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Home / New Zealand

Canny View: It’s never too late to take charge of your financial wellbeing

By Nick Stewart
Hawkes Bay Today·
23 Feb, 2024 06:00 PM6 mins to read

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Having a retirement plan and starting as soon as you can will set you up for a better retirement.

Having a retirement plan and starting as soon as you can will set you up for a better retirement.

I recently saw an article titled “Why you should never retire”. This doubtless sent a chill down the spine of a few readers before they clicked into it – but the essence of the article was sound.

If you think of retirement as one big, long holiday where you do nothing … you should not retire. Not like that, anyway. Best case scenario, you will be bored to tears – worst case, the monotony of inactivity will take a serious toll on your mental acuity, your health, and your relationships.

Lifespans are getting longer. Retirement, the Third Age, might be just as long (or longer) than your career if you stop at 65. That’s a long time to do nothing.

Intellectual stimulation, whatever that looks like, is an important aspect to think about in dotage. If you don’t use it, you will lose it. We mere humans need things to keep our minds active, and to give us a sense of purpose. For many of us, our vocations hold this place for most of our adult lives. When you no longer have to head into the office every day, what will you replace that sense of importance and accomplishment with?

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Keeping busy doesn’t have to mean keeping employed. Warren Buffett is still going strong at 93, but not everyone is so inclined to keep going to the office. ‘Work’ might be a part-time role, or volunteering for charity.

You don’t want to be riding a cortisol rollercoaster, as you may have if you had a high-stress career – but if playing golf, or trying to learn pottery just isn’t for you, consider that there is depth and value in being useful. You can define what work is in this stage of life. You could even go back to school to study something that interests you, if you want to keep those neurons firing.

I was fortunate to have been friends with a gentleman who recently and unexpectedly passed away. I say fortunate because aside from enjoying his wonderful dry humour, shooting tips and mentorship, he shared with me an insight into retiring early and yet staying engaged in meaningful work. He had mapped out his journey early with methodical planning in knowing how much is enough fiscally, how long it would last and more importantly what would fulfil him mentally and physically.

 Nick Stewart.
Nick Stewart.

The difference between ‘working to live’, as is typical in the accumulation phase of life, and working to find fulfilment in retirement, can be vast. We had the immense privilege of hosting the late Barry LaValley, renowned lifestyle retirement expert, during his final 2023 tour. One of the key messages he imparted was that stress is deadly. If we make more cortisol (a stress hormone) than we do dopamine or serotonin (happy hormones), studies show we will live shorter, unhappier lives.

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One of the stressors heading into retirement is financial stress. Retirement tends to seem very far away … until it isn’t. This is why having a plan, and starting as soon as you can, is crucial. The goal for most is to live a happy, stress-free life once retired. Consider seriously the day-to-day reality of a lifestyle that would make you happy, then create and adjust your financial goals to support this outcome over time.

Another key aspect to happiness, at any stage but particularly in retirement, is human connection. Spending time with friends and loved ones is valuable beyond measure. Humans are built to seek social companionship; it’s in our DNA. Satisfying relationships can even make us live longer, healthier and happier lives; since health is wealth, it’s worth investing (pardon the pun) effort in your social circle.

There are small steps you can take now to make finances less stressful as this life transition approaches on the horizon. Contributing to KiwiSaver, having a robust, globally diversified portfolio, shoring up insurances early, and paying down debt can make things a lot easier. Like any routine, the more you practise, the easier it gets … though getting there on your own can seem daunting.

This is where working with a trusted fiduciary can be beneficial. Most folk have a unique set of skills and habits, some nurtured through their youth and others through their life journey, but often financial discipline and management is not one of them. Knocking on the door of an independent, fee-only financial adviser makes reaching financial goals smoother and calmer without the extra stress of knowing if you’re on the right track.

An adviser understands your lifestyle and risk appetite to make sure that you reach your long-term financial goals. The real value of having a financial adviser is the peace of mind it gives you, the sense of security and confidence about the future.

Time marches on, and the sands of the hourglass never pause. If you find yourself without a retirement plan or suspect that your existing plan could use some fine-tuning, don’t delay. Reach out to a trusted fiduciary financial adviser today. Their commitment to acting in your best interest ensures that your financial journey is guided with care and precision. With their expertise, you can stride confidently into retirement, knowing that your future is secure.

Remember, it’s never too late to take charge of your financial wellbeing!


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· Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke’s Bay-based CEFEX & BCorp certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver scheme solutions. Article no. 343.


· The information provided, or any opinions expressed in this article, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from a Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

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