Bec Wilson's Blog, page 12

Doing these things in 2024 can help you retire comfortably

Happy New Year! My first column for the new year appears in the Sydney Morning Herald, The Age, Brisbane Times and WA Today today. And our first Prime Time podcast for the year went out on Thursday too. So that’s all today’s email will cover. I’ll send a full Epic Retirement newsletter later in the week.

I’m back to the office full bore on Monday after three wonderful weeks off! So I’m enjoying my last day on the beach - I hope you are too! Make it epic!

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

Many thanks! Bec Wilson

Author, columnist, retirement educator, podcast host and guest speaker

Doing these things in 2024 can help you retire comfortably

The holidays are over for most people on Monday, so this week I want to inspire you to go beyond your New Year’s resolutions and get practical with your money. It’s time to really put in place the actions that will allow each of us to build a better life.

This is the time of the year when intentions meet reality, when the rubber hits the road (or it doesn’t). It’s time to take the financial actions you promised you would, establish some new habits, and prioritise what truly matters.

If you’re heading for or in the second half of your life in 2024, I want you to set out and start working on some achievable and incrementally rewarding financial goals, designed to prepare you for your prime time and retirement years. I want you to get comfortable with gradually building up your nest egg, your financial confidence and your sense of purpose this year.

It doesn’t matter what stage of life you’re at, these steps are always important – but the closer you are to your prime, where the kids are becoming more independent, and you are too, the more important they become. Allow me to propose a few – see which ones resonate for the year ahead.

Step up your budgeting

If you don’t have an up-to-date budget you are flying blind or sailing rudderless, both of which are crazy things to do. So, with the start of the year, it’s time to build your 2024 cost-of-living budget afresh, taking in inflation.

Use this time of renewal to really dive in and explore how you can make your spending more intentional and less haphazard. (I have a free template you can use here.) And if you already have one, give it a good revision to make sure it accurately reflects your spending patterns.

Then take a long hard look at where you can save some money to put towards your important future-state goals like paying off your mortgage, putting extra money into superannuation or building your investments.

Dive into your direct debits and recurring expenses

The beginning of the year is a good time to stop, pull out your credit card and bank statements, and have a look at all the subscriptions and recurring payments you’ve signed up for, and see which ones you’re still using, which ones you can aggregate more efficiently and which ones you think you can forgo for a while.

There much more in this article. Read the rest of it here in the Sydney Morning Herald, The Age, Brisbane Times and WA Today.

Happiness, marriage and mismatched expectations in retirement with bestselling author Joanna Nell

This week we talk about the secrets to success in retirement. It's particularly poignant for couples approaching retirement together.

Joanna Nell is a doctor, an advocate for positive ageing and the author of five best-selling novels. Her latest book, 'Mrs.Winterbottom takes a gap year', is a heartwarming exploration of mismatched expectations in your Prime Time years and early retirement. And it reinforces some of the importance of living life in the moment. 

Thanks for reading Prime Time! Subscribe for free to receive new posts and support my work.

When I read her book, I felt like I was reading a fiction version constructed on many of the lessons I talk about in ‘How to Have an Epic Retirement’. So chatting with Joanna about the process of approaching a modern retirement was fun indeed. 

The idea and role of a ‘retirement gap year’, which can be a real time of reinvention, between one phase of life and the next. A gap year or a period of transition, seems like a terrific concept for early retirement, now that we are having a more active phase of life in retirement than ever before. A time to challenge ourselves and find out who we are for the next stage of our lives. 

Listen now

LISTEN HERE - LATEST EDITION (S1E11) - OMNY

or listen on APPLE PODCASTS

or SPOTIFY PODCASTS 

In episode 11 of Prime Time we have some great fun.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

My 'think about it' list for 2024

Beach, armchair, walk, meal, walk, beach, armchair, meal! That’s what my last few days have been all about, and hopefully so have yours. I’m promising myself some downtime over the Christmas period, so anything that ‘isn’t fun’ is simply not making it into the last few days of 2023. Hard things belong in 2024 (even writing my second book, which I have promised my publisher, is on hold for a few days). But, after a few days of rest, and some good family time, my brain is ticking again, and that means yours probably is too, ready to have some good food-for-thought.

So in this last edition of the Epic Retirement newsletter for 2023, I’m giving you a ‘think about it’ list for 2024. I can’t help you prepare for an epic retirement if you don’t want to be helped. So this list is designed to play out in your head over the next two weeks or so, so that when we return to full-pace in the new year, you’ll be ready, willing and able to implement your own Prime Time or Epic Retirement preparation program. I’ll be here to guide you.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

But before I dive in, I just wanted to say thanks! Thanks for a truly epic 2023. You made it better than I could have dreamed.

Many thanks! Bec Wilson

Author, podcast host, columnist, retirement educator, and guest speaker

My ‘think about it’ list for 2024.

After a few days rest, my brain is ticking with all the things I want to do in 2024, so I imagine yours might be starting to too. And whilst it’s wonderful to think about getting fit, losing weight, saving money, and taking the holiday of our dreams, if we want to make it happen, we really do have to go deeper. Real power in the second half of life is knowing new years resolutions count for little and that the real rubber hits the road when you create a series of more detailed, more significant, more tactical goals for the year ahead, ones that will drive incremental success, and allow us to keep ‘building’ towards the ‘prime time’ we want to live, and land us in our ‘epic retirement’ with everything prepared.

Today, as the new year approaches, I want to plant some seeds. These are some ideas for more tactical, achieveable, and incrementally rewarding goals that you can start thinking about for the year ahead as Prime Timers and Epic Retirees. Some might fit you, others might seem irrelevant. Adopt, borrow or recalibrate them to fit you at your leisure. Let’s dive in.

Really embrace the budgeting process in 2024

If you don’t have a budget, or your budget is not a true reflection of your spending, then you are operating without ‘controls’ in your life. Yep - you’re flying your plane blindfolded. So if you haven’t already done so, build your 2024 cost of living budget, assess what you need to spend and what you want to save, and start using more ‘control’ in your life. It’s a great discipline and it doesn’t mean you ‘can’t’ spend money. It just means you wont be spending it recklessly.

When you purchase a copy of How to Have an Epic Retirement, you get access to my comprehensive excel budgeting template valued at $149, and all the instructions for building and optimising your budget.

Understand your investments and monitor them more actively

Everyone should understand how their money is invested and monitor it reguarly. I don’t care if you have the most amazing investment adviser, or you take a passive approach to your superannuation. In either case, you should have a login to the investment platform, and you should take the time to log in, understand your investments and decide on how frequently it would be appropriate to monitor their performance, then set a diary event to remind you to do so, especially if you are not in the habit of looking at them. When you look, evaluate the performance of your investments, consider whether you are taking an appropriate level of risk to achieve your goals and contemplate the fees you are paying. If you look and decide your investments are underperforming your expectations, get some advice on how you could reallocate them into better performing assets.

Set some travel and lifestyle goals for the year ahead

I know, I could have started with the fun stuff couldn’t I! Well I didn’t on purpose. I don’t want you to think it’s all just goals, dreams and ambitions. We don’t get to chase our lifestyle goals if we don’t have a handle on our budget and investments. So get them tidied up and understand the position from which you are entering the year ahead, then set some goals that FIT WITHIN your budget.

You might want to plan for a European summer adventure, a cruise around Australia, a visit to see your grandkids interstate or overseas. Or you might want to buy yourself a caravan or a new car, or renovate your home. Life truly is better when you have things to look forward to and work towards, so set some goals in place and start figuring out how you’ll achieve them, both financially and logistically.

Re-explore your sense of purpose

Are you bored by your work, or feeling like the things you do have become repetitive or undesirable? It’s more common than you might realise to ‘re-explore’ your sense of purpose in the second half of life.

Sit back and have a listen to episode 9 of the Prime Time podcast, with Barry Bloch, about ‘How to re-discover your sense of purpose’. Start then by thinking about what skills, activities and passions bring you real joy in life, and how you can go about adapting what you do during your working hours to better use them. It might take you months, or even years to lean into the shift. And it might inspire you to do further education, or to completely upend your career path, over time. But with longer lives than ever before, many people benefit from re-directing their path towards their sense of purpose and setting themselves up for a true ‘third act’.

Build some more meaningful social connections

Think about the people around you that you have real affinity with. The science of happiness and longevity shows that the power of meaningful social connections, both family love and social friendships, are a powerful force in living longer, healthier and happier lives. If your meaningful social connections are not feeling so bountiful, it’s time to get proactive. The best way to make new friends, outside the workplace, is to join communities and participate in activies that you have a legitemate interest in. That’s where you’ll meet other people with similar interests, and similar get-up-and-go.

Start a new epic pursuit

This one ties into the one above. But it’s important enough to have its own heading too. When you aren’t at work what do you ‘do’ with your time? Have you got a couple of epic pursuits that you really enjoy?

[As you can read in How to Have an Epic Retirement, an epic pursuit is a hobby on steroids - something you really love doing and invest your time and money in getting better and better at].

Well, 2024 is the year for finding one or two new pursuits if you haven’t already got enough on your plate. Think up a few crackers, go along and try them out, and remember, it’s easy to chicken out after the first time, but the best way to evaluate whether you can ‘get the hang of it’ is by trying things 4-5 times.

Think about your body - and what will make it age better

I want you to take a minute to think about the body you want to have in your 60s, 70s, 80s and beyond. Then ask yourself what you need to be doing now to set yourself up for success in having a body that can walk, run, travel, squat, process mindfully, and really be useful in your life. Don’t just think about your weight like so many new years resolutions would have you do, think about the long term benefits of good health, good eating practices, mindfulness, cognitive strength and regular exercise, and how you can get more of these in your life in 2024, for your future self to thank you for later. Break it down into things you need to do. Then, make a new, 2024 routine you can stick to to start bringing it to life.

Finally, understand your superannuation

I want you to think about superannuation differently in 2024, not as this financial structure that you ignore and abhor - but as a powerful tool driving your future success. And, just like you learned about home ownership in your twenties and thirties, I want you to learn about superannuation in your 40s and 50s - if you haven’t already.

