Epic retirement couple goals; How to fuel up your retirement savings

This newsletter is the digest version of my core newsletter which is sent out on www.epicretirement.net weekly. This specific newsletter was first published here. But we now have heaps of subscribers via Linkedin too! So enjoy!

You’ll note I am late with this newsletter. Forgive me, I launched our flagship course - and that took everything I had. So, inside I’m playing catch up. What’s within:

• Feature article - Retirement planning and couple goals (Apologies to all the single people.? I’ll be sure to do something for you in future weeks.)
• The Prime Time podcast: How the brain changes as we age, and what we can do about it with Prof. Nancy Pachana
• The How to Have an Epic Retirement Flagship Course - Autumn Edition has launched
• The Age/Sydney Morning Herald article this weekend: How to fuel up your retirement savings faster
• From Bec’s Desk: WOW! What a week

Retirement planning and couple goals

Retirement planning is an act that seems easier for couples. You’ve got two superannuation balances that combine into one pool of funds, giving you a much larger topline going into retirement. You share your costs of living, bringing your bottom line down, simply because you share meals, cars, accommodation expenses and utilities. You also share rooms when you travel, which we know makes holidays much cheaper.?

But what no one tells you about retirement, is that if you do have the above, you also have to share your visions of retirement, or at least agree on the way you’re going to engage on a few fundamental areas otherwise, one or both of you misses out on reaching for their retirement goals. And this requires you to have open and active lines of communication.?

Yesterday I presented to a lunch packed with excited pre-retirees, and afterwards a few stuck around for a chat.? It struck me as I spoke to one couple afterwards how in-tune with each other they seemed as they head towards the next stage of their lives. How eager they were to talk about how they were feeling about retirement, and the things they planned to do, together. Their eyes lit up when the other one talked, and they couldn't wait to go home after the event and discuss what it meant for their visions and plans.

In contrast, I can quite often find myself talking to one-half of a married couple, who clearly doesn’t have a shared vision with their partner of what retirement can be for them both. And they have no open channel of communication for improving things. And I feel for both of them. Because while they get the ‘economy of scale’ of being a couple in retirement, they don’t get the real joy of shared experiences and happiness.?

So I feel a burning need to dive into the emotional stuff today.?

Now I’m no retirement relationship counsellor, but I do see an opportunity here to say…?

“Hey! Look at the science! And look after your relationships folks!”

The Harvard Study of Adult Development has identified two critical lessons on how we live longer, happier and healthier lives, and neither of them have much to do with our money. The study’s two key conclusions are, relationships matter, and loneliness kills.?

There’s a great quote from the study’s most recent Director, Robert Waldinger that says “The people who were the most satisfied in their relationships at age 50 were the healthiest at age 80.”?

And his research is not alone. There’s a whole raft of studies in the world that show that exercise can slash your mortality rate, or chance of dying earlier by 20 to 40 percent. That eating like the Greeks can similarly improve your healthspan by about 30 percent too. But the data about being in a good, health, loving and romantic relationship, having close friends is even more direct. It says that our mortality rate can be reduced by 45 percent if we get our relationships right.?

So I’ve got three rather simple suggestions if you’re approaching retirement and want to build some shared or aligned visions with your partner.?

Not every couple retires at the same time, in fact, many don’t but that doesn’t mean they can’t live out their dreams together in the prelude years to both being in full retirement anyway.?

Create a shared vision

Before you reach retirement, start to talk about what you want day to day life to look like together. Set out ideas and think about the things each of you find fulfilment in. You might even want to create a vision board together. Remember to discuss and prioritise both people’s individual goals and some shared goals.?

Create a travel wishlist - that is shared

Physicality first is my motto for retirement travel planning, whether you're a couple or a single person, but it's harder in couples as often one is more active than the other. Do the hardest trips that are the most taxing on your bodies while you have all your bits working well, then set more appropriate challenges for yourselves - if you still like a challenge that is.?

And, make sure you each share in each other’s travel visions and passions, if you can, or at the very least that you support each other in finding ways to get out there and live your individual dreams, even if you can’t or won’t do them together.

Establish a joint financial vision

Beyond managing shared finances, create a joint financial vision for how your money might work for you both in retirement, including budgeting for your travel dreams above. Discuss the spending habits you want to adopt, any investment goals you have, and your desired lifestyle in retirement. Be transparent about your individual expectations and work together to align your financial plans with your shared vision. Use the budget template on my website if it helps you to communicate more practically.?

Cultivate some shared epic pursuits

It’s wonderful to be able to share something with your partner. So, if you don’t already have shared pursuits, take some time to cultivate one or two. It might be an artistic endeavour, or a sport, or even a charity you both want to get involved in. The key is that you’re both interested enough in it to want to keep pursuing learnings. There’s no doubt anywhere that truly shared interests can deepen your emotional connection.?

Prioritise quality time together

When you spend every day together, it might not seem as special to go out and enjoy each other’s company, unless you make it such. Think about the importance of hedonic happiness, of living in the momentary joys of life and being more mindful of enjoying your partner’s company.?

I’ll leave you with another quote from Dr Robert Waldinger.

“It turns out that people who are more socially connected to family, to friends, to community, are happier, they're physically healthier, and they live longer than people who are less well connected.”

