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.

“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.”