Superannuation truly is an amazing system, designed to make your retirement better. But it’s up to you to learn about how it works. No investment adviser or friend can give you the deep benefits you will get from learning about it incrementally yourself and properly understanding it, especially in the years leading up to retirement, when you really start to try and accelerate your balance and use of super, and in the years after it when it provides you tax-free income.

You can start, if you’re at ground zero, by logging in and reading your statement, then, read the section on superannuation in my book, and explore whether your super fund offers any simple education programs to help you learn more about the superannuation rules.

That list is well and truly long enough. I hope it gives you food for thought for 2024.

If you haven’t been listening to our Prime Time podcast every week since it started (visit the website at www.primetimers.net) - I am this week going to suggest four great episodes to start on, over the Christmas break. Each will teach you things from the very best experts in mid-life and pre-retirement topics:

Episode 6: How an entire generation cracked the game of life: working longer, but stressing less, with Demographer Bernard Salt

The Prime Timers are creating a whole new stage of life: The Lifestyle Years, a phase of life that brings a new balance to work and leisure time that previous generations simply couldn't enjoy. Listen here

Episode 9: How to re-discover your sense of purpose with Barry Bloch

If you’ve been wondering about how to re-discover your sense of purpose and where you might find greater fulfilment in the second half of life, then this episode is for you. Listen here

Episode 2: Exercise for longevity: How muscle mass improves your lifespan with Jonathan Freeman

An interview with exercise physiologist and exercise for longevity expert, Jonathan Freeman. There's so much helpful health advice packed into this one episode. Listen here

Episode 4: The science behind the modern Mediterranean diet, and wisdom from the 'Blue Zones' with Prof. Catherine Itsiopoulos

An interview with Professor Catherine Itsiopoulos, author of the new book 'The Modern Mediterranean Diet', Australia's leader in the Mediterranean Diet, and Dean of Health Sciences at RMIT University. Listen here

How to Have an Epic Retirement - now 23% off at Booktopia in their ‘New Year New You’ sale

How to Have an Epic Retirement has been in very short supply in retailers in the lead up to Christmas simply because you’ve snapped it up wherever it’s been. But online bookstore, Booktopia has more stock in, and they’re offering 23% off in their New Year New You sale. Get your copy here.

One last request

If you are a fan of the Prime Time podcast, the Epic Retirement newsletter or How to Have an Epic Retirement the book, please consider telling your friends about them. We get so excited when we hear your word of mouth conversations and shared emails have led your friends to sign up - so excited! And the other way you really can help is by leaving us a podcast review (on your chosen podcast platform) or a book review (on goodreads.com).

Remember you can always email me with your ideas and feedback. I read everything and I try as hard as I can to reply with useful, meaningful insights and convos! And, I’m building a list of topics you want covered in 2024, and in my new book too. bec@epicretirement.com.au will always reach me!

Have a Happy New Year! See you in 2024!

Insider wisdom: 9 actionable tips from retirement industry pros

In this weeks edition

Feature story: Insider wisdom: 9 actionable tips from retirement industry pros

Prime Time Podcast: How to rediscover your sense of purpose with Barry Bloch

From Bec’s Desk: What a year! I dive deep into 2023’s lessons and my big year of change

Insider wisdom: 9 actionable tips from retirement industry pros

You all listen to me babble on every week in this newsletter. And often I do it in isolation, trying my best to simplify complex retirement topics and make them easier to digest. I do a lot of research, and quote scientists, global gurus, and real people with stories to tell.

But you’ll also note that I spend a lot of time pointing out that there is a big industry out there that is designed to support and help you navigate pre-retirement and retirement. That industry can sometimes feel hard to understand and a long way away. So today, I’m bringing them in. 

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

This week, as a little Christmas gift to you, I asked some of my friends, peers and experts in the retirement industry to give you ‘one actionable tip’ each - something practical you can do to help yourself thrive in 2024.  And I was bowled over with wonderful, helpful and most importantly ‘actionable’ tips that you can soak in all holidays long, as you build practical plans for the year ahead. After all, the process of navigating retirement is something you do over many months and years, building up your knowledge, understanding and confidence until you have all the insight you need to nail it! 

So without further ado - let’s dive in to the tips from the industry.  I’m going to narrate them, to weave them into a story for you, so it isn’t just a list of tips - it’s a guided tour! Far more fun I think. 

1. Take advantage of retirement planning tools that are free - to help you learn 

This tip really nicely starts our list, nudging you to take the first steps in understanding your retirement finances proactively, by using the tools and calculators that are readily available to learn and form your first pictures of how your money might work. These calculators and tools build your sense of confidence, and they help you plan, whatever the reality of your financial situation.  

“We’d suggest interacting with MoneySmart’s retirement planner or your super fund’s online tool, said Jen Harding, General Manager of Advice Development and Growth at HESTA.  

“This can help you estimate how much income you’re projected to have in retirement, and you can work out how that relates to how much you might need. ASFA’s retirement standard provides a useful guideline of expected expenses.  

2. Take time to learn about the systems of retirement and take advantage of the advice available through your super fund

“Understanding eligibility for the age pension, learning about how you turn your super as a tax-free income stream or utilising downsizer contributions are all things that can help make those lifestyle goals of chasing the sunshine in a caravan, embracing a tree change or seeing the world from a cruise ship, a reality,” says Peter Hogg, Business Lead - Super Helpful (Advice) at Aware Super. 

“Most super funds will be able to provide you with personal advice about your own super account at no additional cost, and this is a great first resource we’d encourage everyone to take advantage of.”

I support Peter’s push - that everyone should find out the types of advice that are available to them through their super fund and use them - even if they are only one step in your learning and growth process.  Remember - there’s certainly some helpful and free advice out there if you know where to look. 

3. Learn about investment returns in your pre-retirement years

Investing is worth learning about and understanding more deeply before you retire. It’s a really powerful tool in your retirement toolbox. 

“Pre-retirees should spend time learning about investments, as if you can increase the rate that you earn by (say) 2% per annum, then you could increase your retirement income, lifestyle and happiness substantially. “Investment return” is far more powerful than “contributions”, said David Orford, the Managing Director of Optimum Pensions.

Most people don’t realise that their investment returns during retirement usually make up the largest amount of income they generate in their lifetimes. 

“For Australians using appropriate tax settings, retirement age and economic assumptions, the percentages of one’s total lifetime pension income to life expectancy are:

15% from the money you saved during your working years

35% from the investment returns you achieve before you retire

50% from the investment returns you achieve during your retirement,” said Orford.

4. Take a harder look at your expenses and cut back, putting the savings into super

If you can look at your expenses and find 5% you can cut back (if not start at 2% or even 1%). It doesn't matter where you find the savings, just cut back on whatever works for you says Paul Feeney the Founder and CEO of online financial planning app, Otivo. 

“Now put that toward your retirement by making extra contributions into your super (or paying down debt, or saving for a house or increasing your mortgage payments). In 3, 6 or 12 months (whatever works for you) increase the amount you are cutting back by just another 1%. Keep going until you find you have cut back 10% from your original expenses. Keep funneling those savings into your super, your home or paying down debt.”

“I know it's going to be hard, especially in these times where everything seems to cost so much more,” he said, “but trust me if you can find a little savings and slowly increase that periodically, your future self will thank you, because you will be better off!”

Wonderful tip Paul! I’m going to attempt this in 2024.

5. Consider switching from accumulation to pension phase 

 The jump from accumulation phase to retirement phase is a big area to understand better, because people pay 15% tax on earnings in superannuation in the accumulation phase, and they get those earnings tax free if they flip it into retirement phase. 

“Many people leave their super where it is once they reach age 60 and retire. Unfortunately, this could leave them paying more tax than they otherwise might, says Colonial First State’s head of technical services, Craig Day.

“By leaving their super where it is, many Australians could be inadvertently sacrificing a better retirement lifestyle,” he said.

“Investment earnings on super are taxed at 15%. – which could mean a lot less super after 10-20 years. If you have reached preservation age, you can qualify to convert your super savings to a pension and the investment earnings will be tax free.”

[Note: preservation age ranges from 55 to 60, depending on your date of birth.]

6. Review your investment strategy actively at the end of the year, leveraging the predictions and economic insights. And get decent advice! 

You’ve heard me bang on about how important compound investing is, and when investing for the long term, you still need to monitor and reassess performance regularly to keep things on track. So this tip from David Lane, the Queensland State Manager and Senior Private Wealth Adviser at Ord Minnett is a goodie. 

“My best tip is to review your investment strategy and ensure it is still appropriate for your circumstances. The end of the calendar year is a great time to take stock and review, as it is a time when you can assess the performance of your portfolio over the calendar year, and it is also a time when there are lots of predictions about the year ahead,” he said. 

“Over 2023 we have continued to witness the impact of rising interest rates, which has had an impact on investment returns (in both positive and negative ways). If you haven’t already done so, it may be a good opportunity to recalibrate your asset allocation to ensure that you are gaining benefit from higher interest rates. Consider whether your current risk profile, and therefore your asset allocation is still appropriate,” said David Lane.

“The other big tip (a bonus) is to speak to your financial adviser . . . or consider engaging with one if you haven’t already. They are there to guide you along the journey through retirement, and to help you enjoy your Epic Retirement! It was found in a study by Challenger that retirees who have spoken to an adviser were 14% more likely to be confident or very confident in their ability to live a comfortable life in retirement. Interestingly, the improvement was more evident at lower wealth levels,” said Lane.

[Many thanks to David who contributed to the finance section of How to Have an Epic Retirement quite significantly, helping me build our scenarios!]

7. Review your asset allocation of the holdings that will be providing your main income source for 2024

If you’re in retirement and drawing down a pension, how long has it been since you last stopped and re-calibrated your asset allocations, checking how much you have in defensive assets, against your drawdown needs? Shayne Sommer, Private Wealth Adviser with Shadforths, offers a really helpful tip to consider. 

“If drawing down from superannuation pension, review the level of income you will be drawing down for the period – a rule of thumb is to aim to have 5-7 years of that drawdown amount in defensive style assets,” said Shayne. 

