So you want to plan for an early retirement? Here's the process
Whether you’re burnt out because it’s the end of the year in a stressful job, or you simply have a desire to spend more time with family, you may as well understand the steps to an early retirement.
In this edition
Feature: So you want to plan for an early retirement? Here’s the process
From Bec’s Desk: Watching a giant wave of retirement crash on the Epic Retirement community
Prime Time podcast: Why 'grandparents are the glitter glue' for families
So you want to plan for an early retirement? Here’s the process
So you want to retire early? Here’s the process
Early retirement is one of those big life goals that gets people dreaming.
Maybe you’re burnt out after years of work. Maybe the idea of more time with family or finally focusing on your own interests feels urgent. Or maybe you’ve got a clear vision of life outside the grind—stepping into a period of greater flexibility, freedom, and adventure. Whatever the motivation, early retirement can be incredibly exciting—but it takes serious planning to get it right.
Retiring early comes with its own set of challenges: you’ll need to fund more years, save up faster, and navigate when and how you can access your retirement accounts. So, if this is a goal for you, here’s the process to start thinking about it seriously.
1. Think about your official retirement first
Planning for early retirement doesn’t mean you can skip the basics of long-term retirement planning. If anything, it means being even more thoughtful about ensuring your money lasts—because you’ll need to fund decades of living and lifestyle ambitions.
A common mistake people make when planning to retire early is focusing too much on savings they can access right away, outside of retirement accounts. But here’s the thing—neglecting the benefits of retirement savings systems is often a big mistake. Why? Because they’re some of the most tax-efficient ways to grow wealth.
Retirement savings accounts in most countries offer significant advantages:
Contributions are often tax-deductible or taxed at a lower rate.
Investment earnings inside these accounts grow tax-free or tax-deferred.
Withdrawals after official retirement age are usually taxed at lower rates—or not at all.
The takeaway? Prioritise building your retirement accounts early and let time and compounding do their magic. Once you’re confident that your long-term retirement is secure, you can shift focus to what you’ll need for the years before you can access those funds.
2. Figure out how you’ll fill your gap - the years before you can access your retirement savings
Here’s the tricky part about retiring early: until you reach your country’s official retirement age, many retirement accounts are off-limits. That means you’ll need a plan to fund the “gap years”—the time between leaving work and accessing your retirement savings.
There are two ways to approach this:
Create a pot of funds to spend down
If you plan to leave work at 55 and need $70,000 a year, for example, you’ll need $350,000 saved to cover five years of expenses.
To keep your plans safe from market swings, consider keeping these funds in cash or low-risk investments.
Build a sustainable investment portfolio
Alternatively, you can create an income-generating portfolio that provides steady returns, such as dividends or interest, without running dry before you reach retirement age.
This approach requires careful planning—and possibly professional advice—to align your investments with your income needs and goals.
And don’t forget: any income you earn from investments outside retirement accounts will likely be taxable. Minimising capital gains tax and managing your effective tax rate is critical.
3. Demolish your debts
If you’re serious about early retirement, one of the most impactful things you can do is eliminate big, recurring expenses—starting with your mortgage.
Housing is often the single largest cost for families. Paying off your home before retirement doesn’t just free up cash flow; it reduces how much income you’ll need, which is effectively tax-free money in your pocket.
For example, if your mortgage costs $3,900 a month, you’d need nearly $1.2 million in investments at a 4% withdrawal rate just to cover that cost in retirement. Compare that to a mortgage-free lifestyle, and your income needs drop significantly—leaving more room for the things you truly value.
It’s not just about the mortgage, either. Think about other big-ticket costs:
Could you downsize your home to free up equity?
Are there other major expenses you can eliminate before retirement?
Reducing expenses isn’t about giving up what you love—it’s about removing the barriers so you can focus on what matters most.
Make flexibility your focus
Early retirement isn’t just about quitting work; it’s about creating choices. Whether you want to step back to part-time work, start a passion project, or simply enjoy life on your terms, financial freedom is about having options.
The key to flexibility is building a solid foundation:
A well-funded retirement account for long-term security.
A pot of funds or an income stream to bridge the gap to official retirement.
Minimal debt and streamlined expenses to reduce financial stress.
When you focus on these three pillars, you’re not just planning for early retirement—you’re creating a life rich in freedom, purpose, and opportunity. You’re setting yourself up for choices—and that’s what Prime Time is all about.
