Could you stop working tomorrow… and still get paid?
We spend our working lives earning an income. But at some point, the game changes completely. There's new rules everyone needs to learn.
Ad - Before we start — a big thanks to our podcast sponsor this week, Aware Super
Retirement income – can the Aged Pension work for you?
Many Australians think retirement income is an either‑or choice — super or the Age Pension. But for most people, it’s actually a mix of both.
Understanding how these two sources work together can help you feel more confident planning retirement.
Aware Super offers a super helpful ‘Age Pension’ guide to support you through planning, so you can explore your options, check what support may be available, and make informed decisions based on your own situation.
Learn more and check your options at aware.com.au/agepension
Could you stop working tomorrow… and still get paid?
We spend our working lives earning an income. But at some point, the game changes completely.
The paycheck stops. And suddenly we’re not earning an income from full time work anymore, instead, we need to learn how to manage a more passive set of income streams. Super, the Age Pension, maybe a bit of work, some investments on the side. And for each layer, there’s different sources, different rules, and different timing. All of it needs to work together to replace the one simple income most people had before.
And that’s where most people get caught out. It’s not because they haven’t saved enough. It’s simply because nobody ever taught them how to actually run this thing called retirement.
This week on Prime Time, I sit down with Xavier O’Halloran from Super Consumers Australia and Kate Rolfe, Head of Retirement Strategy at Aware Super. We get into the real mechanics of layering a retirement income; what the sources are, how they shift across different phases of retirement, and how to build a picture that actually works for your life.
In this episode we also discussed the Super Consumers Australia’s Retirement Savings Targets. You can find them here.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the conversation:
What does retirement income actually look like? It’s not one paycheck. Super, the Age Pension, investments, even part-time work all layer together to create your income, and the mix looks different for everyone.
How your income changes across different phases of retirement: Early retirement, accessing super, then the Age Pension - your income mix evolves over time, and needs to be actively managed.
Why most people underestimate the role of the Age Pension: For many Australians, it becomes the backbone of retirement income, often making up more than half of what people live on.
How much do you actually need to live on? Everything starts with this question. Xavier walks through the Super Consumers Australia benchmarks, including what the numbers look like for renters, which tells a very different story.
The biggest mindset shift people struggle with: We spend our whole lives accumulating. Xavier explains why switching gears to actually spending down your capital - with confidence - is harder than it sounds, and what actually helps.
Why “passive income” isn’t really passive: Managing multiple income streams takes planning, and for most people, relying purely on investment earnings isn’t realistic.
Why the transition years are more powerful than you think: The period when you’re working less but not fully retired is the ideal time to trial your spending, test different income arrangements, and figure out what retirement costs before you fully commit.
What to do if you feel like you’ve left it too late: Xavier shares the most effective levers, including why being in the wrong super fund could cost you $200,000 across retirement.
The biggest mistakes people make setting up their retirement income: From falling for high-pressure super switching ads on social media, to over-complicating your setup, to dying with a large balance you never intended to leave behind.
From Bec’s Desk
It’s been another fun week of stages and airports. And in between, podcast recordings and article writing. It keeps me busy, entertained and on the upside - it pays the bills. And I love getting out there and seeing your curious faces, talking modern retirement and midlife.
But the project I’m most enjoying is trying to think up ideas for reels to help you grasp retirement in very small bite-sized pieces. So if you’ve got a question you want me to cover - send it in. (Remembering I can’t give personal advice and I have to be able to answer the question in 1.30 or less)
Now - I have to encourage anyone who hasn’t got their seat on the How to Have an Epic Retirement Flagship Course to lock in their place soon. We’ve extended the earlybird deal beyond the starting 200 seats we promised to offer it on. And we have to close it soon so we can send out the welcome packs. The 6-week get ready for retirement course kicks off on the 14th May.
You can download a brochure and book your place here. www.epicretirement.net/upcoming-courses
And until next week - Make your Prime Time count.
Cheers, Bec