“Investing in this manner may be able to shield your portfolio from needing to draw down from growth assets during times of market decline. As the legislative drawdown increases by age bracket, check with the ATO for pension minimum drawdown amounts required. These thresholds apply to the age you are on 1 July 2024 for the FY25 year.” 

8. Look after your health in retirement

Money is not the only thing to focus on as you approach and enter your retirement years. You simply cannot have an epic retirement without your health and happiness so I love this second tip from David Orford, the Managing Director of Optimum Pensions. It’s always better when you hear it from someone in the finance sector - because you know it comes from the heart. 

“Retirees, you and your partner’s health is your most important asset, so look after them well by exercising regularly within your capabilities e.g. walk 5,000 steps a day, reduce your weight to an acceptable level, eat good food, reduce your cholesterol and blood pressure levels, laugh a lot – particularly at yourself,” said Orford. 

9. Top up your super as you downsize your home

The downsizer incentive is a doozie, that everyone who is in their fifties and sixties and wants to whack a lump sum into super will want to understand better. I find myself at dinner parties explaining it to friends all the time, pointing out that they need to learn more about it BEFORE they downsize to maximise the opportunity. And Craig Day, the head of Technical Services at Colonial First State concurs. 

Many pre-retirees might be considering downsizing from the family home to something smaller, particularly if their kids have moved out, says Day.

“If you sell a home you’ve owned for at least 10 years and you’re 55 or over, you can put up to an extra $300,000 (or $600,000 per couple) of the sale money into your super, subject to a few other conditions,” Day said.

“This is on top of any other super contribution limits that apply,” he said. “However, to take advantage of this you’ll need to plan ahead as you’ll need to make the contribution within 90 days of the settlement date.”

-

What a list of tips! These tips aren't just nuggets of advice—they're your keys to unlocking a prosperous and fulfilling 2024. So, take them seriously, and take some action in the year ahead - go on, make it epic!

Before you scroll - take my poll question for the week. Help me understand your interests and priorities.

Important Disclaimer: The information provided in this newsletter is for general informational purposes only and should not be considered as financial, legal, or professional advice. Consult with qualified professionals before making any decisions based on the content. We strive for accuracy, but we do not guarantee completeness or suitability for your specific circumstances. Any actions taken are at your own risk. Financial decisions involve risks, so it's crucial to conduct thorough research and seek professional advice. Past performance is not indicative of future results. Stay informed about changes in legislation and regulations, and verify information before making decisions.

How to re-discover your sense of purpose with Barry Bloch

If you’ve been wondering about how to re-discover your sense of purpose and where you might find greater fulfilment in the second half of life, then this episode is for you.

A sense of purpose and belonging is one of the most fundamental needs we all have. As we head into, and travel through the second half of life we have to ask ourselves how we find real joy and actively look for ways to do so. So this episode of Prime Time is devoted to re-discovering our purpose or ‘true north’.

Barry Bloch is an organisational psychologist and is an internationally regarded people and culture leader, executive coach and guide who has worked in more than 50 countries. He’s also a registered psychologist. And, more importantly for us, he’s an expert in finding your true north. He’s got an amazing sense of purpose in himself, and is a really powerful ‘whole of life leader’.

Throughout his career he’s spent most of his life helping people find excitement, meaning and purpose in their careers, charitable roles and beyond the workforce as they head into their third act. He’s someone who’s spent a lot of time coaxing and supporting people through what can be quite a transformational phase of self-doubt and self-discovery in their Prime Time. And he talks openly about how everyone should take the time to look for and find their true north, and why it’s so important to the next phase of our lives and yet so difficult in our Prime Time years. 

In this episode, Barry Bloch unravels the psychology behind finding your sense of purpose, at a time of life when you have CHOICE, often for the first time in decades. 

Listen now

LISTEN HERE - LATEST EDITION (S1E9) - OMNY

or listen on APPLE PODCASTS

or SPOTIFY PODCASTS 

I found Barry’s advice really useful and personally very applicable. I hope you do too.

Merry, merry, merry Christmas! This is my last newsletter for the year! And what a year it has been. It has been an enormously rewarding year for me professionally. I built a voice that could be trusted to help, guide and show the way to those approaching retirement and pre-retirement with independence, and with the trust and support of the industry and the community. It has also been rewarding personally as I’ve created more balance in my own life than I had in my previous years, seeing my kids through some important changes, being more active in pursuing my own health and wellbeing, and my own interests too - after too many years of not making time.

I thank you for embracing my work, sharing it with your friends and being an active part of everything I’ve done. This transition wasn’t easy. And I know I’ve been very fortunate, so I wanted to share some of the lessons learnt. If you’re contemplating changing your own career, directing it more closely to your passions in your Prime Time - I think there might be some useful tips here.

Some wisdom from 12 months of big change…Plan ahead

If you want to make a jump out of a long term career path into work you do because you love it, and it has meaning, on your own terms, then you will want to give the whole process some thought and planning (both financial and functional). Then once planned and everything is in position, do it.

Understand your passion and energy

Really stop and think about it. I sat down in September last year, knowing it was time for a meaningful change and I contemplated the things I do that make me really happy and challenged. I analysed my own skills, the things that put me in ‘the zone’ and the trends in the world that I am deeply, deeply interested in, and I landed on diving back into modern retirement, and helping people age better, independently. I knew I needed to use my understanding of older Aussies, my deep knowledge of changing retirement, my writing, communication, education and research skills, and my years in digital content to make a difference in this messy and confusing world. Then I pitched my book idea.

Think about the mix of things you want to do

The next phase of life - our Prime Time years - are not always about one job at a time or one company at a time. In fact, the most modern views talk about building a ‘portfolio’ of things you love to and want to do. I’ve spent this year building my own portfolio, around making the best of the second half of life - and I’ve been blessed that some of the things I tried have been well-received. I hope I find more things next year - with great companies, partners and collaborators.

my first book came out in July 2023, How to Have an Epic Retirement (Many thanks to the team at Hachette - Sophie, Stacey, Alexa, Kirstin!). It’s a bestseller! 🥳 Thanks for enjoying it!

my nationally syndicated newspaper column is published in Nine Newspapers every Sunday and a once a month column with National Seniors too! (Thanks to everyone for reading my columns and to my editors for continuing to invite me back!!)

I’m growing a podcast with Nine Podcasts called Prime Time; (Many thanks to Gen my producer - you rock!!). And to all our wonderful guests in 2023 - huge thanks.

this weekly newsletter I work hard on, for you, our beautiful community; (Thanks to our sponsors this year! - We are keen for sponsors for 2024 - putting that out there! More info here)

and a soon-to-launch online / offline education program to help people become more retirement literate (Many thanks to my wonderful video production team!!) We are offering the really high quality program to super funds and corporates for their members and you can register your interest here too.

Talk to people about it - until you find your pathways

One of the hardest things for people to do is start talking about what they want to do in this country - tall poppy syndrome stops us. But it’s crucial. The pathways will become clearer as you talk to people, especially if you’ve done the work to understand what you enjoy, where you want to go, and what skills you want to be using. Listen to the podcast with Barry last week - he talks about getting someone to hold your hand as you walk through the sandstorm of change. He’s right - I walked through the sandstorm. It can feel hard to find your passions. Hopefully you have the ability to choose things you really are interested in. Sometimes you have to combine ‘jobs you do for money’ and ‘things you do for real purpose’ to get the crossover right too.

Be part of other people’s journeys

Everywhere I go people are talking about their own transitional journeys - in Prime Time (~47-70 and not yet retiring) and seeking their Epic Retirement. And they need help, validation or just someone to talk to about how it feels in the sandstorm. So if someone you know reaches out for one of those chats or support - to help them find their own path to passion - welcome them. Be a supporter not a blocker.

—

I know! It’s a deep and personal way to dive into Christmas. But I want you to feel safe here, knowing we’re all on the journey to find meaning and purpose together. And if I tell you my story - maybe you’ll use it as fuel for your own fire.

So, that is a wrap for the Epic Retirement Newsletter this year. I’m having a couple of weeks off writing - and will be back full throttle in the newspapers on the 14th Jan, and the newsletter on the 16th Jan in 2024. The Prime Time podcast will be coming out all through the holidays (except the Chrissy week) at primetimers.net.

Until next year… make it epic! And thanks for a wonderful year! You made 2023 more fulfilling than I could have dreamed of. I’ll be tinkering in our Facebook community through the holidays if you want to play… join our group. Or follow me on Instagram here for beach photos and cocktail glass pics (and a few more meaningful retirement related posts I promise).

Don’t forget to email me and tell me what you want more of, and what you’re enjoying! (just reply to this email) Or…leave a comment on the post - and an emoji.

Leave a comment

Many thanks! Bec Wilson

Author, podcast host, columnist, retirement educator, and guest speaker

Balancing the feelings of uncertainty and excitement at retirement

In this week’s edition:

Feature story: Balancing the feelings of uncertainty and excitement at retirement

The Prime Time Podcast: The great Australian caravan adventure: Here's how to make it happen with Aileen Coburn

The SMH/The Age: Better financial advice is a Christmas gift for all – especially retirees

From Bec’s Desk: Inspiration and ideas

But first, a message from our wonderful newsletter sponsor this week: Air Adventure.

Transform the way you see Outback Australia with Air Adventure

Land right in the heart of the outback - by deluxe private aircraft and experience the most beautiful and most hard-to-reach places in this wide open land with Air Adventure. 

Air Adventure runs a selection of all-inclusive outback safaris by private aircraft (or you can design your own) taking you quickly and conveniently into the very heart of Australia with highly experienced guides. They’ve been doing this for over 45 years so they know all the best places to see. Browse all their upcoming outback tours ...

