A major super fund had an outage this week. Almost no one realised

And today's feature: Is it a midlife crisis, or a midlife transformation?

In this edition

Feature: Is it a midlife crisis, or a midlife transformation?

From Bec’s Desk: Watching and waiting

SMH/TheAge: A major super fund had an outage this week. Almost no one realised

Prime Time: The answers to your most frequently asked questions in the lead up to retirement

Is it a midlife crisis, or a midlife transformation?

This is something I’ve been exploring in Prime Time, my upcoming book. The message is aimed at those in their 50s and 60s who are reshaping their lives—not just for retirement, but for every part of their journey. Tell me if it resonates - in the comments.

The “midlife crisis.” We’ve all heard about it—that cliché of people hitting their 50s, sometimes even their 60s, buying the sports car, quitting their job, upending their relationships or shaking things up in a big way. But let’s look at it from a new angle: what if the things that trigger us to make change in midlife aren’t a crisis at all? What if we think about this time in life as a time for transformation—a chance to realign, reimagine, and redefine what actually makes you happy and then to take action on embracing those things?

The smartest executive coach I know talks about the old idea of a midlife crisis as coming from a world where life was seen as a ladder—always climbing, always moving up in career, success, and responsibility. And if you chose to pause or take a step back? It felt like failure, and others would often judge you based on how they viewed that climb. But what if midlife—and all those years before we fully retire (because let’s be real, many of us still want to work after tapping into super)—is actually a chance to change direction and do what’s meaningful to you, not just what’s expected and get onto a path that we can enjoy through the whole next phase of our life — our Prime Time and our Epic Retirement? And if it is, then there’s a few things to talk about. 

What triggers the urge to transform

For a lot of us, the push to change doesn’t just pop up, there’s triggers — and it helps to notice one when you see one. There’s usually a spark that starts the fire: a health scare, a sense of ‘inner death’, the kids moving out, or even that feeling of, “This just isn’t working anymore.” It’s those moments that make you stop and think, “What do I actually want now?” They can happen in midlife or the period leading up to your first go at retiring.

People who lean into that question often find themselves getting clearer on what they want this next phase to look like. And yes, it can take time. Many of us resist at first—holding tightly to that ladder like it’s a prize. But if you truly embrace the transformation, you start to know it’s happening in a more conscious way - and you see your power to choose.

Gradually, many come to realise that midlife isn’t about sticking to a script—it’s about designing a life that aligns with your values and desires. This isn’t a crisis; it’s a transformation, a chance to put what really matters front and centre — and feel good about doing that.

Redefining success

If we’re being real, most of us spent the first few decades ticking boxes—career, family, all that. But now, with a potentially longer midlife and plenty of Epic Retirement years we have a shot at rethinking what success actually means for us. It’s about going beyond the usual measures and finding what actually feels good to do each day, each week.

People start putting their time and energy into things that feel meaningful, not for anyone else’s approval, but because it’s what they love. When we frame midlife this way, it’s not about a “crisis”—it’s about taking the time to recalibrate and prioritise what really counts. Imagine doing that proactively, because the time was right in life.

Having the courage to step off the ladder

The hardest part of contemplating stepping off the ladder (or being pushed off) is letting go of the old ideas about “being successful.” We’ve been so conditioned to keep climbing that stepping sideways or even down feels like we’re risking it all. But what if life isn’t a ladder at all? What if it’s more like a lattice—a chance to explore any direction that feels right?

The people who find real happiness in midlife and on the way to retirement are, in my opinion, the ones who give themselves permission to try something new. They make choices based on what feels good to them—not because they’re trying to prove anything. They’re living life on their own terms.

For many, this transformation brings a new sense of freedom and purpose. They find new passions, projects, and relationships that resonate with who they really are. And so often, they look back and say, “I’m so glad I went through that” or “This has been the best time of my life.”

The whole “midlife crisis” idea comes from a time when sticking to the plan was the norm. But now, you get to write your own story. So ask yourself: Is this a crisis, or is it the chance to finally create a life that feels like yours?

Some good questions to think about:

• Is there anything going on in your life that you’re unhappy with?

• What steps would you take if you knew no one was judging?

• How would you define success now, on your own terms?

Found yourself contemplating this too? Tell us your story in the comments.

I’m enjoying this week of catching up, and talking to people again, after a few weeks in my book writing burrow. Apologies if I’ve been hard to get — just remind me please — I’m only one person. Things are gradually returning to normal. The Epic Retirement Course is up to Week 4 - which means the end of the financial content, and we move into ‘finding our purpose’. The finishing touches have been going on my manuscript — because there’s always more to do. And I’ve started on the international edition of How to Have an Epic Retirement — learning so much about retirement internationally is an interesting challenge and opportunity. I love the variety.

