Bec Wilson's Blog, page 5

November 16, 2024

Ladies, please take your super seriously

In this edition

Feature: Ladies, please take your super seriously

From Bec’s Desk: 2025 plans all coming together

SMH/TheAge: Retirement is difficult and unaffordable and our funds must step up

Prime Time: Why women in Australia are retiring with less - and how to change it with Debby Blakey

HESTA are the sponsor of this newsletter — and we love their support. Here’s a little message from them to get us started…

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Ladies, please take your super seriously

And gentlemen - please don’t tune out now.

On average, women retire with about 40% less super than men. If you’re a man — these are your wives, your daughters and your sisters. If you’re a woman — this is your reality! This is a conversation we all need to be part of. Whether you're male or female, the super challenge women face is something that affects us all.

Women’s superannuation matters because, without action, it’s not going to improve. There’s two big issues that cause it…

1. The gender pay gap

According to the latest ASFA data, the average super balance for women at retirement is about $146,000, while men have $182,000. Why the gap? It’s for a couple of reasons: women still, in 2024, earn less—around 14% less on average—than men.

How do we fix it? The obvious solution is equal pay for equal work. Addressing the gender pay gap is key in ensuring women have the same financial opportunities, not just during their working years, but when building super for retirement.

2. The burden of caregiving

There’s also a social reality that women are more likely to take time off work to care for children or aging parents, which means less super is being contributed during these breaks. Women spend an average of 3.3 years out of the workforce raising children, and often return to lower-paying or part-time jobs, making it harder to build their super. On top of that, many women take on unpaid care work, further limiting their earning potential and super contributions.

How do we fix it? The 2024 introduction of superannuation contributions during maternity leave is a good start, but it only covers the official leave period, not the unpaid caregiving that many women take on for much longer. On the Prime Time podcast, Debby Blakey called for caregiver tax concessions to level the playing field. This is a conversation we need to push further with our politicians.

The other thing we can do is get practical — More on that below.

Practical steps we can all take help close the gap

So, what we do to ensure women aren’t disadvantaged? The good news is there are steps we can all take to help set ourselves up for a stronger financial future. Some are everyday steps - some need some real change.

Encourage loved ones to contribute to super during career breaks

I know, it sounds a bit wild to ask a woman to contribute to her super while she’s already sacrificing salary and time to care. But trust me, every little bit counts. If you’re earning less during a break, you might become eligible for the Superannuation Co-Contribution Scheme or the Low Income Superannuation Tax Offset (LISTO), which can help boost your super when you need it most. Even small contributions can make a big difference in the long run.

Another option to look into is the government’s Spouse Contribution Scheme, which allows your partner to contribute to your super during career breaks. It’s a great way to help boost your super when contributions are limited.

Superannuation Co-Contribution Scheme

For the 2024–25 financial year, the government will match personal (after-tax) contributions to your superannuation up to a maximum of $500. To be eligible, your total income must be $45,400 or less. If your income is between $45,400 and $60,400, you may receive a partial co-contribution. Once your income exceeds $60,400, you are not eligible for the co-contribution.

Low Income Superannuation Tax Offset (LISTO)

LISTO provides a tax offset equal to 15% of your concessional (before-tax) contributions, up to a maximum of $500 per year. To qualify, your income must be $37,000 or less. This offset is paid directly into your superannuation fund.

Consider salary sacrificing

If possible, salary sacrificing is an easy way to increase your super contributions and take advantage of tax breaks. It’s a simple step that can make a big difference over time.

Understand how your super is invested

If you could have 25-30 years of life ahead after retirement, it’s crucial to ensure your super is invested wisely. Investment experts recommend holding some of your portfolio in growth assets, like shares or property, to achieve strong, long-term returns. This helps ensure your super continues to grow and provides financial security during retirement. If you haven’t reviewed how your super is invested—do it now. Make sure it aligns with your retirement goals.

Remember, women often live longer than men, so be prepared

In Australia, women tend to live longer than men and may spend more of those years in poor health. That makes it even more important to be proactive about your financial future. Don’t wait—take control of your financial literacy and make sure you can manage your financial situation independently.

Ensure you have a credit rating

Many women head into retirement as the secondary cardholder on a credit card held in their partner’s name. The problem? This can create serious difficulties if you find yourself without access to funds later in life. Many banks won’t offer credit cards to retirees, even with a steady income from super or the age pension.

The solution? Apply for a fee-free credit card before you retire, and make sure you are listed as the primary cardholder. This ensures you have financial independence and flexibility in your later years. And make sure your name is on the bank accounts as an equal owner.

Encourage your daughters to start their superannuation early

We all know how powerful compound investing is. Encourage your daughters to start contributing to their super as early as possible—even small amounts at first. The earlier they start, the more their money will grow over time, giving them a strong financial foundation for their later years, even if they do take a few years out to care for her loved ones.

Be a lobbyist for change

One of the best things you can do is advocate for change. While individual actions matter, collective efforts are needed to create systemic improvements. Speak up about the issues women face with superannuation—whether in your workplace, community, or with your elected representatives. Advocate for policies that support women’s financial security, such as equal pay for equal work, tax incentives for caregiving, and reforms to ensure women are not disadvantaged in retirement.

By pushing for these changes, we can help create a more equitable system.

So, what are you waiting for — start by opening your super app and having a look at your balance. I put the benchmarks for how much women have versus men on our Prime Time newsletter this week — have a look here if you want to check yours.

Order signed copies of How to Have an Epic Retirement for gifting season

You can now purchase a signed copy of How to Have an Epic Retirement. I’ve popped up an Australian online store where you can order your copy and get it in time for Christmas gift giving. It’s something I love to do.

If you’re a corporate and want to give signed copies as gifts - we’ve got a ‘bulk deal’ too. (Or don’t hesitate to contact me by email for larger bulk options).

Shop now

Our Summer Edition of The Epic Retirement Flagship Course is wrapping up this week! Nearly 200 students have joined us for six weeks of epic education, six live Q&As with some of the most interesting and expert guests, and the rave reviews are flooding in as they complete the final week’s program. (Thank you everyone!) It’s been such a rewarding experience - again! I absolutely love running this course.

Our next program will kick off in February 2025. I’ll be putting it on sale before Christmas knowing some want to lock in their place. There will be four scheduled programs in 2025.

We’re also offering the program to larger corporates—either to pay for individual places for their team members to come along or, if their teams are large enough, to run exclusive programs for their employees. So, if you’re part of a big organisation with lots of pre-retirees, give your HR team a nudge and let them know to give me a call.

You can register your interest for our upcoming programs here — so you get notified when the 25% off early bird pricing drops. The dates are now available for our Feb-March ‘25 and April-June ‘25 programs.

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Last week we agreed on the cover of my next book - Prime Time!! It’s really coming together. The retail launch date has been set for 28th June 2025. So the countdown begins. The editor is hard at work pouring over the text. I’ve now launched into work on the International edition of How to Have an Epic Retirement. It’s rather fascinating to explore each of the UK, US, Canadian and New Zealand systems and how they fit within the six pillars of an epic retirement.

Next week I’ll take a break from writing to head down to the Association of Superannuation Funds of Australia National Conference in Sydney - to learn from all the experts. I’ll report back with the interesting stuff in next week’s newsletter for sure. (I’ll leave out the boring bits! 😎)

And in just two weeks I’ll be keynoting the Women in Super Christmas Party - so if you’re part of the industry - make sure you come along, and be sure to say hi after the official stuff is done. Tickets here.

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I have a big request - we want to do an edition of the Prime Time podcast about your Epic Retirements - and how you’ve made changes in your life. I’d love you to send me a letter we can read out - or even record a voice message we can play and send it in. 🏝️ Tell us your stories 🏝️. We’re going to feature these stories in the podcast - and do features in the Epic Retirement Club Facebook Group too. email me at bec@epicretirement.com.au. I can’t wait to read it!

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Finally, if you’re planning retirement education sessions for 2025, keep me in mind. I love the guest speaking and educating in person part of my work. It offers a direct contrast to sitting behind this computer educating in writing and on video - and it gives me the perfect balance. Want me to speak or educate somewhere? Email me.

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As you’re reading this, I’ll be waving my 21 year old daughter off for Canada again - hopefully only for the Canadian winter this time not for a whole year. It’s been wonderful having her home for 8 short weeks. I’m not ready to become an empty nester yet. Although I will enjoy one less person’s laundry in the house.

Until next week - make it epic!

Many thanks! Bec Wilson

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

Retirement is difficult and unaffordable and our funds must step up

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 17th November 2024.

It’s time to confront some hard truths – retiring looks difficult and unaffordable for many Australians right now.

The 2024 Brighter Super & Investment Trends Retirement Income Report came out this week, and it paints a sobering picture: retirement preparedness is at its lowest point in a decade.

Almost half of pre-retirees feel unprepared, and the gap between expected and needed retirement income has widened to a staggering 31 per cent, or an average shortfall of $1300 a month. It’s shocking data – and it should call our system to attention.

And if you’re a pre-retiree approaching retirement and feel concerned – know you’re not alone out there.

We’ve known for years that retirement is complex, but the 2024 edition of this report, backed by over a decade of longitudinal data, shows just how much the ground has shifted. Inflation and cost-of-living pressures are weighing heavily on both retirees and pre-retirees, with inflation now the top concern for those approaching retirement, and health the primary worry for retirees. For anyone nearing retirement, this financial landscape is downright unsettling.

While satisfaction with super funds is relatively high (59 per cent among pre-retirees and 71 per cent among retirees), the report highlights a critical issue: too many Australians lack access to the advice and guidance they need.

We have a system where confidence is falling, advice gaps are widening, and too many Australians are drifting toward retirement uncertain.

Four out of five pre-retirees report gaps in retirement planning knowledge, superannuation growth, and investment strategies – something that could be helped with both education and advice. Even more troubling, half of fund members are unaware that their super fund offers financial advice, and two-thirds don’t know if their fund provides pension products.

This article continues — Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

Why women in Australia are retiring with less - and how to change it with Debby Blakey

Today, we’re tackling a crucial and challenging topic—how women are retiring with less, and what we can do to change that. I’m joined by Debby Blakey, CEO of HESTA, a strong advocate for women in the workplace and for equality in superannuation. Together, we dive into the big issues women face today and look at the practical steps we can take to plan for a secure retirement, like finding the right advice, using the right resources, and making smart super decisions.

We also get into the deeper issues that hold women back in retirement savings, and what we can all do to drive real change. This conversation is both practical—offering things women can start doing now to build their retirement security—and visionary, as we explore ways to make sure women are better valued for the roles we play both in the workplace and at home.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

View more on Bec Wilson's website »

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Published on November 16, 2024 12:17

November 9, 2024

Waiting for the pension to retire?

In this edition

Feature: Waiting for the pension to retire?

From Bec’s Desk: Champions and questions

SMH/TheAge: Is this the missing link for cheap, effective financial advice?

Prime Time: The ultimate ‘Grown up Gap Year’ through Europe with Fiona Dalton

Waiting for the pension to retire?