Upcoming Tour - The Outback Explorer - On this 3 day adventure, by private aircraft, you’ll explore ancient landscapes, visit iconic destinations, retrace history and enjoy outback hospitality. Land alongside The Birdsville Hotel and enjoy a cold drink at the bar, stay at the famous Prairie Hotel and visit the iconic Dig Tree. Find out more

Balancing the feelings of uncertainty and excitement at retirement

The process of retirement, one of the biggest phases of change in our adult lives, brings with it two polarising sets of feelings, excitement and uncertainty, often at the same time. It's a transition that brings both the adrenaline of newfound possibilities and the challenge of navigating uncharted waters. Learning how to identify and cope with the fear, and revel in the excitement can be an important process. And for a generation that isn’t always as good at acknowledging and living in their feelings, it can be tough. 

For some the actual turning point that marks the entry into retirement brings a moment worth celebrating - the pinnacle moment of their lifetime of work and a jumping off point for a future of optimism.  For others forced to retire before they are ready there’s no celebration - particularly those who are forced into retirement, either retrenched or due to changes in their own health or the health of a loved one they have to leave and care for. These people often find themselves lurching into the next stage, forced to confront the unknown and navigate what comes next. With that comes uncertainty that is more difficult. So today I want to take time to look at both excitement and how you can embrace it, and uncertainty and how you can manage it.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

Embracing the excitement is not always as easy as it looks

Let’s start with the fun, joyous feelings of excitement. As you approach and plan for part time or full time retirement you can feel it, that curious anticipation, hope and expectation that the changes in your life that lie ahead will be for the better. 

When you get to plan for it, the prospect of having more time for personal pursuits, family, and leisure activities is exhilarating. Embracing the excitement sees people look consciously for the good bits of life and lifestyle that lie ahead, and set the wheels in motion to build regular activities, set exciting goals and create a powerful community of friends and family. 

To embrace your excitement and turn it into action think about these three big lever points: 

Pursue things to do with your newfound (or soon-to-be newfound) freedom. 

Embrace the thrill of having more control over your time. Think about all the activities you have wanted to pursue, or all the things you’ve never even given yourself permission to explore because you haven’t had the time or money to do so, and contemplate what you’d like to try. Make a list, prioritise the list and act on it. Google organisations and find out how to take the first steps into new activities. And remember, they won’t feel natural until you’ve tried them a few times. 

Rediscover old passions and interests

You might have been a great artist in your youth, or a passionate musician. Or maybe you’ve always had a love for animals, or the ocean. Any of these interests, if you dig within and find them, can be built out into things to do in your retirement years that you are passionate about. The first step is identifying the old passion and reigniting it, the second step is finding groups, peers or communities you can activate those passions with. 

My mum, several years ago leaned into her interest in boating and water, and joined the volunteer coastguard, finding it an excellent way to get out on the water regularly, make new friends who also liked similar things. 

Make more quality time for your loved ones

Whether you’ve been a ‘family man or woman’ all your life, or you want to make the time to become one, this is your time to give it your best shot. Make time and spend time with your loved ones, do things together, get to know the grandkids (read the story about Ted in the book - it’s a doozie - he really embraced the grandkids and the rewards have been endless for him and them!) 

Acknowledging the uncertainty can be harder than you realise

Whether you are choosing to retire, or are forced into it, feelings of uncertainty can be a huge part of your retirement process. You can’t always fix the source of the uncertainty, but you can manage some of the concerns and drivers.

The shift from a structured work routine to an open-ended schedule may pose real challenges for some people. And if this is you or your partner then learning to identify the feelings of uncertainty, and understanding how you want to address them is a crucial step. 

Dive into your financial uncertainty

If money worries you, don’t bury your head in the sand. Assess your financial situation and develop a sustainable plan for retirement. Build your budget, understand your cost of living, and set goals you can afford, rather than dreams you can’t. And, when you’ve done the self-help work to understand your own situation, then, seek some guidance from a financial adviser, whether they be a free adviser offered by your superfund; or an independent financial adviser, either could help. Good advice really can provide clarity on your financial situation for the years ahead and help you build up some peace of mind, even if you have to live a little more frugally than you’d like to. 

Accept the reset of your identity and purpose

For almost everyone,  moving into your Prime Time, or shifting into full-blown retirement sets up a shift in identity that can trigger a huge sense of uncertainty. For many people, a significant portion of their identity is tied to their career and dare I say it, their skills-based job title. Acknowledging that, and knowing that your identity doesn’t have to be tied to your job, title or the things you did in the last phase of your life from a work perspective is kind of revolutionary. 

Rebuild your sources of social interaction

We all know that when we retire we need to rethink where we get our social interaction. So much of our incidental social activity is tied to the workplace that this can be a really challenging and new start for people. So look for ways to be proactive, because everyone needs to feel like they belong  -  it’s a fundamental human need. 

And know, everyone’s journey into retirement is different. Some people sail into it, without a worry in the world. While others worry all the way through it for months and years. Always remember that the key to a really fulfilling retirement lies in striking a balance between chasing the thrill of the unknown and using the wisdom gained from a lifetime of experiences. Make it epic!

Don’t forget to take the poll, above!

The great Australian caravan adventure: Here's how to make it happen with Aileen Coburn

If caravanning around Australia is on your bucket list, (and it’s certainly on mine) then you need to pay attention to our next guest. Aileen Coburn has been living on the road for the last two years on an epic adventure with her husband, in their caravan! 

They retired, sold up and set off for a carefree adventure, and Aileen, who has worked in the travel industry for more than 30 years, is full of insights on how everyone can afford to do it if they want to.

It hasn’t all been smooth sailing, and there’s certainly been a lot of lessons learnt. But Aileen has one very clear message: Just do it.

Listening to Aileen talk about it gives me itchy feet and a sense of wild possibility.

Listen now

LISTEN HERE - LATEST EDITION (S1E8) - OMNY

or listen on APPLE PODCASTS

or SPOTIFY PODCASTS 

Better financial advice is a Christmas gift for all – especially retirees

Each weekend I publish a column in The Sunday Age, The Herald-Sun, Brisbane Times and WA Today money section. Read it here.

The government announced a Christmas gift for all Australians with their intention to make financial advice more accessible. Minister for Financial Services, Stephen Jones introduced a set of changes on Thursday, and while it’s not yet law, it smells positive for everyday Aussies, especially those preparing for retirement.

There’s lots of talk about what it means for the industry, but little about what it really means for everyday Australians – those who need advice, many of whom can’t afford to pay off their credit cards next month, let alone fork out $4000 - the average price paid for independent financial advice today.

But first let’s start with the back-story. The banking royal commission in 2019 fundamentally changed the way financial advisers provide their services. It used to be all about guiding people to invest into financial products, with financial advisers incentivised on trailing or lump sum commissions on products sold.

But all this changed when the Royal Commission put an end to commissions being paid to financial advisers. Consequently, advisers shifted to a fee-for-service model, and much work was done to turn advice into a profession. Many advisers decided it was too hard to meet these standards, leaving the sector with only around 16,000 to serve over 5 million Australians approaching retirement. You don’t need a team of government advisers to know that’s going to be a problem.

The package announced proposes a new two-tiered advice model to lure advisers back into the industry. The changes introduce a lower class of adviser, a “qualified adviser”, trained to a diploma level and prohibited from charging fees or receiving commissions.

These advisers will be employed by super funds, banks and financial institutions who will take professional responsibility for their advice. Simultaneously, compliance obligations for professional advisers will be simplified, maintaining a focus on serving the best interests of customers.

This article continues. Click here to read it on the Sydney Morning Herald.

Less than two weeks until Christmas - and just six days left to get any online orders in to our shop for How to have an Epic Retirement books (four days if you’re in NT and WA).

I’m sure many of you are counting down to seeing loved ones and enjoying some family togetherness. I’m going tobe writing my next book, for pre-retirees during the weeks ahead, and I’d love to hear your thoughts on a few things, so if you’d like to be a part of my conversations and inspiration - please fill out this form.

I am absolutely loving receiving your emails and notes about how Epic Retirement and Prime Time are helping, guiding or being used in your life. If they are, I not only ask you to email me, but also to leave reviews on the podcast on Apple and Spotify and on goodreads.com too. It really does help people find us. And thank you for telling your friends - I feel very blessed at how fast our readership is growing.

Thank you for reading Epic Retirement. This post is public so feel free to share it.

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I’m also loving receiving notes about topics you’d like to hear more on. I’m keeping a list for 2024 - so write to me with any inspiration at bec@epicretirement.com.au.

On a commercial basis, a big thanks to Air Adventure for sponsoring this week’s newsletter. Make sure you take a look at their amazing holidays - they look superb, epic even! Their support allows me to be devoted in what I do - focussing on making this content and keeping ahead of what you need to know. If you’d like to sponsor this newsletter, reaching 24,700+ people, email me and I’ll send you some info.

Until next week… make it epic! I’m around for the holidays - so tell me what you want for Christmas over on Facebook... join our group.

Many thanks! Bec Wilson

Author, podcast host, columnist, retirement educator, and guest speaker

Or you can order a book in our online shop and I’ll sign and inscribe it for you.

Better financial advice is a Christmas gift for all – especially retirees

Each weekend I publish a column in The Sunday Age, The Herald-Sun, Brisbane Times and WA Today money section. This article was first published here. It’s my last newspaper column for 2023. Enjoy!

The government announced a Christmas gift for all Australians with their intention to make financial advice more accessible. Minister for Financial Services, Stephen Jones introduced a set of changes on Thursday, and while it’s not yet law, it smells positive for everyday Aussies, especially those preparing for retirement.

There’s lots of talk about what it means for the industry, but little about what it really means for everyday Australians – those who need advice, many of whom can’t afford to pay off their credit cards next month, let alone fork out $4000 - the average price paid for independent financial advice today.

But first let’s start with the back-story. The banking royal commission in 2019 fundamentally changed the way financial advisers provide their services. It used to be all about guiding people to invest into financial products, with financial advisers incentivised on trailing or lump sum commissions on products sold.

But all this changed when the Royal Commission put an end to commissions being paid to financial advisers. Consequently, advisers shifted to a fee-for-service model, and much work was done to turn advice into a profession. Many advisers decided it was too hard to meet these standards, leaving the sector with only around 16,000 to serve over 5 million Australians approaching retirement. You don’t need a team of government advisers to know that’s going to be a problem.

