The rising cost of living is biting everyone hard right now, so this week Bec Wilson and friend of the show, Spencer Howson, talk about how we can squeeze more out of every dollar. Bec & Spencer work through some helpful tips for managing the cost of living, how to go about budgeting in your pre-retirement years, and how to take a hard look at your big financial picture, contemplating the changes you might need to make in the months and years ahead.

We all need ways to save money right now - and this episode is packed with them.

Highlights from the conversation include:

● What did you learn about money as a child from your parents? 
● Setting your savings goals in your pre-retirement years, understanding your
superannuation and how much you want to have in the account when you retire.
● Understanding how much we spend on everyday cost of living expenses and how we can benchmark that. 
● The importance of building our ability to have ‘choice’ in life and how to prioritise the
things that are going to get you into the position of having it.
● The big red flags that we are not managing our cost of living well or budgeting
effectively.
● What are the key things people should think about when they think about their
budgeting?
● How can we account for the cost of living changes? 
● Think about your debt, and reconsider how you might want to think about debt as you approach retirement.
● We need to talk about your bank - and how you get good interest rates in the second
half of life. 
● Understanding passive income and when to start drawing on it. Understanding at
what point you move from needing your working income to live off; to living off
income from your savings and superannuation.
● Transition to retirement - the phase where you can enjoy some passive income and
some working income, as you move between the stages of life.
● The biggest traps that people fall into when predicting and planning for their
retirement income

● Loyalty tax - when was the last time you reviewed whether you are getting a fair deal
from you utilities, insurances and other service providers. Are they offering you the
same rate they offer the market?
● How do we build flexibility into our retirement budget? A helpful way to think about
emergency funds, and what you might need to have at your fingertips.

 

Prime Time with Bec Wilson is the podcast for all of us in the second half of life (47+) who want to live long, live well, and thoroughly enjoy it. Together we’ll dive deep into what will make this phase of life great, with insights from experts and pioneers. We talk about money, health, happiness, relationships, sex, travel and so much more. After all, there are no set rules for navigating this second half for our modern generations. 

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Get in touch with Bec here: [email protected]

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Or read her syndicated column in Nine Newspapers (The Sydney Morning Herald and The Age) each week here

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Visit Bec’s website at epicretirement.com.au to learn more about her work. 

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