Retiring with a little less doesn’t mean you can’t make your retirement feel truly epic. It’s not about wealth; it’s about understanding how the pieces fit together to give you ‘enough’ for a comfortable life. If you’re counting down to the pension age of 67, there are steps you can take right now to get ready and make the most of what’s possible. Today, I’ve got a roadmap to help you navigate toward a satisfying, layered approach to income that can create the freedom to live well.

Here’s how to layer your income, understand pension eligibility, and boost your super so you can feel confident about the future you’re building. And remember, it’s never too late to dream big and shape a retirement that feels genuinely fulfilling.

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

Grasp layering your income

As we move toward retirement we have to grasp a new way of thinking about income and cash flow. It can feel uncomfortable at first – and even uncertain but most people find the new way of living establishes itself in the first year or two. The simplest reality is we have to go from living on a single paycheck to living on multiple streams of income, some that have more certainty than others. Many people juggle a fortnightly income from the age pension, an income stream from superannuation, also usually paid fortnightly, and then they add to that other sources of income like working, and income from investments like rental properties or shares held outside super too. Understanding each of your income sources can help you have greater confidence in how to manage your costs to ensure you have ‘enough’. Let’s talk through those layers.

Understand your pension eligibility

About 50% of Australians in retirement today are dependent on the age pension as a critical source of retirement income, and 62% access a pension – so it is far from a dirty word. In fact, it’s a really impressive layer of income that can help you have enough to retire in comfort. Pension eligibility is calculated using two tests – the assets test and the income test. It’s worth doing a deep dive into both, years before you retire to get some perspective on whether you’ll be eligible for a part pension or a full pension. You are evaluated for the pension by the test you perform the worst in.

At a high level – the assets test – which is the test that more people are affected by at the moment, excludes the value of your family home. If you have assets of under $314,000 for singles and $470,000 for couples in total excluding your home, you’ll probably be eligible for a full pension from day 1 of your eligibility, so long as you don’t trip the income test. If you have assets of between $314,000 and $695,000 for a single person you’ll likely be eligible for a part age pension or between $470,000 and $1,045,500 for a couple. And if you qualify for even $1 of the age pension you can also get access to the pension concession card and commonwealth rent assistance - which can subsidie up to 40% of your rental cost if you are renting. If you have assets of more than $1,045,000 you may still end up entering the pension thresholds later in life, as you can reassess each year.

The income test is also important to understand and while it is more generous at the moment. It is calculated by adding together your ‘deemed income from financial assets’ a calculation you can do using the moneysmart website – effectively predicting how much the government will ‘deem’ your income to be from superannuation, shares, term deposits and other investments. You add your deemed income to the taxable income from rental properties and working (yes - lots of people in retirement still work). And you then calculate a fortnightly income amount. And, you need to allow for the ‘Work Bonus’ and the ‘Pension income free area’ – which can add up to $512 per fortnight for a single person before your pension is decreased from a full to a part pension or $972 for a couple, combined, taking in the work bonus and the income free area.

Why bother understanding the pension before you get there? Well this layer of income can be a great base-layer to plan around. When you know how much you can earn from the pension, it can then put into perspective how much super you need to draw each year to live comfortably.

If you have a lower than average super balance, and you’re waiting for the time when your pension kicks in, there a few things you can try to do to get ahead, or to start enjoying life while you work and wait for the big window of eligibility that hits when you turn 67.

Focus on paying off your mortgage or right-sizing your home

I’m sure I don’t need to reinforce this to anyone here – that you all recognise the benefits of paying down your mortgage before you retire. Living rent free for the rest of your life is an amazing thing, and quite probably the best thing you can do to have financial confidence in the years ahead. Honestly, putting investment returns aside, the personal peace and safety that comes from owning your own home as you enter retirement. And, by and large, most Australians are still managing it - with just 13% renting at the age of 65 in Australia today.

If your home is larger than you need or in a more fancy suburb than it needs to be, t’s worth considering how you could re-strategise the use of the money tied up in your home to have a better life as you plan for retirement. Smart downsizing choices might see you demolish any remaining debt, and be able to contribute to super using the Downsizing Concession – but be aware of how much value you want to hold in your home to manage your pension eligibility. There’s lots to think about here – your super fund can usually help you with some pension-friendly advice.

Boost your super contributions

While you wait - look for ways to contribute more to super. Superannuation can feel a long way off earlier in life, but once you can see retirement in the future there really is no better way to build up savings for your future.

One of the simplest ways to increase your retirement income is to add extra to your super. If you’re still working, consider salary sacrificing a portion of your income into superannuation, particularly trying to leverage the concessional contributions cap of $30,000 per year that goes in at just 15% tax. You can, if you come into a windfall contribute using non-concesional contributions of up to $120,000 per year and don’t forget the downsizer contribution – if you sell your principal place of residence that has been held for more than 10 years you can put up to $300,000 per person into super. Then, theres two other clever things to consider:

Catch-up contributions: If you’ve contributed less than the cap in previous years, you may be eligible to make catch-up contributions, which could be an effective way to give your super a last-minute boost.

Spouse contributions: If you have a partner with a higher super balance, they can contribute to your super account (and potentially receive a tax offset for it). This can help build up your balance while reducing the overall tax burden.

Of course, there’s more on all of this in the book.

Think about a transition to Retirement (TTR) Strategy

If you’re approaching pension age but not quite there yet, and you want to go part time and start tasting retirement early, you might be eligible for a Transition to Retirement (TTR) strategy. This allows you to access part of your super while continuing to work part-time or even full-time, giving you the flexibility to reduce working hours while supplementing your income. You can access a tax-free income stream from super from the age of 60. It’s capped at up to 10% of your balance, and you can’t draw out a lump sum.

Most people use a TTR to draw a small income to top up work income - but you could also use it to get smarter on tax – using TTR strategy to maintain your current lifestyle while sacrificing more of your regular income that would be paid at a higher tax rate into super up to your concessional cap of $30,000 per year, allowing your nest egg to grow. It’s not a big arbitrage, but it’s something.

Consider how your super is invested

It’s worth exploring how your super fund is invested in the run up to retirement, and whether it is invested in line with your true risk appetite.

And finally, thnk about your budget and lifestyle

If you’re going to be pension-dependent, planning a sustainable retirement budget is critical and the earlier in life, even before retirement, that you can make adjustments to your spending, the better. And I don’t just mean chopping out all the good bits of life. Take a realistic look at your current expenses, focus on ways to trim them where possible and try to build out a savings budget pre-retirement from the excesses and a discretionary budget for lifestyle that you understand more deeply, so you know what you can afford to do, and what you need to start saying ‘maybe not’ to.

And stay focussed on paying off your debt before you hit yoru r-day if you possibly can.

Learn about the sweet spot

If you’re dependent on the age pension, it’s really worth better understanding the sweet spot between the age pension and superannuation. I’ve written a much longer piece on it here.

Consider getting some financial advice

Finally, if you’re likely to be pension dependent, there’s plenty of places you can get affordable advice. Centrelink offers free appointments with a financial services officer to help you navigate age pension eligibility; and your superfund will almost always offer you financial advice that can help you contemplate how to invest your super, what you can and should draw down in retirement and how best to combine superannuation income with the age pension. You’re probably already paying for advice in your annual fee – so it’s worth using it.

And, if you have more assets to consider, or a more complex situation, tailored professional advice could be the key to maximising your income and discovering strategies you might not have considered.

Finally don’t forget to dream

Once you understand your financial situation, and how much income you will likely be able to generate from the various layers available to you, start dreaming about the things you can afford, the life you want to live — and start working towards it. Make it epic.

It’s amazing how fast 2024 has gone by. Just 6 weeks until Christmas, and it feels like everything is relaxing or maybe it’s just me, having that huge book deadline behind me.

This week, I’ve been focussed on a couple of big events and buzzy projects.

A huge thanks to Ipswich Libraries who hosted a very fun “evening with Bec Wilson’ this week - and to all of the 130 people who came along. I’m told they always expect a drop off to these events, but there simply wasn’t a spare seat in the room. It was packed to the brim. And that’s a real thrill as an author, speaker and educator in a world where people don’t always leave their homes for events anymore.

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Calling out for Epic Retirement Workplace Champions

While I was at the Ipswich Library, I met a lady called Fadz, who works there. And over the evening, all her team kept coming up to me saying “She’s your biggest champion… She’s always suggesting Epic Retirement ideas - and helping us feel inspired, and has the book and podcast constantly in conversation”.

It made me stop and realise that we have lots of other people like Fadz in our community, who are embracing the lessons for how to have an Epic Retirement so much they are telling others about them and guiding people through. And it made me want to bring together a new ‘special’ group of ‘Workplace and Community Champions’ for Epic Retirement. I want to know who you are - so I can say thank you, and tool you up with things to make spreading the lessons easier over time. So if you’re a workplace or community champion for having an Epic Retirement, please complete this form. I’ll look for ways to make you even better at it in 2025 and I’ll be in touch more personally to look for things to do! And I’ll find ways to say thanks too! I know there’s quite a few of you out there - and I’m really grateful!

Here’s a pic of Fadz – what a legend!

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A huge request for epic stories - for the podcast and a special feature I’m doing

How to Have an Epic Retirement has been around for nearly 18 months now. So it seems like a great time to ask you for your epic success stories. We’re going to do a show on the Prime Time podcast to close out the year where we tell your stories and read your letters – so I’d love to hear from you. Would you write in and tell me how your Epic Retirement preparations and journeys are going – what you’ve discovered about yourself, money and the meaning of retirement. Share with me the transitions you’ve grappled with and the investments and changes to super you’ve made that built your confidence. Tell me about how your views on work have changed - and what you’re doing now for fulfilment. Share your healthy living lessons and tell me about your family and your travels – all the wonderful adventures you’ve had and the ones you have planned.

I’ll read the emails aloud on my podcast Prime Time – if you tell me I can. Please, send them to bec@epicretirement.com.au.

And, we’re going to start answering your questions weekly on the podcast - so send them in – it’s a new segment we’re going to start ASAP!

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The Prime Time podcast just kicked a big goal

OMG - our little podcast Prime Time just roared through it’s 50th episode and its 300,000th download! Many many thanks to the HESTA team for sponsoring the podcast this quarter enabling us to do what we do! This week’s episode is an absolute ripper with Fiona Dalton – all about her recent ‘Prime Time European Sabbatical’. Have a listen!

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Women in Super Christmas Party

If you’re in the retirement and superannuation industry I have one big event left this year - and that’s keynoting the Women in Super Sydney Christmas Lunch! What a gig! Hundreds of people have booked but there’s still a few spots and tables available. Here’s the link to book. Come along.

And that’s enough for one Sunday. Have a wonderful week. Make it epic

Many thanks! Bec Wilson

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

Is this the missing link for cheap, effective financial advice?

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 10th September 2024.

The Financial Advice Association of Australia (FAAA) has launched a digital campaign targeting “finfluencers,” urging people to talk to licensed financial advisers instead.