The package announced proposes a new two-tiered advice model to lure advisers back into the industry. The changes introduce a lower class of adviser, a “qualified adviser”, trained to a diploma level and prohibited from charging fees or receiving commissions.

These advisers will be employed by super funds, banks and financial institutions who will take professional responsibility for their advice. Simultaneously, compliance obligations for professional advisers will be simplified, maintaining a focus on serving the best interests of customers.

There’s no doubt that the proposal will frustrate professional advisers, who have worked hard to reshape their industry over the last five years.

”We expect that the streamlining of the advice documentation along with appropriate safeguards will lead to improved access to advice, so more Australians can face the future with confidence,” said Jen Harding, the general manager of advice development at HESTA.

Another big change is allowing superannuation funds to provide helpful nudges to members to drive greater engagement with superannuation at key life stages. Many will use AI and data to nudge people about real time needs, something which has not been allowed before.

While a positive step, it may take about a year for the proposal to become legislation and a couple more to attract people back into the industry and train them to appropriate levels.

So what should you do if you are approaching retirement and want financial advice in the next year or so? In my view, Australians approaching retirement should reconsider the notion that everyone needs independent financial advice and view advice as a layered process, seeking different types of advice for various purposes based on their financial sophistication.

Many are unaware they can already access free advice from their super funds and great tools online – and this will only improve from here. Let’s explore the available advice options and consider how they might change.

Self-help

Everyone should start with self-help, the simplest of which is available on the government’s Moneysmart website, offering basic financial literacy information and helpful calculators, and in books and courses. Super funds also provide retirement planning calculators and budgeting tools on their member websites.

And for those willing to pay, digital advice platforms like Otivo help you gather all your financial information and offer comprehensive financial plans without a need for human interaction. This area won’t change. Digital advice and self-help will grow as the tools are improved.

General advice

General advice is factual information, not tailored to personal situations. It is usually provided by superannuation call centres and workplace superannuation advisers. You might prefer to call this useful help that will explain how things work. The people who provide it typically hold a simple qualification in financial product advice.

It is a great way for people to start learning and exploring the contributions they can make, their investment options, the age pension and how their super plays a role in income layering. This area is also unlikely to change much, but may morph into the new layer called ‘qualified advice’ over time.

Intra-fund advice

Then, we jump to personal advice that takes in your actual financial situation. Intra fund advice, is a type of simple, non-ongoing personal financial advice that is offered by professionally qualified superannuation fund advisers, but their scope is limited by ASIC to advising on their investment in superannuation within their fund.

This article continues. Click here to read it on the Sydney Morning Herald, The Age, Brisbane Times and WA Today here.

It’s usually free to access the article - you may need to register.

The problems we face navigating retirement in Australia

In this edition

Feature story: The problems we face navigating retirement in Australia

Prime Time Podcast: How you dress matters! And it's not an age thing, it's your attitude with Nikki Parkinson

From Bec’s Desk

But first, a message from our wonderful newsletter sponsor this week: Air Adventure.

Transform the way you see Outback Australia with Air Adventure

Land right in the heart of the outback - by deluxe private aircraft and experience the most beautiful and most hard-to-reach places in this wide open land with Air Adventure. 

Air Adventure runs a selection of all-inclusive outback safaris by private aircraft (or you can design your own) taking you quickly and conveniently into the very heart of Australia with highly experienced guides. They’ve been doing this for over 45 years so they know all the best places to see. Browse all their upcoming outback tours ...

Upcoming Tour - The Outback Explorer - On this 3 day adventure, by private aircraft, you’ll explore ancient landscapes, visit iconic destinations, retrace history and enjoy outback hospitality. Land alongside The Birdsville Hotel and enjoy a cold drink at the bar, stay at the famous Prairie Hotel and visit the iconic Dig Tree. Find out more

The problems we face navigating retirement in Australia

The Treasury Department released a discussion paper about the retirement phase of superannuation yesterday. And I’m excited. This paper shows that the government sees your pain as people approaching and traversing the “big and complicated life change” of retirement and they’re trying to drive change. And, whilst most of you have absolutely no need to read this paper, the highlights, which I will give you today, might make you feel a little more normal. Plus, I’m going to poll you on all their areas of discussion and report back for you to the Treasury Department - so they know what you think as proactive pre-retirees and retirees! So stick with me - let’s have some fun today! But I need to give you a little background first.

The Retirement Income Review back in 2020 started the push by regulators to make retirement easier to understand. They pointed out that it is inherently challenging to navigate the different parts of the retirement income system, combine multiple income sources, consider the needs of your partner and dependents, and manage the numerous risks and changes in circumstances.

“Australians need better access to information, advice, and well-rounded retirement income products to help them navigate these challenges,” the Retirement Income Review report stated bluntly.

Reading the discussion paper about retirement this week, it is clear that the government knows how hard the retirement system is to navigate and they are continuing to call to arms the superannuation industry, trying to make it their job to help you with more financial advice, more financial literacy education and better retirement income products. But they also recognise that funds have been slow to respond, so the Treasury is suggesting a range of ways they could use their big stick to speed things up. 

“While industry is moving in the right direction, there is still a long way to go. Superannuation funds need to do more to understand their members’ retirement needs, set a vision for their members’ retirement outcomes, and provide well-rounded retirement products. There is a role for government and regulators in creating an environment that supports these changes.”

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

So what are the problems that most Australians face when they are navigating retirement? The government points out a few in their discussion paper that might in fact make you relax and know you’re part of the wide majority wondering how retirement works as you loom toward it. 

I’m going to run through each issue then poll you below so please click your responses on each section - the polls are completely anonymous. And please be honest - don’t tell them what they want to hear - tell them/me the truth about how you really feel. I’m using it to tell the truth about retirement to the powers that be!

Issue 1: Planning a retirement income is really complex

Most of us spend 40-50 years of our life living off a single income stream from working. Then, when we hit retirement, we suddenly have to grapple with multiple sources of income from superannuation, the age pension, and investments outside super - many of which change over time, as markets perform or underperform; we draw down on our superannuation balances and our age pension eligibility shifts. It’s a lot more complicated than most people have ever managed before. And it is super-difficult to know with any level of certainty how much you can afford to draw down from super while leaving enough to fund a lifetime of living expenses, your epic retirement ambitions, and preserving funds for your aged care and health needs too. 

Issue 2: We think of superannuation as our nest egg or legacy not our income source

We spend decades being told that our superannuation is our ‘nest egg’ and our most powerful investment, then when we get to retirement we now have to adjust that way of thinking and start to see our superannuation as a key source of income. This shift is difficult for everyone. It’s hard to start drawing down on your hard-earned income generating assets, beyond the income they generate each year. But you might be able to live a better life if you do. 

“The Retirement Income Review found some retirees held the view that they should only draw on the income earned on their superannuation assets, not the capital. While this mindset is often held when people are saving for retirement, it can lead to lower living standards in retirement,” said the discussion paper. 

Issue 3: We are withdrawing only the default amounts or the minimums from superannuation

Most Australians currently rely on an account based pension product for their superannuation income in retirement, which is actually a pretty simple retirement investment account with no guaranteed income streams. The government has set minimum drawdown rates for the retirement phase of superannuation and most people only draw down this amount, which starts at 4% for under 65s and grows as you get older. Most people don’t draw more, perhaps out of fear, or potentially out of a lack of understanding of the intent of superannuation the product that was designed to fund your retirement - not be a legacy for future generations.

The reality is that for most people, the minimum drawdowns are not enough to live in comfort, even when added to the pension. And it is really hard for average Australians with super balances of $150-250,000 to choose an amount to draw down that will eat into their capital saved, impacting their longer term need for a safety net. 

Increasingly, the government wants people to have greater certainty about how much they could afford to draw down, and they want super funds to provide this by pushing them to offer a new type of product which offers a guaranteed income for the rest of your life. This space is still not very advanced, so it will take some time for people and their advisers to understand it - but it’s coming. 

“Life expectancy at birth in Australia is 83, however this translates to a female retiree at age 65 having a 45 per cent chance of living to 90, and 33 per cent for a male retiree. In effect, the likelihood is even higher as improvements in health and medicine will further increase life expectancy during a person’s retirement. As a result of increased life expectancy, more retirees need to rely on retirement incomes that are sustainable into their late 80s and 90s.”

There’s more to the paper - and I’ll cover that another time. But today, I hope in knowing the big issues, you can feel a little more ‘normal’ as you approach retirement and try to navigate it successfully. I’ll be doing my best to advocate for you with Treasury so they know how they can help you. If you want to email me with your thoughts, I welcome it! Just reply to this email or email me here.

It's no secret that our clothing style changes as we age. The trick is working out how to dress, and present yourself to the world when everything ELSE in life changes.

In episode 7 of Prime Time, I chat with fashion designer and stylist for people of all shapes and sizes, Nikki Parkinson, and we discuss dressing for your life, not your age. Nikki has been a voice of empowerment in style with her social media powerhouse brand Styling You for more than ten years. And today she shares her best Prime Time advice, as a Primetimer herself! Remember you can sign up for the podcast newsletter to receive the highlights when it comes out weekly at Primetimers.net. And don’t forget to leave us a review and a rating. It helps people find us.

Listen now

LISTEN HERE - LATEST EDITION (S1E7) - OMNY

or listen on APPLE PODCASTS or SPOTIFY PODCASTS 

Well things quieten down for me from this week. I waved one adult child off to work in the snow of Whistler for a few months so have one less person to tidy up after. And my last column for the year is in this weekend’s newspapers, before the money columns shut down for a break. We’ll keep podcasting and sending this newsletter all the way through the season though - so keep looking for me.

I got some big news this morning! Our fresh new podcast called Prime Time has hit 25,000 downloads on it’s seventh episode! For those of you not in the world of podcasts (hey - I’m new to it too!) that’s really good news. It means LOTS of people are listening. It’s exciting to see you all embracing it. And that gets me up every morning to dream up new topics. Gosh we’re having some fun. I have this wonderful Producer from 9Podcasts Genevieve, who makes the show with me and together we’re loving your ideas and feedback. I’m interviewing the author of “Mrs Winterbottom takes a Gap Year” next week - the episode will come out after Christmas. It’s a hoot of a book. I’ve been reading it all week. It feels like the fiction companion to Epic Retirement.