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This week I’ve got an exciting speaking event for Ipswich Libraries coming up in Queensland this week that has a few spots left - if anyone local to Ipswich wants to come along. It’s on the 7th November, in the evening - and it’s free - you just have to join the library (also free) to attend. Book your place here. Get in fast as there’s only a few spots available.

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This week was interesting, watching the end of the outage at Australian Retirement Trust and waiting for comments and information to be provided. I was simply boggled that the industry doesn’t have an obligation to tell all members when something is going wrong — like a bank or a large and impactful employer would have to.

I note they still haven’t released a public statement as at Saturday afternoon. I will wait with interest for what it says when they do. They were open with me when I asked for information, which allowed the outage to come out. But I would respect them a lot more if they explained what was going on to the market transparently.

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And don’t forget to send me your letters! I love them. and I use them to inspire my newsletters all the time. Please, send them to bec@epicretirement.com.au.

Many thanks! Bec Wilson

Author, podcast host, columnist, retirement educator, and guest speaker

A major super fund had an outage this week. Almost no one realised

Extract of article published in print in The Age, The Sydney Morning Herald, Brisbane Times, WA Today on Sunday 3rd November 2024.

This week, Australia’s second-largest super fund experienced an outage that for days halted pension payments for retirees who depend on them for critical income. Not only that, but (almost) no one uttered a word.

The company, Australian Retirement Trust (ART), didn’t make a statement and the media didn’t notice. Yet, the primary income source for about 99,200 people was interrupted and the company may still be suffering technical problems.

The first inkling of an issue came from a talkback caller to 4BC in Brisbane late on Wednesday, who asked where her money was. It transpired the caller had a different, individual issue – but her call led a few other people to speak out, and that raised my curiosity. Affected members had been notified of the problem, but no one else seemed to know anything about it – no media, no trade press, no wider market awareness.

When asked to comment on Thursday, an ART spokesperson said the matter that halted all pension payments began on Monday at 11.48am and delayed pension payments to all members who were due in that fortnightly cycle; payments normally would have gone out on Tuesday and Wednesday.

Thirty-six hours later, on Wednesday afternoon, ART said it had pushed pension payments through to banks – which can take up to two days to process them, leaving some people waiting until Friday for their pension. But ART had ongoing issues – the app was down on Thursday, and voluntary drawdowns were disrupted for a short period midweek.

The company said its drawdown and payment functionalities had been fully restored and tech teams were focusing on fixing matters, but there could be continuing issues with its app over the weekend.

Imagine if a bank or a major employer with nearly 100,000 people on payroll did the same. I’m sure we’d hear about the problem in real time.

By Friday morning, the company had still not published a formal statement on the matter. It said its focus was on affected members, with some retired members reporting they’d received a two-sentence alert on the app: “Following a technology outage on Monday, there has been a delay in payments for some members of up to 36 hours. Payments have now been processed and will be paid to bank accounts within normal bank processing times. We sincerely apologise for the inconvenience.” A prompt to call was included. A short apology email was also sent to affected members.

“I didn’t receive my payment on time and was a little bit worried. I got an email apologising for the payment delay,” said Robyn Hall, an ART customer.

Most members discovered the problem only when they went looking for their missing payment. Otherwise, they’d have been none the wiser – and perhaps that’s how any company would prefer it. With no obligation to provide further information, why offer more?

Now, you might be wondering: “What’s all the fuss about?” And I get it – things go wrong; tech systems occasionally fail; hopefully not often, and they’re fixed and we forget.

But there are two issues here. First, there’s no push for scrutiny or supervision of retirement income payments, which are a growing and critical source of income. And second, the retirement phase of superannuation is almost invisible to the rest of the country, so no one notices when retirees are left empty-handed.

Learn more about the outage - this article continues.

Read on, in The Age, The Sydney Morning Herald, Brisbane Times and WA Today.

The answers to your most frequently asked questions in the lead up to retirement

This week, I’m digging into the most common questions I get asked about retirement—and finding out the answers to the big questions you’re asking your superfund too.

I’ve got two guests joining me for this deep dive: Tony Moclair, radio veteran and host of the 3AW Afternoons Show, and Jen Harding, General Manager of Advice Development and Growth at HESTA. We’re covering the top five questions I hear most often as people approach retirement, but I’ll leave the details for the show!

LISTEN TO THIS EPISODE OF THE PODCAST HERE:

• LISTEN ON APPLE PODCASTS

• LISTEN ON SPOTIFY 

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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.