For those who can afford it and seek advice at the right times, I agree – quality advice can be invaluable. But here’s the reality: financial literacy is low for many Australians, and most people don’t even know if the advice they’re getting is truly suited to them.

Add to that the millions who simply can’t access affordable advice, and you’re left with people either trying to figure things out on their own or, worse, turning to influencer content that might not serve their best interests.

If we’re serious about building financial confidence in Australia, we need to look beyond pointing fingers at finfluencers. The real solution is self-help financial education – a nearly empty space where people can access unbiased, practical information without the sales pitch.

But here’s the catch: the financial advice industry isn’t set up to champion self-help education. A more financially literate public might not need advice as often, and that reality doesn’t drive revenue.

Instead of just criticising finfluencers, we should be learning from their approach – asking ourselves why people are turning to them in the first place.

Finfluencers pose a risk to everyone, but instead of just calling them out, maybe the financial advice industry could learn lessons from them

Let’s face it, most available financial education is dry, overly complex, or too disconnected from the real-life decisions people need to make. Why aren’t we investing in self-help financial education that’s engaging, accessible, and genuinely useful?

We need to fill the information gap with resources that empower Australians to make confident financial choices, not just create a bigger queue for advice services that are already unable to cope with the current levels of enquiry.

Imagine having programs and resources that people could turn to as life changes, helping them recognise when they need advice and when they don’t. Most people only need advice at pivotal times, not every year, and the industry can’t realistically serve everyone one-on-one.

Filling this gap with engaging education would mean equipping more Australians to make smarter decisions on their own terms, without relying on influencers who might not have their best interests at heart.

Just the other night, my 16-year-old son floored us at the dinner table. We were discussing how important homeownership can be for a secure retirement, and he suddenly said, “I’ll never be able to buy a house.”

We stared at him for a moment. “Of course you will!” we said, almost in unison. “You just need to understand how it works – get some reliable skills, a job you enjoy, and eventually save up for a deposit for a house you can afford – then the growth in value of your first house helps you gradually get a bigger house one day.”

But he was unmoved. “No, the message on TikTok is clear – I won’t ever be able to afford it.”

He’s not going to get financial advice until much later in life – does that mean he doesn’t deserve to learn? But where can he learn? His school doesn’t teach it, financial advisers don’t teach it, and mum and dad aren’t exactly ‘cool and current,’ in his eyes.

It’s not just TikTok. On Facebook, retirement finance groups are popping up everywhere. However, look a little closer, and transparency is lacking. These groups invite consumers to post their personal financial situations, sparking a flood of comments from members and ‘expert’ financial advisers – some of whom may be there purely for lead generation, possibly even paying for access to the community without disclosure. And the other commenters certainly aren’t qualified to offer advice.

How would consumers know? They’re left to sift through a confusing mix of opinions, unsure whom to trust. Many end up reaching out to one of these advisers lurking in the groups, which is concerning.

Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

The ultimate Prime Time sabbatical through Europe with Fiona Dalton

This week’s Prime Time is a real treat, with the fabulous travel guru, Fiona Dalton back on the podcast! You might remember Fiona from her last appearance, where she spilled all her insider travel tips. Well, she’s back to share something even juicier: her own grown-up gap year across Europe. Yep, Fiona took a massive sabbatical and travelled exactly the way she wanted, and she’s sharing every bit of her journey with us.

This show is an inspiration for anyone keen for a slow-travel European adventure. And, she did it solo — and keenly shares her lessons learnt.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

View more on Bec Wilson's website »

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Published on November 09, 2024 11:45

November 2, 2024

A major super fund had an outage this week. Almost no one realised

In this edition

Feature: Is it a midlife crisis, or a midlife transformation?

From Bec’s Desk: Watching and waiting

SMH/TheAge: A major super fund had an outage this week. Almost no one realised

Prime Time: The answers to your most frequently asked questions in the lead up to retirement

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Is it a midlife crisis, or a midlife transformation?

This is something I’ve been exploring in Prime Time, my upcoming book. The message is aimed at those in their 50s and 60s who are reshaping their lives—not just for retirement, but for every part of their journey. Tell me if it resonates - in the comments.

The “midlife crisis.” We’ve all heard about it—that cliché of people hitting their 50s, sometimes even their 60s, buying the sports car, quitting their job, upending their relationships or shaking things up in a big way. But let’s look at it from a new angle: what if the things that trigger us to make change in midlife aren’t a crisis at all? What if we think about this time in life as a time for transformation—a chance to realign, reimagine, and redefine what actually makes you happy and then to take action on embracing those things?

The smartest executive coach I know talks about the old idea of a midlife crisis as coming from a world where life was seen as a ladder—always climbing, always moving up in career, success, and responsibility. And if you chose to pause or take a step back? It felt like failure, and others would often judge you based on how they viewed that climb. But what if midlife—and all those years before we fully retire (because let’s be real, many of us still want to work after tapping into super)—is actually a chance to change direction and do what’s meaningful to you, not just what’s expected and get onto a path that we can enjoy through the whole next phase of our life — our Prime Time and our Epic Retirement? And if it is, then there’s a few things to talk about.

What triggers the urge to transform

For a lot of us, the push to change doesn’t just pop up, there’s triggers — and it helps to notice one when you see one. There’s usually a spark that starts the fire: a health scare, a sense of ‘inner death’, the kids moving out, or even that feeling of, “This just isn’t working anymore.” It’s those moments that make you stop and think, “What do I actually want now?” They can happen in midlife or the period leading up to your first go at retiring.

People who lean into that question often find themselves getting clearer on what they want this next phase to look like. And yes, it can take time. Many of us resist at first—holding tightly to that ladder like it’s a prize. But if you truly embrace the transformation, you start to know it’s happening in a more conscious way - and you see your power to choose.

Gradually, many come to realise that midlife isn’t about sticking to a script—it’s about designing a life that aligns with your values and desires. This isn’t a crisis; it’s a transformation, a chance to put what really matters front and centre — and feel good about doing that.

Redefining success

If we’re being real, most of us spent the first few decades ticking boxes—career, family, all that. But now, with a potentially longer midlife and plenty of Epic Retirement years we have a shot at rethinking what success actually means for us. It’s about going beyond the usual measures and finding what actually feels good to do each day, each week.

People start putting their time and energy into things that feel meaningful, not for anyone else’s approval, but because it’s what they love. When we frame midlife this way, it’s not about a “crisis”—it’s about taking the time to recalibrate and prioritise what really counts. Imagine doing that proactively, because the time was right in life.

Having the courage to step off the ladder

The hardest part of contemplating stepping off the ladder (or being pushed off) is letting go of the old ideas about “being successful.” We’ve been so conditioned to keep climbing that stepping sideways or even down feels like we’re risking it all. But what if life isn’t a ladder at all? What if it’s more like a lattice—a chance to explore any direction that feels right?

The people who find real happiness in midlife and on the way to retirement are, in my opinion, the ones who give themselves permission to try something new. They make choices based on what feels good to them—not because they’re trying to prove anything. They’re living life on their own terms.

For many, this transformation brings a new sense of freedom and purpose. They find new passions, projects, and relationships that resonate with who they really are. And so often, they look back and say, “I’m so glad I went through that” or “This has been the best time of my life.”

The whole “midlife crisis” idea comes from a time when sticking to the plan was the norm. But now, you get to write your own story. So ask yourself: Is this a crisis, or is it the chance to finally create a life that feels like yours?

Some good questions to think about:

Is there anything going on in your life that you’re unhappy with?

What steps would you take if you knew no one was judging?

How would you define success now, on your own terms?

Found yourself contemplating this too? Tell us your story in the comments.

October 26, 2024

Your one minute Epic Retirement check in

In this edition

Feature: Your one minute epic retirement check in - are you on track?

From Bec’s Desk: Featured in the UK Telegraph!

SMH/TheAge: Australia could be cash free in five years: Here’s how to prepare

Prime Time: Australia is going to be cashless in five years: the interview with Dr Richard Holden

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Your one minute Epic Retirement check in

Whether you’re already retired, you’re looking hopefully towards the big day, or you’re trying to live your best life without fully retiring — this little three-question check in is designed to help you focus on what’s important.

I know everyone’s busy, but sometimes it just takes a minute to make sure we’re still on track and heading towards our best life. So today, rather then reading another long piece - I want you to go inside your head with this super-quick, one-minute check-in. Ask yourself these three questions – they’ll help you see if things are still aligned, or maybe point to how you can get them back on track.

Do I know what I actually want from this stage of my life?
If you’re still working, think about what you really want when your epic retirement arrives – more travel, projects, family time? If you’re already there, ask if what you’re doing now you’re retired is still lining up with what matters most to you - or have you drifted in focus. It’s your Prime Time and Epic Retirement, so make it fit you.

Are my finances doing the job?
Pre-retirees, is your savings and investing plan strong enough for what you want to do in the years ahead — or can you adjust it and improve it? For retirees, take a quick look at spending. Are you funding the things that bring you joy, or could you do a little reshuffling to make life more fulfilling?

Am I finding a good balance between ‘now’ and ‘later’?
If you’re close to retirement, don’t save it all for ‘someday.’ Enjoy some of it now. Already retired? What’s next? Your Prime Time keeps going until you stop– there’s always room for the next adventure. Have you got one planned?

One minute with these questions and you’ll know if you’re still on track to live this stage on your terms. Your epic retirement is really about making the most of these wonderful years we get to spend in good health — stay foccused on your active choices.

Of course, if you haven’t read the book, you might wonder what it’s all about! You can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

What a buzz! The Epic Retirement made waves with the Brits in The Telegraph this week!

It looks like the hunger for an Epic Retirement is spreading beyond Australia. The Telegraph in the UK ran a feature diving into the Epic Retirement framework, the book, and The Epic Retirement Club. Have a read – it’s not paywalled, even though it might look like it - there’s a tiny link to skip past the paywall!

In book news - I’m still tinkering with the last few pages, forewords, and case studies for my new book, Prime Time , which made it largely to the publisher right on schedule last Friday – phew!

Now we’re onto the next stages: editing, polishing, typesetting, proofing… and proofing again. It’s incredible to watch a professional publisher bring the whole thing to life! I’ve seen two wonderful cover options — and I can’t decide, so they’re asking a committee can you believe! Watch this space — it will be previewed soon.

—

The Epic Retirement Course is now rolling into Week 3 – and it’s all about finances.

Right now, everyone’s deep in their budgeting process, really digging into the numbers. Soon, they’ll start looking at their superannuation and thinking about whether it’s actually set up to work for them. Our Live Q&As keep right on pace with the weekly on-demand lessons, giving everyone a chance to ask questions and get real-time insights as they go. This week we have David Lane from Ord Minnett to answer tricky questions on superannuation, SMSFs and investing.

—

Next we have to talk about my big conversation on going cashless

Last time I raised this topic, the feedback was passionate – let’s say people have strong feelings about it! A lot of that was pretty emotional and didn’t always have the latest insights on what’s really driving the cashless economy and who’s paying for it — so I found a great expert who could explain it. So, if you’re curious about what’s actually happening and what it means for us all, tune into the Prime Time podcast this week.

