The white paper was developed after in-depth research conducted with GPFC clients.

GPFC Managing Director Charmaine Curtain said retirement is still viewed as an emotional and confronting time and everyone’s experience of it is different.

“But that doesn’t mean successful retirement planning should be considered a grey area,” Ms Curtain said. “Speaking to our clients, we’ve found that there are some common factors to achieving success in retirement.”

The key theme that emerged for a successful retirement, according to the research, was an early approach to financial planning.  

“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,” said Ms Curtain.  

Another success factor highlighted by the research included an early transition to discover ‘self and purpose’ beyond a person’s work identity.  

“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,” Ms Curtain said.  

Other themes of success included having an active mind and body, with an emphasis on health so that people can make the most of their retirement opportunities.  

“One of my clients called retirement his extended gap years, and saw it as a time to live his dreams,” Ms Curtain said.

“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.”  

With retirement lasting longer, on average 30 years, there is an increasing need to ensure that lifestyles and goals are sustainable. A holistic approach to planning for retirement is no longer a luxury, but a necessity.  

“There are a few secrets of success,” Ms Curtain said. “Those who plan early for financial security, start making the social transition as soon as possible, who approach retirement with an active mind and body, and who embrace their retirement as an opportunity, will have an excellent chance of a fulfilling and satisfying experience.”

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The Event focused on the Wheel of life philosophy which is a core focus in Charmaine and Jason’s provision of Advice. Their philosophy is to coach and inspire their clients to live the life they want, free of stress and worry about their financial affairs. This way people are able to spend additional time concentrating on the other areas of their life and do the things that are important to them.

Jason McGregor said, “Most young people don’t think about seeing a financial planner because they don’t think they have enough money to invest. “If financial advisers look at your whole situation they are able to develop cash flow and budgeting strategies, debt reduction strategies, investment strategies, insurance strategies, and estate planning strategies. This means that people of all ages will benefit from financial advice not just people with money to invest or people nearing retirement.”

Former Olympic swimmer, Daniel Kowalski spoke about how he has a remarkable ability to ride out adversity and still produce extraordinary performances. He emphasised that having coaches and mentors helped him achieve greater things.

Racheal Edginton from Plum Communications, who mc’d the event, and and is a client of Global Partnerships shared her moving story about her husband’s heart attack and the importance of having insurances in place. She said that she wouldn’t have been able to financially support her husband and the children through his illness without the financial benefits that insurance provided.

Rachael said, “As many of you know my family has been through an awful time and without proper insurances we may have gone under financially. I am now a massive believer in financial advice and really like the fact that Charmaine is targeting people like us who are swamped with mortgages, bills, car, kids and school fees.

“You don’t have to be wealthy to start creating wealth for your future. Just do better with what you have and know the tricks that wealthy people know.”

Charmaine also shared her top 5 tips to true wealth:

1. Start early and have a cause or a goal
2. Have a balance in life – follow the wheel of life
3. See a financial planner
4. Have a backup plan
5. Have fun doing it

Charmaine also shared some initial findings of a study she is currently conducting about ways to enjoy a great retirement. “Most people are saying things like get good advice, transition to retirement over a couple of years and develop lots of networks and interests outside work before you retire.”

Results of the study are due out next month.

7 June 2012

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