Christine Jones is a part-time retiree and a Financial Counsellor on the National Debt Helpline, and in this podcast and Youtube video she joins me for a conversation about the most common challenges that face people in retirement and how they can be avoided. We talk about financial stress, relationship stress and emotional stress.
The highlights of our conversation include:
Financial Stress:
Taking debt into retirement can be a big mistake
Maslow’s hierarchy of needs and the need to prioritise things you really need
Make sure you know and talk about what a good retirement looks like for you (and your partner)
Recognise that at some point in the future, only one of you will be alive and have awareness of what might be coming ahead.
Getting rid of debt before you retire - some of the ways you can do this practically
Making and delaying decisions in life. Don’t delay tough decisions.
Rental affordability and avoiding rent that is too high if you are single and living on a limited income.
Living alone and why we do it in the third phase of life
Get to know and love your superannuation and the things you should understand about it
Learn to salary sacrifice and get into the habit
Downsizing and superannuation - and the downsizer contribution
Superfunds and how you can access financial advice via your super fund
Transition to retirement income streams
Consider booking an appointment with a Financial Services Information Officer at Centrelink (FISO) to talk about eligibility for the age pension
Relationship stress:
Really talking with your partner about retirement
When two people retire into one house it can create more relationship stress than you expect
Emotional stress:
Boredom and emotional stress red flags
Finding purpose in the third phase of life
Love the things you do
Traditional hobbies vs finding your real interests in retirement, including Christine’s story about her own hobby of motorbike riding
Finally onto our Fast five - five flash questions we asked Christine about her own Epic Retirement plans.
You can listen to the podcast on Apple Podcasts or Google podcasts or a myriad of other platforms, including right here on Substack. Be sure to subscribe (and like the podcast please) on whatever platform you use. Or, you can watch it on Youtube here too.
IMPORTANT DISCLAIMER: The information provided in this podcast about retirement is intended to be general advice and for educational purposes only. It is not personalized financial, investment, or legal advice. The content presented is based on our understanding of current laws and regulations, which may change over time. We recommend consulting with a qualified financial advisor, accountant, or legal professional before making any financial or retirement-related decisions. We make no representations or warranties of any kind, express or implied, regarding the accuracy, completeness, reliability, or suitability of the information shared. Listeners are solely responsible for their own actions and decisions based on the information provided in this podcast.
We look forward to your feedback this week. Perhaps you’ve learned some of these tough lessons along the way. If so, leave your comments on this story or give it a ❤️ here.
Until next week, make it epic!
Bec Wilson Xx
How to live a longer healthier life - according to scientists studying centenarians
This week in our Epic Retirement newsletter I did a big feature on ‘The secrets to living a longer, healthier life: Unearthing the wisdom of the Blue Zones and the Okinawans’. If you missed it, you can stop and read through the seven powerful recommendations that these leading scientists are making here.
Be part of our new Retirement Diaries podcast
Tell your real life stories, and let people be inspired or learn from the things you’ve done. If you’re interested, please, reach out to me on bec@epicretirement.net.
Did you miss my first podcast in the Retirement Diaries series?
Host Bec Wilson, the author of How to Have an Epic Retirement talks to Mike Chesworth about transitioning from a big corporate role, finding things to do, his flirtation with gravel bike riding and blokes trips and finding a charity to get involved with.
Retirement Diaries: 'Don't learn the hard way' from Financial Counsellor and part-time retiree, Christine Jones