Thank you to everyone who shared feedback in the podcast newsletter – loads of great thoughts - read them on the post at primetimers.net.

Dr Richard Holden is absolutely the expert in this space — and he’s a great explainer!

Finally - talking, education and getting out there

I’m starting to map out the year for 2025 can you believe and I want to do more guest speaking and lot more education within companies and organisations. If you have a conference or a cohort I can help! Want me to speak or educate somewhere? Email me.

And don’t forget to send me your letters! I love them. Please, send them to bec@epicretirement.com.au.

Many thanks! Bec Wilson

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

Australia could be cash free in five years: Here’s how to prepare

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 27th September 2024.

Australia will be a cashless society in just five years. This isn’t just speculation from the tech crowd or some wild prediction; it is the informed view of futurist and digital payments expert, University of NSW economics professor Richard Holden.

On my podcast this week, he says: “We are definitely moving towards a cashless society, probably in less than five years,” and the data backs him up.

In 2019, cash made up only 13 per cent of transactions in Australia, and today, some major banks report that cash is used in fewer than 4 per cent of their dealings. According to the FIS Worldpay Global Payments Report, Australia is projected to be 98 per cent cashless by 2024, and cash payments are expected to decline to just 2.1 per cent of in-store purchases.

Yet, despite these realities, we’re still lagging. We’re not doing enough to help older generations embrace digital payments, nor are we building the infrastructure needed for those in regional areas, and nor are we providing education and help for people who still feel more secure.

Banks and politicians often tread carefully around the issue, mindful of the large voter and customer base who still want the option of cash preserved.

But this caution may be delaying crucial discussions about how to better prepare and support those who will inevitably face this digital shift. Many are unaware of the full extent of cash’s decline or what’s likely to happen as it fades away – and what they can do.

Here are six insights into the cashless economy that I believe people need to understand better. Some may disagree, but I’m here to be an independent voice of literacy, education and reason.

1. Banks aren’t the villains in the story

When people think about fees in a cashless world, they often blame the banks. But it’s important to understand how digital transaction fees actually work. The fees we see on our receipts aren’t always coming from the banks.

Often, small retailers add their own surcharges to cover the cost of using payment infrastructure, like EFTPOS terminals. As Holden says, retailers have a choice: some absorb these costs, benefiting from reduced risks and labour involved with handling cash, while others pass the charges on to consumers because they can.

The truth is, banks aren’t profiting off every tap; they provide the infrastructure, and it costs money to maintain. Much of the fees you pay at the checkout are set by the retailers themselves. That’s why the government has moved to cap surcharges on card transactions – to stop businesses from overcharging consumers. It’s a move aimed at ensuring fairness at the checkout.

2. Fees will evolve in a cashless economy

As we continue to shift towards a cashless society, fees will inevitably change. With fewer people using cash, maintaining the infrastructure required for handling physical money – like ATMs, bank branches, and armoured cars for cash transport – becomes more expensive and could even be unviable.

The cost of managing cash doesn’t just disappear as fewer people use it; in fact, the costs of keeping cash around go up. This may mean surcharges on cash withdrawals or higher fees for physical currency transactions to cover those costs.

This article continues… and it’s worth a read!

Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

Australia is going to be cashless in five years: the interview with Dr Richard Holden

The percentage of cash transactions is likely now well into the single digits, and many people in midlife and beyond are feeling anxious. Concerns range from big banks charging "outrageous fees," to the fear of being without cash during natural disasters, and the risks of scams or having money stolen online. These are all perfectly valid concerns. So today, we’re going to dig into what’s really happening as cash disappears in Australia over the next five years.

I’m about to bust this wide open. We're tackling your concerns head-on and debunking the myths around who stands to win or lose as we shift to a cashless society.

Joining me is Dr. Richard Holden, Professor of Economics at the University of NSW, futurist and author of Money in the Twenty-First Century: Cheap, Mobile, and Digital. I’m also talking to Kylie Hall, Queensland State Manager of the Commonwealth Bank.

Dr. Holden is one of the leading voices on the future of cash. He has a deep understanding of how fees are actually charged on digital transactions, what governments should be doing in the face of natural disasters that wipe out power and internet, and what’s really coming down the pipeline in the next few years. His research is unbiased, and he’s extensively studied the decline of cash and its ripple effects. And Kylie Hall is at the coalface when natural disasters strike so she’s seen and managed what really happens.

Here’s why I’m passionate about this: I think cash lobby groups are playing on your fears, amplifying them to boost their own influence. Instead of fearmongering, we need to focus on educating, guiding, and helping people calmly navigate these changes and put in place new ways of doing things. Right now, we’ve got time to learn and adapt — so let’s use it to point to what we need to do, and help people, governments and businesses get there.

The reality is, cash will likely fade out over the next five years, whether we like it or not. Rather than resisting or ignoring the change, it’s smarter to understand the alternatives and the steps that governments, businesses, and financial institutions are already taking to ensure we all have safe, reliable ways to manage money in a cashless world and drive them to do more of what we need. We need to engage with this shift and prepare ourselves for the future—because it’s going to be effectively cashless.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

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Published on October 26, 2024 13:44

October 19, 2024

Letter: Your kids and your epic retirement - a transition for all

In this edition

Feature: Letter: Your kids and your epic retirement - a transition for all

From Bec’s Desk: Away from home

SMH/TheAge: Australia’s retirement system has a big blind spot

Prime Time: Your guide to busting stubborn belly fat in midlife

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Letter: Your kids and your epic retirement - a transition for all

Hey Bec — Can you do something about children and retirement, I’m a few years off retiring and still have teenage kids. How are others transitioning but still supporting children. I’m not specifically asking about financial and the bank of mum and dad but more about how going epic affects them and what are some considerations? Love what you’re doing keep up the good work, thanks! — Craig

Hey Craig! Thanks so much for the kind words—I’m glad you’re loving what we’re doing!

You’ve raised such a great question, and it’s one I hear a lot. Transitioning into retirement while you have teenage or early-adult kids at home is definitely a balancing act. It’s not just about the financial side (though we all know the cash drain of supporting them until much later in life; and the Bank of Mum and Dad is a thing), but also how we navigate that shift into our Prime Time and later, our “epic” phase while still being fully present for them and enjoying their company.

Here are a few things I think about when it comes to this:

Setting boundaries and expectations: As you move toward retirement, it’s about setting up a different kind of dynamic with your kids. It’s not about pulling away, but creating a life that supports your epic plans and allows them to flourish independently. I think the key is being clear about what your prime time and your retirement means for you and what it changes for the family dynamic. You might want to talk about how you are saving money for your own goals now (it’s good for them to understand financial goal setting too); about the phases of life you want to go through as you head toward and into your retirement, your changing income sources and how that changes the way you will be able to support them over time.

Modelling what an “epic” life looks like: Honestly, one of the best things we can do for our kids is to show them what it looks like to keep growing and living a full, purposeful life — staying curious and driving towards our own goals. It’s powerful for teenagers to see their parents pursuing new things, taking on adventures, and being active, engaged, and happy in this next stage. The truth is, the old life templates we grew up with are completely broken. There’s no one “right way” to live your life anymore, so forget those outdated expectations. Your version of epic is yours to create.

Supporting your kids through the transition: While you’re planning your epic retirement, it’s important to remember that your kids are going through their own transitions too—whether it's finishing school, starting work, figuring out their next steps, or becoming adults. It’s about striking that balance between giving them space to grow and supporting them when they need it because their lives will change many times over the years ahead, as will yours. Open conversations are key. Let them know what your plans are and how they fit into the bigger picture. This way, you’re not only shaping your own future but also helping them see that change can be exciting, not something to fear.

At the end of the day, going epic is about living fully—and that means with our kids still in the picture, but with everyone growing and evolving in their own way. As they become adults, you become a Prime Timer, and then an Epic Retiree. It’s a change for everyone — and it should be! Don’t be afraid to embrace the change.

You’ve got this!

Thanks again for reaching out, and keep me posted on how things go!

Cheers,
Bec

I’m writing this from beautiful Victor Harbour in South Australia where I nicked off to for a girls weekend with some fabulous women in entrepreneurship — just four of us on a girls weekend talking about life, values, and ‘stuff’ ALL weekend! It’s something I don’t do often - but have been reminded of the enormous value of. If you haven’t hung out with people like you, that you really like and just been present in a while - do it! And they’re all Prime Timers - so I’ve found myself explaining the science and the lessons from my new book all the time - so I know it’s useful! 😉

—

During the week I’ve hopped through a few places. It was a pretty big week. I spoke at the Morgans Financial Adviser Conference at Noosa for a couple of hundred financial advisers - talking about how they can help retirements become epic. Then it was off to Sydney for two events. A presentation to the board of a major super fund then an online conversation for the Allianz Retire+ ‘How to Make Retirements More Epic’ Adviser Report. Hundreds of advisers were on the livestream as we talked about how advisers can draw from and help create epic retirements. I am really enjoying the opportunity to bring some of the epic lessons to the advice industry.

Then, lastly I dropped into my publisher to see the proposed cover of Prime Time - my next book. What a week! I have a huge pile of laundry waiting at home because I literally just got home, ate with my peeps, changed suitcases each time and left again.

—

The manuscript for Prime Time — my next book — is due at the publishers this friday so I’ll be under a rock, hiding all week - no talks, no fun! It’s not far off finished — so I’m calm. I can’t wait til the day comes when I can share it with you.

—

Our Epic Retirement Course is going swimmingly—Our second live Q&A is on Monday night and I cannot wait! There’s so many wonderful conversations going on inside the course platform as people learn - it’s a buzz.

Thanks to Craig for this letter. I love letters. If you want to send one just send it to bec@epicretirement.com.au.

Many thanks! Bec Wilson

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

Australia’s retirement system has a big blind spot

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 15th September 2024.

Australia is often praised for having one of the best superannuation systems when it comes to accumulating, but once people reach retirement, things aren’t quite so rosy.

This was highlighted this week when Australia slipped to sixth position and dropped out of the number one spot in the Asia Pacific in the Mercer CFA Institute Global Pension Index, which ranks how well countries help their retirees manage their savings and provide a secure income.

While this shift might not grab headlines, it’s an important warning for anyone nearing retirement. Our system is great at making people save, and we’ve been successful at investing those savings, but we’re falling behind when it comes to helping retirees turn that money into a reliable income stream for the rest of their lives.

In short, we’re good at building up wealth but not so good at helping people spend it wisely in retirement.

For the first time, Australia has fallen behind Singapore in the Asia Pacific region—a country we’ve typically outperformed. The problem is that our system leaves retirees mostly on their own to figure out how to draw down their super.

There’s no requirement for people to use their super for retirement income, and many are unaware of how to go about it. To add to the challenge, there’s also a shortage of financial advisers to help guide people through these decisions.

Dr David Knox, senior partner at Mercer, says that the government should provide clearer guidance for future retirees, putting in place an obligation for them to convert at least half of their super balance into an income stream to support their lifetime.