How the brain changes as we age, and what we can do about it with Prof. Nancy Pachana

In Episode 13 of Prime Time we’re talking about the brain, our cognitive processing and all the things we can do in midlife to prevent decline. And for this we’re talking with Professor Nancy Pachana, a renowned clinical neuropsychologist, geropsychologist and professor at The University of Queensland. She knows everything there is to know about what happens as your brain ages, and how to keep it young.?

There’s so much actionable and useful knowledge boiled into this episode, making it seem simple and important to look after our brains more actively through this stage of our lives.

LISTEN HERE - LATEST EDITION (Episode 13). Or get it wherever you get your podcasts - the show’s called ‘Prime Time with Bec Wilson’

The Epic Retirement Online Course is now open for booking

I’m delighted to introduce you to the freshly launched Epic Retirement Course. And your bookings are ROLLING IN FAST! I can’t wait for our kickoff day of 11 March! You see - we will all be doing this program together. Won't that be fun!

The Epic Retirement Flagship Course is a program developed by retirement expert, Bec Wilson, (yep - that’s me!) that gives you the lessons, tools and insight needed to help you prepare for a modern retirement.

There’s 14 modules (8.5 hours of video education), delivered over 6 weeks that teach you about the six pillars of an epic retirement. And, with our comprehensive 85+ page workbook, you’ll be well-tooled to set your goals, build your vision and plan, then set yourself on the path to an Epic Retirement.

The program is complemented with 6 Live Q&A sessions. Each season we hand-pick a selection of special guests who will add colour and flavour to the program. And this seasons are very special! We’ve got some of the most passionate retirement experts in this country to chat with you. You can read all about it here and download a brochure.

How to fuel up your retirement savings faster

Each weekend I write a column in both the print and digital editions of The Age, The Sydney Morning Herald, Brisbane Times and WA Today money section. This article was first published here.

Somewhere in our 40s, 50s or 60s, each of us wakes up to the reality that retirement is not as far away as we thought. And a burning question we start to ask ourselves is “how can I get my savings retirement ready, and quickly?”

For anyone in that situation, there are seven good places to start, not all of them strictly financial. Let’s explore them, in order of the importance I place on each.

Read the rest of this article, on The Age and the The Sydney Morning Herald.

Well! Didn’t you all blow my socks off this week. First the return of the Prime Time podcast - as a permanent show and then the launch of the Epic Retirement Course - which booked like hot cakes! WOW!

THE PODCAST - You heard me right. The Prime Time podcast is back baby. It was meant to be the start of season two, but it isn’t! This time it’s a permanent podcast. You are enjoying it so much we’re going to keep it coming - always on! Episode after episode.That is good news for all of us! I get to talk to really interesting people, you get to listen to them! And speaking of which - my interview this week with Nancy Pachana is mind-blowing. It’s all about how we CAN look after our brains in midlife. She gives out her biggest tip at minute #30 - so make sure you listen for it.?

THE COURSE - I have been working quietly on the How to Have an Epic Retirement Flagship Course for the second half of last year with a team who brought the videos to life. And over the last couple of days you’ve really shown me your heartfelt excitement - by booking seats on the course at a pace I had only dreamed of.?

I’m thrilled so many of you have already booked in. And I know this course is going to be awesome. And the more the merrier it will be. So thank-you!?

THIS WEEK’S EVENTS?

This week I spoke at a couple of wonderful events! I did an online lunch and learn for more than a hundred people in Suncorp from their over-50s staff. They call themselves the Life-X team, all over-50 and hungry to live their best lives. That was a hoot! Big call out to all our new and old subscribers in the Suncorp team - they’re apparently sharing the newsletter and podcast far and wide on internal comms channels each week!?Thanks team!

Then, a luncheon for the Peak Partnership annual client lunch in Brisbane where we all got together for my talk about what makes a retirement epic. One wonderful lady even came up and hugged me with tears of excitement in her eyes at the end! I love that! And the pride with which they were holding onto their signed copies of the book at the end of the event is something an author dreams of.?Thanks to Warren, Pat, Damian and the team.

Next week I’m off to Adelaide for the Annual Hostplus Retirement Forum and Retire Ready event to speak to hundreds of pre-retirees and retirees at two different events. And, I believe all Hostplus members can watch it online - so do come along if you’re a Hostplus member. Let’s make it epic! (Thanks to the Hostplus team for inviting me).?

BIG NEWS ON CONCESSIONS

And finally, I hope you all saw the big retirement savings news. The government has announced that superannuation concessional contributions cap will rise from $27,500 to $30,000 and non-concessional contributions cap will rise from $110,000 to $120,000 on the 1st July 2024.?It’s good news for those who want to save as much as they can in the years before they retire.

AND A NEW WEBSITE TOO

Yep, with the launch of the course, comes a brand new Epic Retirement website at www.epicretirement.com.au. This is my home, my contact centre and my education platform too. Come, have a look.

And that’s it, we’re out of space! So have a wonderful week. I’ll get back to doing two newsletters and incorporating your letters on each next week (Please, send me more letters to [email protected] - I love your stories, questions and ideas).

Until next week - make it epic!

Many thanks! Bec Wilson