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Retirement

Retirement can be a challenge for senior execs

  • December 05 2019
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Retirement

Retirement can be a challenge for senior execs

By Grace Ormsby
December 05 2019

The taking on of board positions has long been a way for corporate figures to ease their way into retirement, but one director has indicated he is increasingly advising clients to think carefully before treading such a path.

Retirement old man

Retirement can be a challenge for senior execs

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  • December 05 2019
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The taking on of board positions has long been a way for corporate figures to ease their way into retirement, but one director has indicated he is increasingly advising clients to think carefully before treading such a path.

Retirement old man

Vincent O’Neill, the director of private wealth at Stanford Brown, has noted that the taking on of one or two board positions “can be a good way for people to ease out of full-time work but still utilise their skills and knowledge and stay involved in the corporate world, without the five day a week stress”.

However, he emphasised that “the responsibilities for board directors are significant and there are legal liabilities to consider”.

“People should not embark on this path without fully understanding the role and completing careful due diligence on the organisation,” Mr O’Neill warned.

In his role, the director said he has found that oftentimes, senior executives can find the transition into retirement more challenging.

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“This is often because their status and social life is built around their work, and that they are less connected externally with longer standing social networks,” he explained.

In offering an explanation, Mr O’Neill said that perhaps the biggest challenge for people is learning that their job is not who they are.

“Anyone who defines themselves by their work, profession or stature will find retirement to be a big challenge.”

“The secret is to identify where they funnel their energy now, and what kinds of things keep them mentally active,” he advised.

“Busy retirees tend to be the happiest when they are doing things they enjoy.”

Retirement can be a challenge for senior execs
Retirement old man
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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