He believes that such a change needs to be legislated to ensure super funds and retirees use super for its intended purpose. He also suggests that any new rules be forward-dated with plenty of warning to avoid political backlash.

This article continues… read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

Your guide to busting stubborn belly fat

This week, we're diving into the topic of stubborn belly fat – why it’s not just an annoyance, but a real concern for your metabolic health, especially in midlife. And more importantly, we’re talking about what you can do about it, practically.

I’m joined by Carly Barlow, aka The Metabolic Dietitian. Carly is an Accredited Practising Dietitian, and she’s here to share how a holistic approach to diet and nutrition can help you tackle belly fat and improve your overall health in midlife.

This is one of those easy-to-apply nutrition conversations you'll wish you'd heard years ago!

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

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Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

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Published on October 19, 2024 15:13

October 12, 2024

Is working a fifth day each week worth it?

In this edition

Feature: Is working five days a week worth it? I do the numbers on how much your fifth day of work is really earning you

From Bec’s Desk: And we’re off!

SMH/TheAge: Preparing for retirement: Where do you start?

Prime Time: Your guide to Australia's most beautiful walks with Brett Godfrey

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

Is working a fifth day each week worth it?

It might seem bold to discuss working less during a cost-of-living crisis, but it’s a question many of us face at different points in our careers: is it worth working full-time if you’re already earning enough to live comfortably, or would cutting back to part-time give you a better work-life balance? While it’s tempting to think that working more automatically means living better, the reality is more nuanced.

With the new 2024/25 tax rates in place, it's time to crunch the numbers and see what you’re really bringing home for those extra fourth and fifth days. Spoiler alert: the financial benefit might be smaller than you think, especially when you factor in the value of your time, well-being, and lifestyle gains from having more days off.

What’s the real value of your extra workdays?

As your income increases, so do your tax obligations, meaning the extra income from those fourth and fifth days of work might not be adding as much to your take-home pay as you think. With the tax changes already in place for 2024/25, the top marginal tax rate of 30% kicks in at $45,001. For higher earners, this means a chunk of your extra pay is being handed over to the ATO.

Let’s break it down with some examples to see what’s really happening when you’re pushing through that full workweek, and explore the impact of removing your fifth workday, and maybe your fourth too.

It’s not just about the dollars – it’s about your quality of life. Do you want to keep grinding through five days a week when those last couple of days are taxed so heavily?

Example 1: Earning $100,000 a year

If you’re on a $100,000 salary, that’s roughly $1,923 a week before tax. Here’s what happens if you work full-time:

After tax and Medicare levy, your take-home pay would be about $77,212 or $1,484 a week.

If you drop to 4 days a week, your gross income reduces to $80,000 a year and your net income to $63,612. That brings your take-home pay down to $1,223 a week, losing you $261.

If you drop to 3 days per week, your gross income reduces to $60,000 a year and your net income to $50,012. The fourth day of the week is therefore earning you another $261.

So, working each extra day adds about $261 more per week or $13,600 per year after tax. Now, $261 a week might feel substantial, but it begs the question: is it worth the extra time, energy, and stress that comes with full-time work? For some, absolutely. For others, that extra time back could be invaluable.

The difference becomes much more significant at the higher tax levels - above the next threshold that kicks in at $135,001.

Example 2: Earning $200,000 a year

For those earning $200,000 a year, here’s how it plays out. Working full-time, your take-home pay after tax and the Medicare levy would be about $2,689 a week. If you drop to four days a week, reducing your salary to $160,000, your weekly take-home pay would be around $2,235, losing you $454 for the fifth day.

That’s a difference of $23,600 per year after tax–a bigger amount than our $100k example, but remember, at this salary level, a significant portion of your income is taxed at 30%, and then another big portion, from $135,001-190,000 is taxed at 37c in the dollar; and the last $10,000 is taxed at 45c - meaning those extra workdays might feel like a lot more effort for less reward.

When does full-time become "less worthwhile"?

The tipping point where full-time work starts to feel “less worth it” depends on your personal situation. For many, it’s when you’re pushing into the $135,000+ salary range, where higher tax rates begin to bite. If you’re earning upwards of $190,000 – the threshold for the top tax rate of 45c, you’ll notice the impact even more.

At those levels, working full-time means you’re putting in the same hours, but the actual take-home pay from those extra days is significantly reduced by tax. This is when you might start to question whether it’s time to switch to part-time.

Is part-time the smarter choice?

It’s not just about the dollars – it’s about your quality of life. Do you want to keep grinding through five days a week when those last couple of days are taxed so heavily? Or would you rather take back that time to focus on things that matter more to you—like family, hobbies, or simply avoiding burnout? Have you got an income stream from investments that could pick up the gap? Or can you trim your cost of living back by that after-tax amount?

For many people, especially as they approach retirement, going part-time offers a more balanced way to live without a dramatic financial drop. And if you’re earning $150,000 or more, going part-time might be the smarter way to stretch out your career without sacrificing your personal life.

In the end, it comes down to your priorities. Is that fifth day’s $13,600 or $23,600 a year worth the grind of full-time work? Or could you live a little more comfortably by scaling back your hours and focusing on what really matters? It’s worth doing the maths and deciding whether those extra workdays are giving you the return—both financially and personally—that you really want.

This next book is a monster! I’ve been powering through rewrites of each section, polishing, checking, smoothing out the sections and making it all flow. I’m getting excited. There’s only one small section left to write — so I’m on track. My editor is happy, I’m happy. And hopefully you’ll find this new perspective on modern Prime Time and pre-retirement refreshing and helpful, making you happy too. The cover design work has begun. This will be real before we know it. I’m a little bit excited.

—

Next week, I’m hitting the road again, speaking at a few industry conferences and corporate events. I love talking about modern retirement—how it’s evolved and how the industry can help people navigate it; as well as talking to pre-retirees to educate. I’ll be in Noosa and Sydney, then heading over to Adelaide. Unfortunately, none of these events are public—they’re mostly educational sessions for financial advisers and super funds. But, I do have some exciting public events coming up, so keep an eye out!

One of the big exciting ones - I’ll actually be keynoting the Women in Super Christmas Event! Hundreds of women and their biggest supporters all in one place, celebrating the end of the year. Now that sounds like fun eh! Get your tickets!

And if you’d like more: I’m working up the courage for a book launch tour next year—something I’ve never done before! If you’re a business or community and you’d be keen to host an event on the tour, reach out. And if you’d be keen to come, give me an answer on the poll below.

Tell me where in the comments… and if you know a place we could hold them or want to support them - please reach out!

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I love the guest speaking and educating in person part of my work. It offers a direct contrast to sitting behind this computer educating in writing that gives the perfect balance. Want me to speak or educate somewhere? Email me.

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The Epic Retirement Flagship Course for Summer kicked off this week, and we've had so many wonderful participants register! They’re already diving into the week one videos and jumping into conversations in the Community Zone with excitement. This is exactly why I don’t offer the program on-demand—it’s the power of shared experiences. Hearing others’ fears, issues, and how they’re navigating their own retirement journeys adds so much value as you go through the process together. And you get all that AS WELL as the lessons and the workbook and the live Q&As… I’m excited for the weekly events to kick off Monday! I love them!

Anyway, if you haven’t signed on and you wish you had, I can still squish you in before the first live event Monday night, without you having missed anything. Register here with the code PRIMESUMMER24 for a 15% discount.

Or you can register your interest for our February program in 2025 on the website here.

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And I’m loving going on radio in regular spots. I just started a new regular spot chatting with Sofie Formica on 4BC on Tuesday afternoons. Have a listen. She’s terrific.

Anyway - that’s enough words - gotta save a few for the book. Don’t forget to send me your letters! I love them. Please, send them to bec@epicretirement.com.au.

Many thanks! Bec Wilson

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

Retirement is packed with choices: heres how to start

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 13th October 2024.

Retirement is a funny time of life. Some people can’t wait for it, while others push it to the back of their minds, thinking they’ll plan for it later.

Until recently, many people didn’t give it much thought until they suddenly realised they wanted their retirement to be different from previous generations. They wanted it to be epic – and that takes some preparation.

Every year, about 120,000 people retire in Australia, and that number will grow as the last of the Baby Boomers decide that they want to stop working. But how do you prepare for it?

Despite what some might claim, you can’t just walk into a financial adviser’s office and expect them to “plan your retirement for you”. There’s a lot more to it. Modern retirement is packed with choices, many of which you’ve never had to navigate before.

Think about it: almost everything in your life changes during retirement. What you do with your time, where your money comes from, how you spend it, where you find fulfilment, and where you find a sense of belonging.

With so much change, it’s surprising that most conversations still only focus on financial planning. Meanwhile, your body is changing, and you have to make important choices about how to manage and proactively support that as you age.

So, where do you start?

Preparing for retirement isn’t just about saving enough money—it’s about envisioning the life you want.

First, build a vision of what your life ahead might look like. Now, I hate to get all woo-woo on you, but this step is crucial, and depending on your age when you start planning, this can be quite challenging.

This article continues: read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

Your guide to Australia's most beautiful walks with Brett Godfrey

Australia is home to some of the world’s most breathtaking walking trails and multi-day hikes. It’s high time we started exploring our own backyard and embracing the great outdoors right here at home. In this episode, I chat with Brett Godfrey, someone you might remember as the co-founder of Virgin Australia, alongside Richard Branson. He’s now the co-owner of the Tasmanian Walking Company, and we’re talking about the incredible walks on offer in Tassie and beyond, and how you can make walking trips one of your own Prime Time challenges.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

View more on Bec Wilson's website »

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Published on October 12, 2024 13:45

October 5, 2024

Can we use our super to fund our beachside dream? Pros and cons

In this edition

Course: 4 days to go - don’t miss out!

Feature: Letter: Can we use our super to fund our beachside dream? Pros and cons

From Bec’s Desk: Seven out of ten!

SMH/TheAge: How do you know when you’re ready to retire?

Prime Time: How do you know when you’re ready to retire?

Summer Flagship Course starts in four days!

Our Summer Edition of the How to Have an Epic Retirement Flagship Course kicks off Thursday. There’s a 15% discount for those who book before the starting date now.

This is the last course for 2024. We won’t be hosting another until late in Feb 2025.

Want to learn more or download our NEW brochure? ➡️ visit the website here

Or book your place (This link has the 15% off applied)

I’ll leave you with one new review from our Spring program today…

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

Letter: Can we use our super to fund our beachside dream? Pros and cons

Hi Bec,
My husband and I love your book and reading your columns in the SMH.
We have a question for you and think it may be something that many people planning their retirement find confusing.
My husband and I dream of living by the ocean, can we use some of our super to fund our dream to live by the ocean for the first stage of retirement?
Our plan is to use some of our healthy super balance to fund this first stage of retirement. We plan to own this home for 10+ years and then to downsize as we age, at this stage we will use the downsizer contribution incentive and put back up to $600,000 into our super.
We hope that this may mean that we will be eligible for some part pension benefits.
We see retirement as having a few stages to it and while we are healthy and fit we would like to follow some of our life goals. We would love you to help us look into what the pros and cons would be in this scenario.
Thank you, Meagan

Hi Meagan

Thanks for your question! It’s fantastic that you’re thinking about retirement in stages and planning to live out your dream by the ocean while balancing your financial strategy. This is something a lot of people are thinking about, so let’s dive into the pros and cons of a plan like this (remembering I can never give personal financial advice).