Those of you following along since I started this newsletter know I really care about everyone learning how to have an epic retirement. And I really feel like I’m really helping you with all the beautiful emails you are sending me. Thank you! As I mentioned I have a few big projects in front of me that I really could use your help on:

I am writing my next book which is all about the life we might live if we don’t have to retire fully - but we start living our best life now.

I’d like to invite you to be a part of my insight gathering. Please, if you would be keen to have a chat, fill out this form and I will call you personally for an interview. There’s nothing like a book built from real, at-the-coal-face insights.

I am releasing our retirement education program via superannuation funds and employers

I have almost finished developing a really well-made Epic Retirement Education Program which I am offering next year for you to do, or even better, I am hoping that employers and superannuation funds will actually offer it to you. If you work for a company and know the right people for me to speak to to make it part of their education offerings - please hook me up. I just want people to better understand and navigate the journey into retirement. And if you just want to register to hear about it when it’s released, you can register your interest here.

Finally, I am receiving some great ideas and titbits from so many people for the podcast, articles and the newsletter - thanks! I try to reply to everyone and I certainly am keeping a little juicy ideas file - so that everytime I get a moment to research for books and podcasts and columns, I have good places to start. If you have some - email them in to bec@epicretirement.com.au. I love hearing from you.

Leave a comment

Until next week… make it epic!

Many thanks! Bec Wilson

Author, podcast host, columnist, retirement educator, and guest speaker

Or you can order a book in our online shop and I’ll sign and inscribe it for you.

How retirees can deal with the rising cost of living this Christmas

In this short Sunday edition:

SMH/The Age column: How retirees can deal with the rising cost of living this Christmas

Prime Time podcast: How you dress matters! And it's not an age thing, it's your attitude with Nikki Parkinson

Each weekend I publish a column in The Age, The Sydney Morning Herald, Brisbane Times and WA Today money section. This article was first published here.

The latest data released this week from the Association of Superannuation Funds of Australia (ASFA) paints a concerning picture for retirees.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

The cost of living for a comfortable retirement has surged by 1.3 per cent for the quarter for couples, and as much as 1.5 per cent for single people as fuel, electricity and insurance costs continue to rise.

Inflation of electricity and utilities is hitting single people at a higher rate as they grapple with the escalating costs of electricity and utilities on a sole income.

According to the ASFA report released this week, the amount Australians need to have a comfortable retirement has increased to an unprecedented $71,724 for couples in the September quarter, up 1.3 per cent.

For singles, the rise is slightly steeper at 1.5 per cent, totalling $50,981. This results in a 12-month rolling inflation rate for retirees at 5.5 per cent, just above Australia’s Consumer Price Index (CPI) standing at 5.4 per cent.

The burden on single retirees is more pronounced in this quarter because of the hikes in energy and utility costs, which have soared by 12 per cent in the past year. Fuel prices have increased by 7.2 per cent in the September quarter, acting as a significant catalyst for inflationary pressures.

If you’re struggling, take another look at the simple ways you can find a few extra bucks. It might make it a little easier this Christmas.

Insurance costs continue to outpace other living expenses, surging by 2.8 per cent, while telecommunication charges have risen by 1.9 per cent, and postal services have experienced a substantial 8.2 per cent hike, attributed to elevated fuel costs being passed on to consumers.

The escalation in electricity prices is a huge driver of cost-of-living inflation, with most retired people seeing a 4.2 per cent increase in the September quarter. For those ineligible for government rebates aimed at pensioners and seniors concession cardholders, the impact is even more pronounced.

Over the year, electricity costs have surged by a staggering 18.6 per cent, excluding any rebates. That’s a significant burden on people who are already navigating a challenging economic landscape.

There’s some good news in the quarterly data, though. Some of the basic costs of living which have been rising quickly in previous quarters have seen their inflation slow right down. The cost of food was only up 0.6 per cent, the cost of clothing was only up 0.4 per cent and the cost of healthcare was only up 0.1 per cent.

For those who are feeling the pinch, especially as we approach Christmas, it is a good time to take another look at your entitlements and benefits, to try to eke out a few extra dollars to help with the cost of living:

1. Make sure you are getting your energy relief payments. Government energy rebates are being paid in all Australian states and territories for pensioners, Commonwealth Seniors Health Card owners, and families receiving family tax benefits part A and B.

Despite the eligibility of thousands for these concessions, only a small portion of individuals appear to be aware. Qualifying customers in NSW, Victoria, Queensland, South Australia and Tasmania are set to receive up to $500 towards electricity or gas bills. Households in Western Australia, the Northern Territory, and the ACT, however, will only be eligible for rebates of up to $350.

This article continues with more examples and insight on the Sydney Morning Herald, The Age, Brisbane Times and WA Today here. It’s usually free to access the article - you may need to register.

How you dress matters! And it's not an age thing, it's your attitude

Our identities when we go to work are represented by what we wear and how we 'dress for success' but when our life starts to change, and become more varied - that changes too.

It's no secret that our clothing style changes as we age. The trick is working out how to dress, and present yourself to the world when everything ELSE in life changes.

What do you wear, if all your life you've worn a suit to work every day? Or a pair of heels? How do you dress for you attitude, for a new phase in life, and not your age? How do you think about fashion, style, and function, when your identity comes from a portfolio life of activities?

In episode 7 of Prime Time, I chat with fashion designer and stylist for people of all shapes and sizes, Nikki Parkinson, and we discuss dressing for your life, not your age. Nikki has been a voice of empowerment in style with her social media powerhouse brand Styling You for more than ten years. And today she shares her best Prime Time advice, as a Primetimer herself!

Thanks for reading Prime Time! Subscribe for free to receive new posts and support my work at Primetimers.net and on your chosen podcast app.

Listen now

LISTEN HERE - LATEST EDITION (S1E7) - OMNY

or listen on APPLE PODCASTS

or SPOTIFY PODCASTS 

It’s been an absolute hoot inscribing copies of How to Have an Epic Retirement as gifts and popping them in the post to you. I’m enjoying popping a little note inside the front, and I hope you enjoy giving them to friends and family members. We’ve got a good deal on our own website for black friday. Click here to shop on my website.

Or simply buy your copy at any bookstore

Don’t forget - you can buy How to Have an Epic Retirement wherever you get good books. Big W, Target, David Jones, Dymocks, QBD, major airports, and many many booksellers. If your smaller bookstore doesn’t have it in stock, ask them to get you one in. It won’t take them long.

How to Have an Epic Retirement is the ultimate guidebook for modern retirees. It walks users through the six pillars of an epic retirement, each critical parts of the retirement process if you want to live a longer, healthier and more fulfilling life.

Retirement cost of living surges: ASFA reveals up to 1.6% increases to retirement budgets

In this newsletter

Feature article: Retirement cost of living on the rise: ASFA increases budgets by up to 1.6% for the quarter

From Bec’s Desk

Help me with my next book

Podcast: How an entire generation cracked the game of life, working longer but stressing less: With demographer Bernard Salt

Retirement cost of living surges: ASFA reveals up to 1.6% increases to retirement budgets

There’s no real surprise to anyone living it, that the cost of living in retirement has risen for another quarter by 1.3%, well above the RBA’s target rate for inflation of 2-3 percent per annum. It’s hurting hip pockets everywhere, but moreso for single people, who are bearing the rapidly rising costs of electricity and utilities this year on only one income.

The latest ASFA Retirement Standard quarterly budgets were released today showing that a comfortable cost of living budget has gone up by 1.3 percent in the September quarter,  reaching an all-time high of $71,724. For singles, the increase is slightly higher at 1.5 percent, amounting to $50,981. This results in a 12-month rolling inflation rate for retirees at 5.5 percent, aligning closely with Australia's CPI, which stands at 5.4 percent.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

And it’s not just the comfortable budget that is affected. The modest budget for retirees has also increased, with couples facing a 1.4 percent increase in their budgets to $46,620 and singles facing a budget increase of 1.6 percent, amounting to $32,417. 

The big impacts to household budgets are felt unevenly for single people because the primary price rises this quarter are in energy and utilities costs, which have escalated by 12 percent in the past year. We’ve also seen a rise in fuel prices during the September quarter of 7.2 percent,  a primary catalyst for inflationary pressures. Notably in the September quarter, insurance costs have continued to  outpace other cost of living expenses, surging by 2.8 percent. Telecommunications companies have increased charges by 1.9 percent, and postal services have experienced a notable 8.2 percent hike, attributed to elevated fuel costs being transferred to consumers. No doubt there is more flow through of the fuel price to come. 

Electricity expenses have witnessed a rapid ascent, registering a 4.2 percent increase in the September quarter. For those ineligible for government rebates aimed at pensioners and seniors concession cardholders, the impact is even more pronounced. Over the year, electricity costs have surged by a staggering 18.6 percent, excluding any rebates, imposing a significant burden on people as they navigate a challenging economic landscape.

Other basic costs of living appear to be slowing nicely in the September quarter, with only marginal increases to the cost of food (+0.6%), clothing (+0.4%), healthcare (+0.1%) and leisure activities (+0.2%).

Here’s the latest ASFA budget amounts. They’re a helpful guide to benchmark against if you want to look for opportunities to trim your cost of living.

ASFA Retirement Standard budget for September 2023 quarter, released 29 November 2023

There’s a lot going on in the industry of retirement right now. Your superannuation funds are under enormous pressure from regulators to provide pre-retirees with more help and support as you navigate retirement. Some are stepping up, and others are still trying to work out what to do. And for those of you trying to step towards this phase of change, you’re becoming more curious about your choices. If this is you then look to your funds and see what they are offering. Many are offering you a whole lot of free or very low cost financial advice services that they don’t always promote well, along with a few good calculators and planning tools. Become hungry to learn. Use the tools and advice - and layer the information into your life. You can always add independent financial advice on top, when you’ve learned a whole lot of stuff for free from your fund.