The first giant wave of Epic Retirements has arrived! This year, The global Epic Retirement Club has truly come alive as tens of thousands of people in our community use the year end to call ‘time’ on their retirement, and the excitement is electric. Our community is buzzing this week with so many of our members who joined throughout the year sharing their retirement photos, celebrating their workplace farewells, and wondering with anticipation about what lies ahead. We’ve welcomed so many new members too — as you spread the word about your epic retirements.
If you look around your own community, you might notice the same trend—so many people taking the leap into retirement in the lead-up to Christmas. It’s a time of reflection, celebration, and new beginnings this year, and it’s clear that the choice to retire has never felt more possible—or more exhilarating.
I’m so excited for each and every one of you! And if you’re still in the planning phase, I hope you watch with joy and inspiration, knowing that one day, this could be you stepping into your own Epic Retirement. If you want a bird-eye view of the excitement - simply pop into the Epic Retirement Club and say hi.
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In Australia we have a weekly podcast called Prime Time with Bec Wilson. It talks a lot about how to retire using the Aussie systems - but inbetween, we have some wonderful shows about health, lifestyle, travel, family and such. This week’s with Dr Michael Carr-Gregg an expert psychologist will put a smile on your face — it did mine. It’s all about grandparenting and how you can do a wonderful job of it. If you’re enjoying it - take a look at the wider back-catalogue as there’s plenty of interesting information to learn from.
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If you’re winding down for the holiday season, I want to wish you a very Merry Christmas and a Happy New Year - or a Happy Holidays - whichever greeting suits you best! I’ll still be around. The Epic Retirement Club on Facebook is going to go on pause from the 23rd Dec - 7th Jan.
I’m going to spend Christmas and the summery weeks between my home and the beach, and in between swims and meals I’ll be working on the edit review of Prime Time and finishing the manuscript for the International edition of How to Have an Epic Retirement. It’s peaceful work and it’s interesting trying to piece together the ways people can best understand the choices they have all over the world. Then, once I hit the editing deadlines I’m taking a break.
To everyone who has been part of the Epic Retirement and Prime Time community this year, a heartfelt thank you. Your readership, support, and enthusiasm mean the world to me, and I feel truly grateful.
There are so many people to thank for making this year truly Epic! A special shoutout to the incredible community moderators of The Epic Retirement Club on Facebook—David, Stephen, Yvonne, Jillian, Robert, William, and Marcaus—you’re absolute legends! And, of course, a huge thank you to everyone who shared the Epic message and helped others find their way to this community. You’ve made it all the more special!
I’m lucky enough to do what I love because you enjoy and benefit from it—and I never take for granted the importance of keeping it useful, entertaining, and interesting for you.
So, as summer in Australia rolls in, and winter on the other sides of the world take the time to soak it all up. Talk to your loved ones about your dreams, goals, and hopes for the future. Then, start turning those conversations into plans for 2025—because there’s no better time to bring your vision to life! And if this year marks your retirement - enjoy the transition and embrace it for what it is — change can be both exciting and terrifying all at once.
I’m here to help. Don’t hesitate to write me a letter at bec@epicretirement.net. Merry Christmas and Happy Holidays.
Many thanks! Bec Wilson
Author, podcast host, columnist, retirement educator, and guest speaker
Why 'grandparents are the glitter glue' for families
We learn the recipe for building a great relationship with your grandchildren right from the start
In this episode, I’m joined by one of Australia’s most trusted psychologists, Dr Michael Carr-Gregg. He’s a renowned expert on mental health and families, the author of 18 books, and a familiar voice as a broadcaster. Today, we’re diving into an exciting and quickly-evolving topic: grandparenting in the modern world.
Many of our Prime Timers are approaching this pivotal stage of life or early in their grandparenting years and are trying to navigate their role carefully. But the role of a grandparent isn’t what it used to be—it’s more dynamic, complex, and meaningful than ever before. In fact Dr Carr-Gregg says that grandparents are the ‘glitter glue’ for Australian families.
Dr Carr-Gregg’s latest book, Grandparents: A Practical Guide to Navigating Grandparenting Today, is packed with invaluable insights. On the show, he shares the big lessons every modern grandparent needs to know—including his recipe for building a great relationship with your grandchildren right from the start.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
The little book that could!
Last of all, We’re finishing the year with How to Have an Epic Retirement as the #3 best selling self help book in Australia by an Aussie author for 2025! If you’re in Australia haven’t read the book - you can order your copy from Amazon online.
Or there’s a Kindle edition available in other countries - for Aussies abroad.
There will be an international edition in 2025. I promise. I’m just finished wading through all the major retirement systems to write about them.