Pros:

Living the dream: Using part of your super to enjoy life by the ocean in the early years of retirement is a brilliant way to make the most of your active years.

Phased retirement: Planning your retirement in stages—starting with something like living by the coast - where you achieve your retirement dreams early— and then scaling back as life changes—makes a lot of sense.

Downsizer contribution: After living in the beach house for 10+ years, taking advantage of the downsizer contribution (where you can put up to $300,000 per person back into your super) can help rebuild your super balance later on.

Potential part pension eligibility: Downsizing down the track could free up enough cash to give you a solid income later and if it is balanced carefully, allow you to be eligible for a part Age Pension, which can help stretch your retirement funds further. It’s best to get advice to ensure you have a clear understanding of where the limits are.

Cons:

Dipping into your super early: Pulling money out of your super in the early stages of retirement means there's less left to grow, and super is one of the most tax-effective ways to invest and build your wealth over time. That’s why I’m always super cautious about touching it too soon.

Market and property risks: Your plan banks on your home holding or increasing in value over 10+ years. If property prices dip, you might not release as much equity as you’re hoping when it comes time to downsize. Think about how this would affect your plan.

Cash windfall risk: If you were to sell your home at a price that freed up a lot of capital, it could affect your pension eligibility - scaling back your pension income. It’s worthwhile considering your goals here.

Tying up your assets: Owning property by the ocean ties up a big chunk of your funds in something that isn’t liquid. You’ll need to make sure you’ve still got flexibility in your other investments to generate enough for a comfortable retirement or savings to handle life’s curveballs.

Things to consider:

Higher costs of upkeep: Properties by the ocean tend to have higher maintenance costs—salt air and all that. Make sure to budget for this so it doesn’t become a surprise later.

Keep a super buffer: It’s important to leave enough in super for the long haul. You’ll want to make sure you’ve got enough to generate an income right through your retirement, especially before you downsize.

Age pension and the family home: Remember that your family home is exempt from the age pension assets test - so you’ll want to contemplate how selling that home might in fact free up capital that could throw your goals for the age pension into disarray.

Get financial advice: Before dipping into your super, it’s a good idea to chat with a financial advisor to make sure you’re making the right move for both your lifestyle now and your long-term security.

Your plan sounds exciting!I look forward to hearing about your next chapter!

Cheers - Bec Xx

The countdown is on - just FOUR DAYS until the How to Have an Epic Retirement Flagship Course kicks off - the last one for the year. I’ve signed so many books for this one and they should all be arriving in postboxes any day. The reviews continue to be amazing - thank you to everyone who is enjoying the tail end of Spring and leaving lovely notes. Huge thanks to our speakers - you rock!

It’s all ready to land - we’ve updated everything that changed in the age pension in September - so it’s all fresh and ready to go!

My own mum is going to be doing this course - can you believe! 😀 Ain’t that cool!

—

It’s a bit of a last push to lock in my next book, called Prime Time - I’ve submitted about 7/10ths of it - only a little bit to polish now! I’m feeling calm - excited even! It’s almost done! And as you can see - I’m still preserving my words!

So I won’t go on - I’ll save them for the book! I’m off to celebrate my daughters 21st birthday tonight (writing this Saturday afternoon with a cuppa!) Don’t forget to send me your letters! I love them. Please, send them to bec@epicretirement.com.au.

Many thanks! Bec Wilson

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

How do you know when you’re ready to retire?

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 6th October 2024.

There’s no magic warning light that comes on in life telling you it’s time to retire, and the templates we used to map our lives to have been broken by increasing longevity – leaving us with no real ‘retirement age’.

Instead, we are limited by how our body, mind and spirit hold together in the second half of our life. That means choosing the right time to retire is in your hands – or, at the very least, it could be, if you are proactive.

The reality is people aren’t proactive enough. Only 31 per cent of people retire by choice in Australia today. The rest are retrenched or retire for one two other reasons – their health declines, forcing them to; or they must care for a loved one whose health is declining. When you don’t choose retirement consciously, it can be much more difficult to adapt to.

When I speak to employers with an older workforce, they want people to be more proactive too. More employers than ever say that they’d like their employees to better understand how to build financial security for retirement in midlife.

Then, they’d like them to contemplate their choices as they reach that financial security that allows them to lean into the good bits of life a little more. They point out that they’d rather not push people who are struggling with cognitive or health issues into redundancy or retirement.

They’d much rather people choose to enter the next stage of their life with goals in place, excited about their plans before their health or cognitive ability declines. So, how do you know when you’re ready to retire?

1. You’ve worked out when you’ll have ‘enough’

Knowing how much money you think is enough for you to retire, or to start stepping back from full-time work is important. Everyone approaching retirement should know their ‘enough number’ – how much they need to retire at the standard of living they are satisfied to live at for the rest of their lives.

Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

How do you know when you’re ready to retire?

This week on the Prime Time podcast we’re going to talk about the big, curly question — ‘how do you know when you're ready to retire’? It’s something I get asked all the time. And so this week, Gen Rule, our show’s producer is turning the table and asking me the questions.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

IMPORTANT DISCLAIMER: The info in this newsletter and everything from Epically and Epic Retirement is here to give you general guidance and spark your learning journey. It’s not personalised financial, investment, or legal advice – just solid, educational content. Things change (hello, laws and regulations!), so it's always a good idea to chat with a qualified financial advisor, accountant, or legal pro before making any big moves. While we aim to bring you accurate and reliable insights, we can’t promise perfection, so use the info at your own discretion. At the end of the day, you’re in the driver’s seat for your financial decisions.

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

View more on Bec Wilson's website »

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Published on October 05, 2024 13:42

September 28, 2024

How does your super balance compare with other people your age?

In this edition

Course: The countdown to kickoff is on - last call on Earlybird pricing

Feature: How does your super balance compare with other people your age?

From Bec’s Desk: Short and sweet

SMH/TheAge: Why these are the four biggest barriers to a secure retirement

Prime Time: How women can increase their healthspan with Maddy Dychtwald

Summer Flagship Course - Earlybird 25% off deal closing soon

Our Summer Edition of the How to Have an Epic Retirement Flagship Course is now open for booking. There’s a 25% early bird discount bringing the price down to $359 but that deal ends this Wednesday.

This is the last course for 2024. We won’t be hosting another until late in Feb 2025.

Want to learn more or download the brochure?

➡️ visit the website here or ➡️ book your place here

Here’s a lovely testimonial that came in this week from our Spring Program:

“I have gone from a person who thought retirement was something to fear to someone who has realised it is a time to enjoy life with a little thought, planning and preparation. I now think an Epic Retirement is actually possible. Retirement is not retiring from life it is a new way of living.” — Kenneth R.

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

How does your super balance compare with other people your age?

Ever wondered how your superannuation balance stacks up compared to others your age? Or how much you 'should' have to stay on track for a comfortable retirement? Well, I’ve done some digging to give you a better understanding of super balances by age—and hopefully, this inspires you to take a closer look at your own super. Understanding your super, knowing how to grow it before retirement, and making smart decisions on how to use it during retirement are all key to a financially secure future.

Average balances of Australians

The ATO released data on average super balances by age and gender a few years ago. While this data dates back to 2021, it still provides a good snapshot of where people are at different stages in life. Take a look below, and compare your balance to the national averages.

Source: ATO Average Super Balance by Age in Australia - 2021

You might be looking at your super statement right now, either feeling frustrated or pleasantly surprised by how your balance compares to these averages. It’s important to remember that very few people are truly 'average' when it comes to super, and there are a lot of factors that can influence your balance.

Maybe you took time out of the workforce for family or other reasons, or you’ve chosen a lower-risk investment strategy that has grown more slowly over time. On the flip side, if you’ve earned a higher income throughout your career, made extra contributions, or invested in higher-growth options, you might find your balance sits above the average.

Understand how much you need

The Association of Superannuation Funds of Australia (ASFA) provides benchmarks for a comfortable retirement. They estimate that:

A couple needs around $690,000 in super and to own their home outright to generate an annual income of approximately $73,337 (from both super and the age pension).

A single person would need $595,000 in super for an annual income of $52,085, assuming they also own their home outright.

If you're aiming for a more modest retirement, ASFA suggests that both singles and couples need around $100,000 in super. At this level, you’re likely eligible for the full age pension, which, combined with your super, could provide an income of $47,731 for couples or $33,134 for singles.

Are Australians hitting the targets?

According to Census data, around 45,000 Australians aged 60 to 64 retire each year, with even more in the 65 to 69 age group (65,000). The reality is that many Australians are not meeting the benchmarks for a comfortable retirement, especially those retiring as individuals rather than as part of a couple.

How are you tracking?

Now’s the perfect time to check your balance and see if you’re on track for a comfortable retirement. If you're curious about where your super should be by midlife to hit those comfortable retirement targets, ASFA has some helpful guidelines.

I used their Super Balance Detective to give you an idea of where your balance should be if you’re aiming to retire at 67. This is a good way to see if you’re tracking well or if it might be time to make some adjustments—whether that’s contributing more, reviewing your investment options, or even seeking professional advice.

Calculated using the Super Balance Detective - September 2024. And what if you aren’t tracking well?

If your super balance is looking lower than the target, it could be time to take some more proactive steps to understand it better, and learn more about how you can grow your balance for retirement. There’s plenty of steps in the book - in the section on superannuation and investing - buy your copy here.

I’m just back on deck from a week away in the Whitsundays with my family! Bliss. Thanks for your patience - I’m back into things with a thud this week! In fact this week we’re gearing up for the next How to Have an Epic Retirement Flagship Course - just 11 days until kickoff. And, I’m speechwriting - I’ve got a bit of travelling to do this month - to speak - something I love doing!

I’ve also got a book to finish! The book’s deadline is just 3 weeks away! So this update is short and sweet! I’m saving my words!

If you haven’t already - make sure you have a listen to Maddy Dychtwald on the Prime Time podcast. I’ve been following Maddy’s work for decades. She’s one of the real world leaders on modern ageing trends - so her new book, Ageless Aging shot up the bestseller list in the US when it was released in recent months and it’s finally just dropped in Australia. A great read and she shares so many good insights for women.

—

Catch you next week! Keep sending me your letters! Some of them have given me real inspiration for the book! Please, send them to bec@epicretirement.com.au.

Many thanks! Bec Wilson

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

Why these are the four biggest barriers to a secure retirement

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 30th September 2024.

New research from the Association of Superannuation Funds of Australia (ASFA) this week shows that just 51 per cent of adult Australians – including around 60 per cent of those over 65 – have not sought out any information on preparing for retirement. It’s a number that makes me a bit mad.