I dont think retirement should be a mystery to you, but you also need to realise that all your questions can rarely just be answered in one go. Navigating your retirement years is like having your first child. You are going to spend years trying to figure out what the changes mean, and over time, you will figure it out your own way. You’ll need to talk to lots of people experts and not-so-experts, read lots of advice, and disregard a lot of opinions too. That’s completely normal - so start rolling around in it - you might just be surprised what you learn.

Now, let’s talk about my article in the Sydney Morning Herald and The Age, last weekend. It created quite a #### storm, with lots of emails pouring in about how irresponsible I am teaching people about ‘the sweet spot’. Gosh. It’s tough to sit in my chair where so many people approaching retirement need insight into how to bring a relatively small super balance together with the pension to make ends meet. And how well it can do the job. At the same time, many people here are self-funded retirees who have worked and saved hard for decades and are in a good position, but have to do it all themselves and they’re frustrated no doubt that these sweet spots exist and worried too many people will blow the lot on my insights. No, I don’t want everyone to go out and blow all their retirement savings frivolously because they read one newspaper article. But I do want them to understand the systems of retirement and how to live their best possible life. To learn about their choices!

All I can say, is that in 800 words in the newspaper I can only tackle one part of retirement systems at a time. I can’t give comprehensive insight that takes in drawdown rates, taper rates and tackles super balances and the aged pension in one go. So never assume what I am telling you is comprehensive enough to deploy without more personal advice from a qualified financial planner. I’m trying to give you tastes of the ways you can USE the systems to your benefit, to have an epic retirement. And everyone deserves to have an epic retirement - not just the wealthy. Want to know what all the fuss is about - read it here: “The sweet spot: how to earn more while having less in retirement”. Put a comment on this newsletter here if you want to discuss it as the SMH has comments turned off - probably for good reason. Or email me - I have thick skin. I love your feedback - that’s how I know we’re all alive and reading ☺️.

Leave a comment

This week it’s getting dangerously close to Christmas - yep - 4 weeks to go. I’m waving one child off for Canada in just a few days to become a ski teacher for the season - a sad (for me) and wildly exciting part of her growing up. And I’m contemplating the fun of the summer months ahead, with only some simple camping booked, knowing I have another book to knuckle down and write, during the quieter months of December and January (more on that below). And that the Epic Retirement course is almost ready, and will be launched in 2024. It’s so cool! Register your interest here.

I’m absolutely loving your letters. Thanks for so many nice words about the book, the podcast and the column. It really is great to know you’re reading and listening to all of it, and moreso - that it’s helping you. If you want to write, just reply to this email.

The most delicious thing I can ask of you is that - if it helps you, consider buying a copy for a friend for Christmas. You can order it here. Or sending this email on and telling someone about what I do.

Many thanks! Bec Wilson

Author, podcast host, columnist, retirement educator, and guest speaker

Get involved in my next book - help me write it

Over the next 3-5 months I’m writing my second book, and this one is broader than How to Have an Epic Retirement. For this book I am starting to ‘talk to people’, particularly those who are in their 50s and 60s, about their attitude to this stage of life, what is going on for them, what they are really worried about, and what they want answers to. It might not be about retirement so specifically, but planning for this new phase of life where we don’t really ever retire (other than to ‘access our Super’). I’d like to invite you to be a part of my insight gathering. Please, if you would be keen to have a chat, fill out this form and I will call you personally for an interview. There’s nothing like a book built from real, at-the-coal-face insights.

Podcast: How an entire generation cracked the game of life, working longer but stressing less: With demographer Bernard Salt

It’s episode six of Prime Time, and this week I chat with Bernard Salt, world renowned demographer and social commentator about how our generation is doing pre-retirement and retirement differently. Bernard Salt probably knows more about the pre-retirement and 'lifestyle years' than anyone in the country. He's dedicated his career to studying this age group and how we are changing the way we live, work, buy, spend and sell. And it’s great to hear him talk about us so candidly - and how we’ll all probably be working longer, but doing less.

Listen now

LISTEN HERE - LATEST EDITION (S1E6) - OMNY or listen on APPLE PODCASTS or SPOTIFY PODCASTS

Don’t forget - you can buy How to Have an Epic Retirement wherever you get good books. Big W, Target, David Jones, Dymocks, QBD, major airports, and many many booksellers. If your smaller bookstore doesn’t have it in stock, ask them to get you one in. It won’t take them long.

I also sell them on my website, and you can order one with a custom inscription handwritten by me! Yep really! Order here.

How to Have an Epic Retirement is the ultimate guidebook for modern retirees. It is grounded in my own widespread research on modern retirement, and draws on my prior ten years as the CEO of Starts at 60 and Travel at 60 (before I stepped away to pursue my next career in retirement education). It also draws on the work of the leading thinkers in the longevity, health, happiness, purpose and modern ageing spaces and incorporates many interviews with people who have navigated the sometimes challenging path into retirement.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

Finding the sweet spot: How to earn more while having less in retirement

Happy Sunday morning again!

Each weekend I publish a column in The Age, The Sydney Morning Herald, Brisbane Times and WA Today money section. And this week’s really hits the spot - the SWEET SPOT where you can have less super and make more money than a self-funded retiree with a lot more money.

Thanks for reading Epic Retirement! Subscribe for free to receive new posts and support my work.

I’ve already received some great letters about this column! If you’ve got something to share - leave a comment on the post. Or email me (bec@epicretirement.net). I love ideas and inspiration for future columns!

I’m jumping the gun and putting up the Chrissy tree and lights today. Is yours up yet? Have a good one… and make it epic!

In this short Sunday edition:

SMH/The Age column: The sweet spot: How to earn more while having less in retirement

Prime Time podcast: How an entire generation cracked the game of life: working longer, but stressing less, with Demographer Bernard Salt

Christmas books: Is someone you know retiring or thinking about it? Here’s a Black Friday deal on How to Have an Epic Retirement

The sweet spot: How to earn more while having less in retirement

There’s this strange little anomaly in our retirement system that’s truly worth understanding. It’s the fact that people with less superannuation can actually end up earning more retirement income - just by knowing how to use the systems of retirement well in Australia.

It’s called the “sweet spot”, and it’s where both singles and couples with a lower superannuation balance leverage the age pension alongside their superannuation income stream to earn more in retirement income than someone with a far larger superannuation balance can at the same drawdown rates.

This begs the question: is it worth the grind to become a self-funded retiree, when starting retirement with a more modest super balance can still secure a moderate income?

To break down how to find the sweet spot – or the amount of money to be holding in superannuation when you hit pension age and meet the conditions of release – there are three things we need to understand. This will help maximise your income from the pension and super combined without being penalised for having more.

The first thing you need to pay good attention to is the pension assets test thresholds for the full pension. This is at the heart of the sweet spot and every time the assets test thresholds change, the sweet spot changes.

Right now, the limits for the full pension are $451,500 for couples and $301,750 for singles. If you have more than this, your pension income is tapered. And the taper rate is the second thing you need to understand.

No matter which way you look at it, the sweet spot is a good thing for those with average superannuation balances.

The taper rate is triggered on every dollar earned over the assets test thresholds, deducting $3 from the fortnightly age pension for every additional $1000 beyond the specified asset threshold.

In practical terms, this would mean a person is penalised by $78 of fortnightly pension income (26 multiplied by $3) for each extra $1000 in assets. So if you were to have more in super, you would need to be earning a return of more than 7.8 per cent on those monies to offset the impact of the taper rate on the age pension. Or, if you’re close to the assets test thresholds, you might find you earn more in total fortnightly income if you dispose of some of your hard-earned super, spending it on holidays, renovations, or quickly depreciating assets like cars and boats.

The third thing you need to understand is the impact of earning additional income on your bigger financial picture, particularly from working. If you are looking to the pension to deliver a significant portion of your retirement income, then you’ll want to understand the Pension Work Bonus, and the Pension Income Test Free Area which combined, from 2024, will offer you $11,800 in money you can earn from working before your pension income is reduced.

Let’s consider a straightforward example. Jenny and Jim, both 68 years old, have combined assets of $451,500 in superannuation and own their family home outright. Drawing the mandatory 5 per cent superannuation drawdown rate yields $22,575 from super.

Additionally, they receive a total of $42,988.40 from the age pension. In this scenario, their combined annual retirement income stands at $65,563.40, closely aligning with the amount deemed comfortable for retirement. They could also afford to earn an additional $11,800 from working without affecting their pension income at all.

In contrast, Alice and Bob, also 68, hold $1,200,000 in combined superannuation, fully own their home, and are ineligible for the age pension. Adhering to a 5 per cent drawdown rate, their annual income from superannuation amounts to $60,000.

This article continues with more examples and insight on the Sydney Morning Herald, The Age, Brisbane Times and WA Today here. It’s usually free to access the article - you may need to register.

How an entire generation cracked the game of life: working longer, but stressing less, with Demographer Bernard Salt

The Prime Timers are creating a whole new stage of life: The Lifestyle Years, a phase of life that brings a new balance to work and leisure time that previous generations simply couldn't enjoy.

It’s episode six of Prime Time, and this week I chat with Bernard Salt, world renowned demographer and social commentator about how our generation is doing pre-retirement and retirement differently. I have looked forward to recording this episode since the podcast began.

Bernard Salt probably knows more about the pre-retirement and 'lifestyle years' than anyone in the country. He's dedicated his career to studying this age group and how we are changing the way we live, work, buy, spend and sell. And it’s great to hear him talk about us so candidly - and how we’ll all probably be working longer, but doing less.

Listen now

LISTEN HERE - LATEST EDITION (S1E6) - OMNY

or listen on APPLE PODCASTS

or SPOTIFY PODCASTS

Black Friday Sale: inscribed copies of How to Have an Epic Retirement on sale

It’s been an absolute hoot inscribing copies of How to Have an Epic Retirement as gifts and popping them in the post to you. I’m enjoying popping a little note inside the front, and I hope you enjoy giving them to friends and family members. We’ve got a good deal on our own website for black friday. Click here to shop on my website.

