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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.