According to the ASFA survey, 21 per cent of people have accessed financial advice; another 21 per cent got their information from friends and family; 15 per cent used online calculators; and 12 per cent sought advice from their super fund. Only 8 per cent turned to media articles, and a mere 6 per cent found advice via social media.

Let’s unpack this problem. Because to fix it, we need to solve a few different issues.

First, we need to help people better understand and engage with what their future retirement could look like so that they’re motivated to seek out advice. Then, we must ensure that the advice they’re getting is both affordable and trustworthy – and truly in their best interest.

So, the way I see it, there are four big problems to tackle:

1. Engagement – getting people interested in planning for retirement.

Most people don’t really start thinking about how much money they’ll need in retirement until it’s right around the corner.

And let’s face it, retirement can be a polarising topic. Some people can’t wait to retire – they see how it fits into their life from their late forties or early fifties and are already planning everything possible to get there faster. These folks actively seek out the information they need. They’re the easy ones to help with education and advice.

Others never want to retire, especially those who find deep fulfilment in their work. The thing is, no one tells them they can keep working and still access part of their retirement savings to enjoy a more flexible lifestyle while continuing the work they love.

Then there’s the third group — the ones who believe they’ll never have enough saved for a comfortable retirement. The fear of seeing their financial reality drives them to avoid superannuation statements, planning, and even the thought of retirement altogether.

But imagine if we could strip away that fear, show them that the system is designed to help them, and explain that understanding their retirement options earlier is actually empowering.

2. Affordable, trustworthy advice. The average financial adviser manages around 100 clients, and we currently have about 15,600 independent advisers in Australia. Yet, advisers are still leaving the industry, meaning only around 156,000 people can get retirement advice from an independent adviser right now.

This article continues. Read on, in The Age, The Sydney Morning Herald, Brisbane Times, WA Today.

How women can increase their healthspan with Maddy Dychtwald

This week we’re chatting with internationally renowned and bestselling author, Maddy Dychtwald, the author of the new book ‘Ageless Aging’. Her new book is a guide for women on how to increase their healthspan.

It’s a new book for women which shot up the USA Today and New York Times bestseller list when it was released in the US earlier this year.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

View more on Bec Wilson's website »

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Published on September 28, 2024 13:03

September 21, 2024

What do the aged care changes mean for today's retirees?

In this edition

Course: The next one kicks off 10th October 2024. Earlybird offer is open

Feature: What do the aged care changes mean for today's retirees?

From Bec’s Desk: Short and sweet

SMH/TheAge: The new retirement sweet spot

Prime Time: Everything you need to know about accessing the age pension with Assistand Minister for Ageing, Social Security, and Women, Kate Thwaites

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

Summer Flagship Course now on sale

Our new, Summer Edition of the How to Have an Epic Retirement Flagship Course is now open for booking. There’s a 25% early bird discount for the first 200 people so get in there and book.

This is the last course for 2024. We won’t be hosting another until late in Feb 2025.

Want to learn more or download our NEW brochure? ➡️ visit the website here

And, here’s a smart idea - Why not ask your boss to pay for it?! Quite a few of our recent attendees had asked their companies to support them doing the course. And increasingly, I’m getting asked about whether companies can offer it to their staff as a workplace benefit. Yes - they can! So can super funds!

Here’s what some of the 650+ people who’ve completed the course in 2024 already say about it (since we started them in April) .

I would recommend the course to anyone who has ever wondered whether they really know what a truly fulfilling retirement looks like, or could be. Thanks to what I learned over the six weeks I'm now looking forward to my own retirement with confidence and a sense of excitement that simply wasn't there pre-course.” -- Eve

I really liked the content it covered everything that I needed to know for my upcoming retirement. I don’t usually finish online courses but this is the first one I’ve have so that speaks to how good the content and presentations are!" – Julian

There’s lots more testimonials in the brochure. Download it here.

This week I’ve written an article about aged care and home care changes with Marcus Riley, co-founder in a new business we’re building called Age Better. Marcus has a long track record in aged care, and contributed to the government policy on the changes.

What do the aged care changes mean for today's retirees?

Most of us don’t spend much time thinking about our future aged care needs – or if we’re honest, we probably prefer not to. However, this past week has brought significant attention to the Federal Government’s proposed Aged Care Act, which, if passed, will introduce the biggest changes to the aged care system since 1997. These changes matter for two key reasons. First, more of us will need care as we continue to live longer. Second, the system has been broken for far too long, meaning market forces that typically drive quality and service have been unable to function effectively.

Before diving into the details of these changes, it’s important to note that the aged care system is essentially split into two parts: home care services and residential aged care.

With bipartisan support, the government has proposed a new approach to overhaul the entire aged care system. It’s designed to address some of the longstanding issues holding the industry back:

Clearly defining the rights of consumers and the responsibilities of service providers, so people can better navigate and understand the system.

Resetting eligibility criteria for services and the related financial arrangements.

Establishing new quality standards and giving regulatory agencies more powers to enforce them across both aged care and home care services.

These reforms aim to create a system that not only meets the growing demand but also ensures that quality and accountability are at the forefront.

The systems will look a bit different under the new scheme.

Home Care will now become known as ‘Support at Home’ - and will help many people to remain living at home as they age with a wide variety of services they need to do so. And Residential aged care will become more expensive - so we will all need to incorporate it into our retirement planning better.

Understanding Support at Home

Over the next 10 years from July 2025, Support at Home will help 1.4 million Australians to age in their homes. In fact, it will be the chosen way to access ageing support. Support at Home will provide support for:

Clinical care (e.g. nursing care, occupational therapy)

Independence (e.g. help with showering, getting dressed or taking medications)

Everyday living (e.g. cleaning, gardening, shopping or meal preparation)

Under the new system, the Government will cover the full cost of clinical care services, while individuals will contribute towards their daily living expenses and maintaining independence. The amount a person pays will be determined by the Age Pension means test and will vary significantly based on their individual situation, including the level of care they require and their specific mix of income and assets.

A lifetime contribution cap will apply across the aged care system and means no one will contribute more than $130,000 to their non-clinical care costs – whatever their means or duration of care – with every Support at Home contribution counted towards the cap.

Support at Home has eight categories of ongoing care packages with a maximum level funding of $78,000 per year. There is funding for assistive technology and up to $15,000 for home modifications in the spirit of helping people live in their own home for longer. There’s also two short term support options, one a 12 week restorative program, the other a $25,000 package to support end of life care - both really valuable additions to the program.

Understanding Residential Aged Care

In the next 40 years, the number of Australians over 65 is projected to more than double, and those over 85 are expected to more than triple. That makes getting aged care right a priority for Australia.

Here’s the reality we need to face: residential aged care is going to become more expensive under the new program. But it has to, in order for providers to attract the investment needed to improve and maintain their facilities.

You can expect residential aged care costs to rise, with higher entry fees (up to $750,000 without government approval) and the return of retention amounts (or exit fees) for those paying a Refundable Accommodation Deposit (RAD). Ouch! You’re going to need to plan for that!

The bottom line is that people should expect to pay more for quality aged care services compared to the previous system. Even with a single point of entry and a streamlined assessment process, navigating the system will continue to be complex, which is why the following advice is crucial.

So what should we be doing?

Planning is now of critical importance

Even if you don’t want to think about aged care now - it’s going to be important to invest time in understanding what’s important to you as you age. This is so that when it comes to making decisions about your own home support and aged care services you can make them based on your priorities, including where you want to live, the sort of provider you would choose, and the services you want to access.

Get financial clarity

You need to provision for home support and aged care when you plan for your retirement. Talk about it with your financial adviser – make sure THEY understand the new system and its implications. And contemplate how you’ll pay for the services you might need as you get older and keep your options open. It is much harder to discuss these things and their financial implications when you are old and in poor health.

Become more aware of your health

Make the effort to become more informed about your health is at. Do regular assessments to monitor health issues, and stay abreast of your ageing and healthcare needs - as it’s far better to be proactive than to bury your head in the sand. .

Make informed choices

If the need to access care or support is looming for you or a loved one, spend time researching what providers are going to be best for you. Go and see them, ask them questions that will give you confidence as to their quality, culture, alignment to what’s important to you.

Of course no one wants to go into aged care, ever! It is really is only something we access because we need it. In the spirit of avoiding or at least deferring a need for aged care we should be thinking about our ageing more broadly and identifying what we can do to stay happy and healthy. It starts with prioritizing our health and wellbeing. We need to tune into what our body needs, and learn what we should be doing to improve our biological age (that’s how our body feels as we grow older), and engage in activities that support our ongoing physical and mental health. Make sure we are eating well and giving our body the right fuel, maintain good habits in regard to sleep and exercise and participate in meaningful activities regularly. All these things are good for us at any age but will be especially helpful in maintaining our health and wellbeing as we get older and ultimately, it might defer our need to be part of the new aged care system for much much longer.

I’m taking a break this week - in between courses and newsletters and laying low! Sometimes it’s good to take a little downtime. So this email will be short! October is going to be a big month! I can’t wait - but I also am going to enjoy the tiny window of personal time before it arrives, hanging with my family while my daughter is home from Canada briefly.

The Epic Retirement Flagship Course kicks off on the 10th October - I had 13 boxes of books arrive for signing this week for all our course participants - they’re taking up a lot of space and I can’t wait to send them off. Get your booking in quick if you want to take advantage of the early bird 25% off price.

That’s enough from me - get out there and make it epic! Have a great week - I know I will. And if you don’t own a copy of the book get one here - what are you waiting for? 😃

Many thanks! Bec Wilson

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

The sweet spot: How to get the most from your super and the pension

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 21st September 2024.

This week, the government’s twice-yearly increase to age pension rates kicked in, giving us a good reason to pause and reconsider how we balance our sources of retirement income. Turns out, there’s a new sweet spot – the point where super earnings and the pension intersect to help you attain maximum earning capacity in retirement.

On 20 September 2024, the full pension rose to $1,144.40 per fortnight (about $29,754 per year) for single retirees, and $1,725.20 per fortnight (around $44,855 per year) for couples, combined.

The assets test caps have also increased, with the full pension now available to single homeowners with assets under $314,000 (excluding the family home), and $470,000 for home-owning couples. For non-homeowners, the limits rise to $566,000 for singles and $722,000 for couples.

The pension is a key part of many Australians’ retirement income—around 40 per cent rely on the full pension as their primary source of income, and another 24 per cent receive a part pension. It’s nothing to be ashamed of. It’s a solid and dependable income stream, and when combined strategically with your superannuation, it can set you up for a comfortable retirement.

Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

Everything you need to know about accessing the age pension

It’s a big one this week! I’ve got the new Assistant Minister for Ageing, Social Security and Women, Kate Thwaites joining me on the show to talk about this week’s age pension changes, and how the age pension might change in the years ahead.