Got your copy yet? Buy it at any bookstore

Don’t forget - you can buy How to Have an Epic Retirement wherever you get good books. Big W, Target, David Jones, Dymocks, QBD, major airports, and many many booksellers. If your smaller bookstore doesn’t have it in stock, ask them to get you one in. It won’t take them long.

How to Have an Epic Retirement is the ultimate guidebook for modern retirees. It is grounded in my own widespread research on modern retirement, and draws on my prior ten years as the CEO of Starts at 60 and Travel at 60 (before I stepped away to pursue my next career in retirement education). It also draws on the work of the leading thinkers in the longevity, health, happiness, purpose and modern ageing spaces and incorporates many interviews with people who have navigated the sometimes challenging path into retirement.

Belly fat - a threat to your epic retirement

In this edition

Feature story: Belly (or visceral) fat - a threat to your epic retirement

Prime Time Podcast: How much do you really need to retire in comfort

From Bec’s Desk this week

#Ad 🌟 Maximize your brand's impact: Epic Retirement sponsorship opportunity! 🚀

Join us in shaping epic retirements! Become a sponsor or partner for 2024.

Reach over 25,000 individuals passionate about preparing for and living their best retirement each week. Elevate your brand in our exclusive email sponsor position. Your support fuels our commitment to providing valuable info, education, and resources. Connect with engaged pre and post retirees, showcase your brand in our weekly emails, and make a lasting impact. Act now - contact us at bec@epicretirement.com.au. Be part of the journey to empower retirees to live their best lives!

Belly fat: a threat to your epic retirement

None of us want to carry fat around our middle. But far beyond the cosmetic concerns, research is telling us that visceral fat, often referred to as belly fat, is increasingly important to manage as we age if we want to maximise our healthspan. So for those chasing down an epic retirement, worrying about your waistline is medically important. 

According to scientists, there is a close relationship between the higher amounts of visceral fat that arrives after midlife, and the increase in insulin resistance, and inflammation. And these three symptoms, together have been shown time and again to be leading contributors to age related diseases later in life like cardiovascular disease, hypertension, diabetes and metabolic syndrome and even cancer.

Those quite frankly are enough reasons to get us worrying about our belly fat - as we plan for and live out our retirement.

What is visceral fat? 

Before midlife, most people become quite accustomed to managing  body weight and subcutaneous fat, but this is not the same type of fat that we have to tackle in the second half of life. As we age, both men and women experience an increase in visceral fat, which is harder to shift and often requires significant changes to lifestyle. 

Visceral fat is the fat stored around internal organs like the liver, pancreas, and intestines. It has long been recognised as a contributor to various health issues. But its significance becomes even more pronounced as we age. Post-midlife, both men and women often experience an increase in visceral fat, which is closely linked to changes in hormonal profiles and metabolic function. It plays out as an increase to the waistline, presenting as a ‘tummy’ or more rounded midsection. And it is important to recognise the effect that this changing body shape can be having on your whole body’s functions, and how you can take steps to manage it. 

What are the warning signs?

The warning signs are a waist circumference of above 89sm for women and 102cm for men. In reality, these are well beyond the goal. According to health literature, men should really be targeting a waist circumference of no more than 94cm, and women 70cm. 

So what can you do to bring your visceral fat under control? 

As we age, it becomes increasingly vital to take proactive steps to manage visceral fat and mitigate its associated risks. And the management of visceral fat requires different activities to managing subcutaneous fat, according to many scientific studies in this space.

Exercise regularly

The World Health Organisation recommends 150 minutes of moderate intensity exercise, and two sessions of muscle strengthening and flexibility activities per week. Medical specialists and scientists say you need a good balance of vigorous cardiovascular exercise and strength training to impact your visceral fat ratios. 

Eat for reduced inflammation

Have you ever stopped to experiment with the types of foods that increase and decrease inflammation in your body? You may not even realise that some foods are triggering internal inflammation, until you actively start swapping foods out.  Simple food swaps from high-inflammation causing foods like wheat and sugar, to fruit, vegetables, complex carbohydrates, lean proteins and healthy fats (avocadoes, fatty fish, seeds and such) have been shown to have a big impact on visceral fat ratios. As has increasing your fibre intake, potentially even supplementing it to ensure you are taking in 25 grams or more of fibre each day. 

Scientists also recommend increasing your intake of high protein foods like eggs, fish, meat and dairy products. 

Improve your sleep

There is a prominent scientific link between reduced sleep duration and increases in visceral fat. The ideal amount of sleep found through the studies of thousands of people  is about 8 hours. Beyond this, the benefits of sleep seem to plateau. But less than this, and there is a significantly negative correlation. So if you want to manage your visceral fat, work on your sleep habits. 

Contemplate probiotic, magnesium and fibre intake and gut health

Recent studies underscore the critical link between gut health and the storage of visceral fat. According to my research, there’s three key areas within your diet to take a deeper look at — probiotics, magnesium, and fibre intake - each of which wield significant influence over visceral fat storage. These three dietary elements can have a huge impact on long-term weight and visceral fat management. But let’s explain how. 

Increasing your fibre intake - studies consistently show that individuals who incorporate more fibre into their diets experience notable improvements in these aspects. The key lies in the role of fibre in nurturing a healthy lower gut microbiota, fostering an environment that discourages the accumulation of visceral fat. 

Increase your absorption of magnesium - The benefits of increasing your fibre intake extend beyond fibre alone. Magnesium, often hailed as a "magic mineral," that is significantly associated with lower inflammation and ageing related diseases. Notably, the fibre in your diet contributes significantly to the absorption of magnesium from food sources. Magnesium, in turn, has been linked to various health benefits, including its potential to influence visceral fat storage. Magnesium is also shown to have anti-inflammatory benefits, particularly if absorption is improved with increases to dietary fibre. These anti-inflammatory improvements can have a direct impact on ageing.

Consider probiotics in your diet - Considering probiotics adds another layer to the equation. Probiotics, the beneficial bacteria that promote gut health, have garnered attention for their potential in managing visceral fat. Incorporating probiotic-rich foods or supplements into your diet could foster a balanced gut microbiome, contributing to a healthier distribution of fat in the abdominal region. 

Consider intermittent fasting

Another valuable strategy for those combatting visceral fat is to explore intermittent fasting. An extensive body of research has delved into the benefits of this approach, often highlighting its positive impact through two main lenses. Firstly, intermittent fasting tends to affect visceral fat by reducing overall calorie intake, achieved through the adoption of condensed eating windows during the day. Secondly, it has demonstrated notable anti-inflammatory benefits, further enhancing its potential as a multifaceted tool in the battle against visceral fat.

There’s no easy answer to managing visceral fat, only the need to act on it, seeking out a healthier lifestyle, regular exercise, improvements to diet and sleep. And don’t forget to seek support from medical professionals if you think it will help.

You really need your body to be in good shape to have an epic retirement. It’s not just a passing requirement. You know it and I know it. 

Studies

https://pubmed.ncbi.nlm.nih.gov/36966579/

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6611773/

https://pubmed.ncbi.nlm.nih.gov/26288012/

https://pubmed.ncbi.nlm.nih.gov/36575144/

How much do you really need to live in comfort?

If you're heading toward the next phase of your life, you've probably asked yourself this big question: How much money do I really need to retire comfortably? This week I tackle it head on in the Prime Time podcast. Is there a magic number? Will I ever be able to quit my job or start stepping back from full time work? How do I work it all out for myself?

Listen now

This week I have invited radio personality and weekends presenter at 4BC 882, Spencer Howson back onto the show to chat about money with me, and help me break down this big and important topic. With Spencer’s help I take a deep dive into how to plan for your retirement and build your own set of numbers, explaining how to build a vision for your retirement years and then calculate your numbers against that vision. He’s a blessing in disguise, making this tough topic much more relatable.

Listen now

LISTEN HERE - LATEST EDITION (S1E5) - OMNY

or listen on APPLE PODCASTS

or SPOTIFY PODCASTS

Well hello! Five weeks until Christmas and there’s a few things to talk about. Firstly, I did set up that online store that you all voted for last week - so you can now purchase a copy of How to Have an Epic Retirement, with an inscription, so you can give it as a personalised gift. Visit my online store here.

Or just want to buy it now? You can still purchase the book in most bookstores and in big booksellers like Big W, Target, Dymocks and, online at Book Epic Retirement">Amazon and Booktopia. It’s priced as low as $22-24 in some stores (Amazon, Big W and Target), which is a good Kris Kringle gift price.

This week I kicked off the writing of a new book, for those who are in their pre-retirement years. (Yep! I got a second book deal 🥳) And, if you would humour me, I dearly want your inputs, insights and thoughts over the next 3 months as I pull it together. Retirement and the years leading up to it are really changing. I keep saying that they are turning into our ‘Prime Time’ of life. And when I hear people’s stories and questions on the radio, social media and sent to me by email - they reflect it. But I need to know the questions that you really want answered and the biggest challenges you’re facing. If you’re in pre-retirement, or can reflect on your years, I’d love to hear from you about your experiences and the big questions this phase has raised for you. Email me on bec@epicretirement.com.au. I want this book to be very practical and useful.

Last week I presented at the Redlands Friendship Club, to a packed house of retirees, on the 18 Secrets of an Epic Retirement. It’s one of the guest speaking topics I am presenting on throughout the country in 2024. I also speak on several other topics, for those in their prime time/pre-retirement years, retirement and for those a little older who want to age well too. You can request a guest speaking info pack here. I’m rather passionate about the things we can all do to live longer, better quality lives and make our dollars go further. I speak for both charities and clubs; and corporate events.

And finally, my How to Have an Epic Retirement Education Program is progressing nicely and will launch in February 2024. Register your interest to find out more about it. We’ll be offering it through employers and super funds too - so feel free to reach out if you work within a corporate or fund and want to offer it to your members or staff as an organised program.

Keep an eye out for the Prime Time podcast. It drops on Thursdays - and you can listen to it wherever you get your podcasts.

Have a great week. And don’t forget to email me with your thoughts, questions and things you need more insight into as you approach retirement.

Together let’s make it epic!

Many thanks! Bec Wilson

Author, podcaster, columnist, retirement educator, and guest speaker