How do you know when you're ready to retire?

This week I'm the expert on the Prime Time podcast, and we're talking about the financial and emotional process of how you decide to retire.

This week we’re going to talk about the big, curly question — ‘how do you know when you're ready to retire’? It’s something I get asked all the time. And so this week, Gen Rule, our show’s producer is turning the table and asking me the questions.

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

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Highlights of the conversation:

• How do you know, when enough is really ENOUGH?

• There’s no magic warning light that comes on telling you and you can’t rely on the old templates of life. Life is changing so we have to look for different signals.

• Choosing retirement is really in your hands - OR if you arent proactive then you lose that power - Only 31% of people retire by choice. This is a number we have the power to change.

• Employers say they’d rather not push people out - but if you don’t choose a path out, they inevitably have to choose it; or your health or caring needs make the decision for everyone.

• So it really is best to set some goals and get excited about the next stage of life.

• Everyone should know their magic ENOUGH number - the amount they need in superannuation and in investments outside super (especiallyif they plan to go part time earlier than they can access super). 

• Then, they should look at their income in layers - the layers change depending on the person and where they are in life. Consider both active and passive layers and how they change over time.

• Understand income streams for when you’re working part time, and understand your income streams for retirement too.

• Think about the emotional factors that drive you to feel like you want to retire, and really question whether you are looking to retire for the right reasons - or whether you need to take a different path, find new passions.

• Notice any feelings of inner death - what will you do about these, because they are a sign that change is necessary.

• Finding hobbies and interests outside work - and the difference between pursuits and hobbies. Why you want to get passionate about something.

• Retirement is not necessarily ‘stopping work’ anymore - see it as a sliding doors opportunity.

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From Bec’s Desk

This topic is one I’m also covering this weekend in The Age and The Sydney Morning Herald - so keep an eye out for a detailed article too!

It’s a topic I am very passionate about as I write my next book, which really is for those who are in the 10-15 years leading up to retirement and want to have their house in order and make their Prime Times count. Three weeks until deadline - so I’m head down on the final manuscript!

Last call for the next Epic Retirement course

In other things - I’m doing a last call for Prime Timers who want to take the How to Have an Epic Retirement Flagship Course in 2024. The course kicks off next Thursday 10th October so you still have time.

It’s a six week program— here’s a little overview of what’s in it.

• There’s 14 modules of on-demand education, dripped week by week - videos you can watch when it suits you and quizzes you can take to explore the concepts

• Six live Q&As - with some of Australia’s most respected retirement experts

• A live group coaching session on finding your purpose

• A custom 150 page workbook - mailed to you and available as digital

• A signed copy of How to Have an Epic Retirement - mailed to you

and a whole lot more… Download the detailed brochure on our website and book your place. The 25% discount is on its last day.

And yes - we can provide an invoice or receipt for your company to pay for it as training - if you want to ask your boss to support it. 😉

Catch you next week, and in the meantime, make your Prime Time count!

Many thanks! Bec Wilson

Author, podcaster, guest speaker, retirement educator … Visit my website for more info about me, here