Letter: Your kids and your epic retirement - a transition for all
And in today's newspapers, 'Australia’s retirement system has a big blind spot'
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
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! 😉
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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.
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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.
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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:
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.