You’ve saved for decades — now how do you switch to spending
And in today's newspapers, 'Should the government dictate how you spend your super?'
In this edition
Feature: You’ve saved for decades — now how do you switch to spending
From Bec’s Desk: Sick puppy
SMH/TheAge: Should the government dictate how you spend your super?
Prime Time: From medicine to writing fiction: how one Prime Timer made the leap
You’ve saved for decades — now how do you switch to spending
For decades, you’ve been wired to save, budget, and stretch every dollar. That discipline got you here. You built your super, topped up savings, invested wisely and planned for your epic retirement. But now that you’re here at retirement—or getting close—there’s a new challenge: how do you actually spend your money without guilt, anxiety, or the fear of running out?
This is something so many retirees struggle with. Even when the numbers say they have enough, the idea of withdrawing and spending feels risky, frivolous or even a little bit dangerous. You’ve had a lifetime of conditioning to protect your nest egg, so shifting into spending mode can feel really unnatural. (Do you agree?)
Part of the problem is habit. If you’ve been careful with money for forty years, you don’t just wake up one day and become a spender. Many retirees still track every expense, hesitate over the purchase of things they don’t need and feel uneasy watching their super balance shrink—even when they don’t need to feel that way. And then there’s the fear of running out. Retirement can last twenty-five to thirty years, and no one knows what’s around the corner. Market crashes, big medical bills, living longer than expected or even needing to help your kids out of a sticky place—these are all real concerns. The ‘What if?’ factor stops people from spending, even when they’re in a great financial position.
For some, spending in retirement isn’t about fear, but guilt. They’ve spent a lifetime prioritising their children, mortgages, and bills, and now that they have financial freedom, they hesitate. Spending on travel, hobbies, or a dream purchase feels indulgent—almost like they need to justify every dollar. But here’s the truth: your savings aren’t just there to sit in an account forever and pass to your children when you die. They exist to fund a great second half of life. You’ve earned the right to use your money with intention and joy—not just protect it for ‘one day.’
So what do you do if spending makes you uneasy?
If spending more makes you uneasy, start small. Give yourself permission to enjoy your money by setting aside a specific amount for fun. A dedicated travel fund. A hobby allowance. An experience budget. Whatever makes life richer. And don’t wait too long. The first five to ten years of retirement are when you have the most energy and health to enjoy bigger experiences. I’ve heard too many stories of people putting things off, only to realise later that their health or mobility won’t allow them to do what they had planned.
If you still can’t shake the anxiety, try this: put two years of living expenses in cash and let the rest work for you. Knowing you have a safety net makes it easier to loosen the reins on the rest. And if you’re not ready to make big purchases yet, test it out. Book a short getaway, upgrade your next flight, or finally buy that thing you’ve been eyeing for years. See how it feels. If it doesn’t feel like a mistake, do it again.
The biggest regret I hear from retirees isn’t about running out of money. It’s about waiting too long to enjoy it. People hoard savings in fear, only to realise later that health, time, and opportunities don’t last forever. You won’t run out of money by spending intentionally. But you might run out of time to enjoy it.
So—what’s something you’ve been hesitating to spend on? And what’s stopping you?
Let’s talk about it in the comments
My oldest pup is unwell, and it’s been a rough few days. He’s spent half the week paralysed, leaving the vets scratching their heads. So this weekend, I’m part retirement educator, part nurse, hoping he’ll turn a corner soon. In the meantime, I’m his full-time carer—and he needs a lot of care.
Meanwhile, the Epic Retirement Course is rolling into Week 2, and our second live Q&A is coming up on Monday evening. This one with Andrew Lowe from Challenger. This is our chattiest cohort yet! There’s something really valuable about hearing how others are tackling retirement, and I love seeing the lightbulb moments as people share their experiences with each other and learn new things.
On the book front, I got my hands on the first laid-up version of Prime Time this week—the typesetting is done (yay!), and it’s looking fantastic, if I do say so myself. Just a couple more rounds of review, and then it’s off to the printer!
