Preparing for retirement – where do you start?
Retirement isn’t just a short break at the end of our lives—it’s a long chapter of life that deserves some serious thought.
Modern retirement is a funny time of life. Some people can’t wait for it, while others push it off, thinking they’ll deal with it later. The truth is, many of us don’t think much about it until we realise we want something different from what previous generations had. We want our retirement to be epic—and that takes planning.
In both the US and the UK, people are living longer than ever, especially when you consider their mortality-adjusted life expectancy - or the numbers that project how our lifespan will improve in the years ahead. In the US, a 50-year-old man who makes it to the magical number of 65 can expect to live until around 87, while a woman might live until 89. In the UK, the numbers are similar: a man who reaches 65 is expected to live until 88, and a woman until 90. That means you’re potentially looking at 25 to 35 years of retirement—and there’s a one-in-four chance that you or your partner will live into your early 90s — which you need to consider. So, retirement isn’t just a short break—it’s a long chapter of life that deserves some serious thought.
So, where do you start?
First, build a vision of what your life ahead could look like. I know it might sound a bit abstract, but trust me—this step is crucial. If you’re planning in your 40s, you might not have many retired people around to model, so you’ll need to imagine what kind of life you want. If you’re in your 60s, you probably have friends already lobbying you to join their "retirement club," but the key is figuring out what you want for your retirement—because it won’t be the same for everyone.
Next, set some goals. People often throw around the word "goals" without really getting what it means. A goal is how you make your life different from what would happen naturally. Want your retirement to be different from just coasting through? You need to set goals, whether that’s travel, new hobbies, or transitioning into part-time work for a while.
Now, let’s talk about cost. How much will your epic retirement cost each year? Think about your annual cost of living and build your budget—I’m serious—what you’ll need for the basics, plus some extra for enjoyment. Then add in those big one-off expenses, like home improvements, a new car, or future healthcare needs. With longer life expectancy, you might need to fund 30+ years of living expenses. And think about your travel dreams - are they something you need to bump up your annual spending for, or do you need to account for it with one-off budgeting.
Next, take a good look at your overall financial situation. What are your assets, liabilities, pensions, and other investments? Don’t rush into strategies yet—you need a clear picture of where you stand first. Your strategies will come after you can see the bigger picture of how many of your assets are income producing and how many are non-income producing. Get a full grasp of your big financial picture before making any major moves.
Then, map out the different phases of your retirement. Most people don’t retire all at once anymore. Instead, they phase into it—maybe doing part-time work for a few years before fully retiring. For each stage, you’ll need to adjust your income sources and spending. How much will come from pensions and passive investments, how much from work and and when will you need to rely fully on your retirement income streams? Consider how your lifestyle will evolve during these different stages.
Finally, when it comes to your investment strategy, this is where it’s worth getting professional advice. Lay out your vision, goals, and financial picture, and work with an adviser to create a plan that turns your assets into the income streams you need for each phase of life. You might need to tweak your plans, but that’s part of ensuring your retirement isn’t just financially secure—it’s epic, remembering that you don’t need a lot of money to have an epic retirement - you just need to make the best of what you’ve got.
At the end of the day, preparing for retirement isn’t just about saving enough money—it’s about creating the life you want and making sure you’ve got the resources to make it happen. Only you can make your retirement truly epic!
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This is only the second edition of the International Epic Retirement Newsletter, something I’m excited to start bringing you monthly this year, and will probably step up the frequency on next year. If you found me through The Epic Retirement Club, it’s time you learnt what an epic retirement is really all about.
I’m the author of the book, How to Have an Epic Retirement, which was launched in Australia and has become a bestseller here over the last 15 months. It will be released as a properly rewritten US and UK edition later this year. The book is a guidebook that offers a new six pillar framework for planning and living an ‘epic’ or modern retirement. Because retirement isn’t just about money and financial planning, which for so long has been the focus of advice. As we live longer healthier lives, it’s far more holistic than that. It should be about living your best life — understanding how long it is, building an understanding of your money and how it can be put to work for you, learning about how to look after your health proactively, finding more happiness and a greater sense of purpose in retirement — beyond work, travelling — enjoying the curiosity, learning and joy it brings, and finally, considering your home as you age.
As you know, I’m an Aussie, and I do a lot in retirement education down under. Some of it might interest you. Other parts of it you might find ‘too Australian’. Over the coming year I’ll gradually make a fresh body of these lessons that are a little more internationally relevant so watch this space.
What is there to look at?
I have a podcast in Australia — you might enjoy listening to the non-financial episodes. You can find it on Apple Podcasts and Spotify, called Prime Time with Bec Wilson. Listen here. It’s professionally produced by one of Australia’s largest media companies - Nine.
I write a national newspaper column for The Sydney Morning Herald and other papers — Read the columns here
And I have an Australian Newsletter, which you can follow if you’re interested by signing up at Epicretirement.net.
I also keynote and guest speak at retirement-relevant events across the country and run an online education program.
I hope this helps you better understand my passion for an epic retirement. And I look forward to bringing you valuable lessons over the months ahead. If you want to get in touch you can email me at bec@epicretirement.com.au. I love to receive your questions and inspiration for newsletters and lessons.
Until my next newsletter — make it epic!
The Australian edition of the book, How to Have an Epic Retirement is available on Amazon, Spotify, Audible and is on sale in many Australian book sellers - including in all Big W, and QBD stores.
The Epic Retirement Club - our community
If you are a member of The Epic Retirement Club on Facebook, you’ll know how wonderful it is to see people ‘doing retirement well’. I encourage you to use this forum to raise the big questions that come up during this stage of life too. That’s the thing about retirement — there’s just so many choices, many of which we’ve never had to make before in life, so we’re unfamiliar with the risks and insights needed to make them, until after we’ve learnt the hard way. So it’s often really beneficial to listen to and ask questions of others who’ve already lived through things and learnt.
If you aren’t already a member, jump on over to Facebook and join at facebook.com/groups/epicretire. See you there!
Tell your friends
How do we make retirements more epic? We help other people have good ones too. If you’re enjoying the International Epic Retirement newsletter, why not send it to a friend and suggest they sign up.