clients who made the decision to become involved in hobbies, pleasurable activities and friendship networks outside work, long before their retirement deadline, seemed to transition with minimal distress," Curtin said.
Keeping active and fit - both mentally and physically - is also an essential ingredient to a successful retirement, according to the research.
"Having a bucket list seemed to be a very common theme with clients who participated in the research, many of them viewing retirement as a time to realise their long-held personal goals like learning to tango or to paint, or even writing a book or walking the Kokoda Trail," she said.
But with retirement now lasting an average of 30 years, it is also vital to ensure that lifestyles and goals are sustainable, Curtin added.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