For anyone contemplating an income from the age pension in the future - or curious about the other benefits that might be available to them as they approach retirement: The Pension Concession Card, and the Commonwealth Seniors Health Card, and Rent Assistance - this is a worthwhile listen.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

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Published on September 21, 2024 13:45

September 14, 2024

New science says ageing health decline is not linear - proactive steps to take

In this edition

Course: The Summer Flagship Course is on sale

Feature: New science of modern ageing says ageing health decline is not linear

From Bec’s Desk: Back to the nest

SMH/TheAge: What does it mean to be retirement ready?

Prime Time: Preparing for your first meeting with a financial planner with Paul Benson

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

Summer Flagship Course now on sale

Our new, Summer Edition of the How to Have an Epic Retirement Flagship Course is now open for booking. There’s a 25% early bird discount for the first 200 people so get in there and book.

This is the last course for 2024. We won’t be hosting another until late in Feb 2025.

Want to learn more or download our NEW brochure? ➡️ visit the website here

Here’s what some of the 650+ people who’ve completed the course in 2024 already say about it.

At the start of this course and with not much super I had little confidence for our epic retirement. But now having gone through the financial lessons and already had 1 financial planner meeting am now feeling confident that even with our amount of super we can still make it EPIC” – Sally

I found this course to be invaluable as it covers every aspect of retirement planning. Not just the financial aspect, but the emotional, social, health and travel aspects as well. The workbook will be very useful to remind myself of my goals along the way" -- Godber

This course has changed the way I think about the next twenty years. I am so excited by the potential of what I want to achieve in the future - as if I was a twenty-year-old again. Thank you Bec - your course has provided me with so much to think about and the resources to find all the answers to my queries. What a difference your course has made to my confidence and future happiness." -- Gail

There’s lots more testimonials in the brochure.

New science of modern ageing says ageing health decline is not linear

And that leads us to things we can do to slow the decline and improve our healthspan.

As we age, it’s clear that getting older isn’t a simple, straight line. A new study published in Nature Aging is shedding light on how our bodies actually change over time and offering some fascinating insights into what we can do to slow down or even prevent some of the more undesirable effects of ageing. The big discovery? Our bodies don’t age in a predictable, linear way. Instead, things speed up and slow down at two very specific points in midlife, painting a much more dynamic and surprising picture of how we age.

Why is this important to retirement? — Well in my opinion, if we want to have an epic retirement, the most important investment we can make is into our body. You can have all the money in the world, but if you don’t have your health, you can’t enjoy it.

The study: ageing transitions through life

In this study, researchers closely tracked the biological data of 108 participants aged between 25 and 75, all living in California. They monitored these participants for an average of 1.7 years, and some for as long as 6.8 years.

These participants went through detailed tests every few months, which created millions of data points, covering everything from blood samples to nasal swabs. What the researchers found was that ageing doesn’t follow a neat, gradual pattern—it’s more like a rollercoaster, with two key periods of change happening around ages 44 and 60.

What happens at 44 and 60?

At 44, the study revealed some significant changes in molecular functions, like immune regulation and metabolism. Then, around 60, other systems like cardiovascular health and how our bodies handle fats and alcohol begin to shift noticeably. It helps explain why we often start noticing the effects of ageing—things like energy dips, metabolism changes, and even the start of health issues like diabetes or heart disease—as we approach these key ages.

For example, changes in how our bodies process carbohydrates and regulate our immune system might explain why cardiovascular issues and diabetes often arise in midlife. Then, at 60, shifts in how we metabolise lipids (fats) and alcohol might help explain why heart disease and other lifestyle-related conditions tend to crop up.

Ageing: not just a slow decline

One of the biggest takeaways from this research is that ageing isn’t just a slow, steady decline. Different parts of our body go through more dramatic changes at different times, which means ageing happens in bursts. This really challenges the old idea that we just "wear out" gradually over time. Instead, there are key stages—windows of opportunity—where we can step in, make lifestyle changes, and improve how we age.

Why this matters for you

Understanding these nonlinear changes could be a game-changer when it comes to healthy ageing. Knowing that certain systems in the body undergo accelerated change at different ages can help individuals—and the healthcare community—target interventions that improve healthspan, the period of life spent in good health.

So what does the study say we should be doing to intervene?

1. Focus on heart health (50s and 60s)

The study highlighted significant shifts in lipid metabolism around age 60, suggesting that cardiovascular risks, such as high cholesterol and heart disease, accelerate at this age. To mitigate these risks:

Monitor your cholesterol: Get regular check-ups to track cholesterol and blood pressure.

Incorporate healthy fats: Eat more omega-3-rich foods like salmon, chia seeds, and walnuts.

Exercise regularly: Cardiovascular activities such as brisk walking or swimming are vital to keeping your heart strong as your metabolism slows.

2. Boost immune function (50s)

The research pointed to immune dysregulation starting around age 44, which continues into the 50s. This means your immune system may become less efficient at fighting infections and regulating inflammation:

Eat an immune-boosting diet: Focus on foods rich in vitamins C and D, zinc, and antioxidants.

Prioritise sleep: Sleep is really important for your immune system to be able to repair and strengthen itself.

3. Manage carbohydrate metabolism (50s and 60s)

Changes in carbohydrate metabolism were noted around age 60, which can increase the risk of insulin resistance and diabetes:

Lower sugar intake: Reduce processed sugars and opt for complex carbs like whole grains and legumes.

Balanced meals: Pair carbs with protein or healthy fats to stabilise blood sugar levels.

Track your weight: Keeping a healthy weight in your 50s and 60s helps maintain stable blood sugar.

4. Strengthen musculoskeletal health (50s and 60s)

The study didn't focus specifically on muscles or bones, but as metabolic and immune changes occur, it's critical to maintain muscle mass and bone density:

Weight-bearing exercises: Incorporate strength training, walking, or yoga to maintain muscle and bone health.

Ensure calcium and vitamin D intake: Include dairy or fortified foods in your diet, and consider supplements if needed.

5. Prioritise mental wellness (50s and 60s)

Mental health is influenced by immune and metabolic changes. As these changes accelerate, it’s essential to focus on your mental wellbeing:

Practice mindfulness: Meditation and mindfulness can help reduce stress and improve mental clarity.

Challenge your brain: Engage in cognitive activities like puzzles, reading, or learning new skills to keep your brain sharp.

Stay socially connected: Strong social ties have been linked to better mental health and cognitive function.

6. Support liver and alcohol metabolism (60s)

The study observed shifts in lipid and alcohol metabolism around age 60, which suggests it’s important to monitor liver function and limit alcohol intake:

Limit alcohol consumption: Stick to the recommended daily limit—1-2 drinks per day.

Liver-supporting foods: Eat antioxidant-rich foods like leafy greens, garlic, and turmeric to support liver health.

Stay hydrated: Drinking plenty of water helps your liver function optimally.

7. Tailor your diet to metabolic changes (50s and 60s)

With slowing metabolism, adjusting your diet is key to maintaining health:

Increase protein intake: Protein supports muscle maintenance and repair.

Opt for healthy fats: Include avocados, nuts, and olive oil to help manage cholesterol and keep energy levels stable.

Eat smaller, more frequent meals: This can help keep your energy and blood sugar stable throughout the day.

8. Consider personalised health interventions

The study's use of multi-omics profiling points to a future where we can tailor health interventions to our individual biology:

Consider genetic testing: Explore if genetic or molecular testing could help you identify specific areas of risk.

Track health metrics: Use wearables to monitor sleep, activity, and heart health, giving you the data to adjust your health behaviours in real-time.

Hey everyone! Happy Sunday. As you’re reading this, I’ll be at the airport picking up my eldest daughter. It’s been 10 months since she left for Canada for a three month trip, later deciding to stay! So I’m a bit excited. Amazing how life, your goals, and your activities change as the kids start to boomerang in and out of the nest. It’s something I am reflecting on a lot as I write Prime Time, my next book… now 2/3rds done — and feeling right on target. I’ve really been enjoying writing this month. I’ve found so many new ways to talk about the process of shifting towards but maybe not quite into full retirement in our midlife, retaining the great things that work gives us, and leaving behind the ugly stuff, planning to live our midlives in a more proactive manner. More on this soon.

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Great thrills - The Epic Retirement Course for Spring is on it’s last formal week. Last week we had a live Q&A with Rowena Millward, talking about finding our sense of purpose. It was a fantastic session, talking about things that people often find difficult to discuss. Then we had an interactive coaching session where everyone talked on camera about how it feels to navigate their purpose, and how that was playing out for them. It’s terrific to see everyone on-camera sharing their stories. This week we have travel guru Fiona Dalton coming to do a live Q&A on all the secrets of the travel sector. I can’t wait.

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Our Summer Retirement Education Program — the last course for 2024 — is on sale, with our earlybird discount now giving everyone 25% off the course. I’ve put more info above!

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This week I toured through some of QBD’s bookstores in Brisbane to sign some books in-stores. It was a part of their Local Authors Program, which is running around the country. If you want to pick up a signed copy - get into the Brisbane City, Carindale or Mt Gravatt stores this week.

And, in between all that I’ve been preparing some guest speeches and reports for the weeks ahead. I love the guest speaking and educating in person part of my work. It offers a direct contrast to sitting behind this computer educating in writing that gives the perfect balance. Want me to speak or educate somewhere? Email me.

And don’t forget to send me your letters! I love them. Please, send them to bec@epicretirement.com.au.

Many thanks! Bec Wilson

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

What does it mean to be retirement ready?

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 15th September 2024.

As you get closer to retirement, you might wonder what being “retirement ready” means. The term gets thrown around a lot, but there’s not always a clear definition.

The government wants super funds to take more responsibility for the retirement readiness of their members. Some funds agree this is important, while others believe it’s up to the individual to ensure they’re ready.

Meanwhile, most people don’t even know what the term means, and it probably means different things to different people.

So when HESTA reached out to me this week, celebrating the fact that they’ve set up a model to measure the retirement readiness of their members, my ears pricked up.

According to their in-house model, they’ve seen about 200,000 people – roughly one-fifth of their members – improve their retirement outlook over the past seven years, moving from a projected “modest” to “comfortable” retirement.

I wanted to dig deeper. If retirement readiness is going to become a key metric, we all need to understand what it means and how we get there.

HESTA CEO Debby Blakey summed it up perfectly: “If we measure retirement readiness and report on it, we can ultimately improve it significantly.”

But here’s the catch – members still need to do some of the heavy lifting.

How can you get yourself retirement ready? Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

Preparing for your first meeting with a financial planner with Paul Benson

This week a topic that's been asked for time and again. And I think we’ve done it in a very fun, and not-very-boring way!

I’m welcoming Financial Planner Paul Benson from Guidance Financial Services back to the program. We’re working through everything you should be thinking about and preparing before you see a financial planner for the first time. It’s a ripper of a chat.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

LISTEN ON APPLE PODCASTS

LISTEN ON SPOTIFY

Last of all, if you haven’t read the book, you can order your copy from Amazon online and Big W online too. Or pick up a copy at your local Big W, or QBD stores.

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

View more on Bec Wilson's website »

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Published on September 14, 2024 13:45

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