SYDNEY EVENT ALERT: In two weeks, I’ll be speaking at two big, free public events at the West Ashfield Club in Sydney as part of Seniors Fest, hosted by the Inner West Council. There’s a daytime session and an evening session, so if you’re in Sydney, you can grab a spot here. Would love to see you there!
And that’s the week I’ve had. Hope you’ve had a better one than me.
Always remember you can always email me at bec@epicretirement.com.au. I love it when you tip me off on things that I can help with or reply with insights.
Many thanks! Bec Wilson
Author, podcast host, columnist, retirement educator, and guest speaker
Should the government dictate how you spend your super?
Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 23rd February 2025.
If you’ve worried about squirrelling away your super your whole life, only to reach retirement and find out you can’t use it how you want, this week’s news might have set off alarm bells. It did for me.
The Australian Financial Review dropped a bombshell, revealing a government draft proposal that could significantly affect how the next generation of retirees access and spend their superannuation.
According to the report, the Albanese government is circulating a discussion paper among industry super funds and key financial bodies, proposing that retirees with super balances above $200,000 be required to adopt a drawdown rate underpinned by longevity protection.
In simple terms, this means the government could mandate that super funds invest in products on your behalf that guarantee an income for life – regardless of how long you live.
While this might sound like a safeguard, it raises serious questions about personal choice and control. It’s a move that could restrict how much you can withdraw, force you to take out more than you intended, or lock up part of your savings in a way you didn’t choose.
If this goes ahead, it means that instead of having full control over how you withdraw and spend your super, the government could set a mandatory drawdown rate – locking part of your super away to provide income later in life, while forcing you to spend more now.
Most retirees aren’t making bad decisions because they’re reckless.
The idea behind it is clearly to solve two very real problems that most retirees struggle with. First, it would stop retirees from running out of money too soon and falling back into relative poverty on the age pension without supplementary income. Second, it would prevent people from not spending enough, using super instead as a tax-effective estate planning tool.
But for me, it raises a much bigger question: should the government and your super fund get to decide how you use the money you’ve saved over decades to fund your own vision of retirement?
Understandably, the leaked proposal is said to be causing a stir – particularly among retail super funds, which position themselves around member choice and rely on financial advisers to help retirees navigate their investment and drawdown strategies.
This article continues — Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.
From medicine to writing fiction: how one Prime Timer made the leap
This week on the Prime Time Podcast, I’m joined by Professor Jim Nicklin, a semi-retired gynecological oncologist who has taken a bold leap into the world of fiction writing. Jim’s career has been filled with medical research, mentoring, and teaching, but in his Prime Time, he’s chosen to pursue a long-held dream: writing a fiction novel.
His debut book, U, is a Brisbane-based thriller, packed with drama, intrigue, and some debauchery—definitely a departure from medical journals and peer-reviewed papers! In this episode, Jim shares his journey from medicine to storytelling, the challenges of writing fiction, and why midlife is the perfect time to take on creative pursuits.
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. Or pick up a copy at your local Dymocks, or QBD stores. And if your bookstore doesn’t have it - ask them to get it in.
I have a little online store where you can purchase signed copies too.
A big no. Super is our money and it was accumulated on this understanding. If we want to take it out on retirement and buy a B&B, help kids into a house, fund a kids wedding or retire overseas that should be our choice. The vast majority will still help reduce government spending on pensions, even if we did the things listed above - which few would do. One of the big problems with super is the risk of the government seeing this big bucket of money and gradually tapping into it with increased taxes or reduced lifetime returns. Don’t make it easier for them to do this!
Should the government dictate how you spend your Super? This is an interesting question with two possible answers. The simple answers are in my opinion
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1. For self-funded retiree's........... definitely NO! They are using their own money.
2. For retirees who partake of the aged pension or part aged pension there is a case that the Government should mandate they use their Superannuation first whilst being supported by the taxpayer.
Pretty simple really.