Putting an end to the retirement race
There’s a popular perception, fuelled by headlines and grumbles from younger generations, that today’s retirees are living the high life - but most are just getting by.
In this edition:
Putting an end to the retirement race
From Bec’s Desk - Autumn and the change of the seasons - the perfect excuse
But first - an important announcement…
Our newsletters are changing
Retirement is a global experience - but it’s also deeply local. The systems that shape it, from pensions to healthcare to housing, vary significantly by country. That’s why, when I write about retirement, I like to explain each system properly and in context, rather than glossing over the differences. To reflect that, we now offer more region-specific newsletters. This one will focus on the UK, where most of our readers are based. If you're in North America or elsewhere, you'll be able to follow the North American and rest of world edition — and for readers in Australia and New Zealand, there's a dedicated newsletter tailored to your retirement landscape as well.
Here’s our three newsletters - they are each run on Substack which requires we have different and separate mailing lists for each. You need to subscribe or unsubscribe from them - to get yourself on the right one for where you live.
North America and rest of world: na.epicretirement.net
Australia and New Zealand: au.epicretirement.net
There’s also a Prime Time newsletter for those not ready for retirement who want to learn how to embrace this new phase of life - this is global, universal and growing. www.primetimers.net
Stepping out of the retirement race
There’s a popular perception, fuelled by headlines and grumbles from younger generations, that today’s retirees in the UK are all living the high life. The stereotype is of baby boomers with houses paid off, gold-plated final salary pensions, juicy pensions, and more money than they know what to do with.
The reality is frankly, just not like that. More than half of UK retirees depend heavily on the State Pension - a relatively small income that you only receive from your mid-sixties. The “average” retiree has a mixture of State Pension, some workplace or personal pension savings, if they’re very lucky, a final salary scheme (but they’re becoming much rarer), and, yes, often a home owned outright. But that doesn’t really make them wealthy at all. In fact, most would consider themselves struggling to make ends meet. What they do have, they have to stretch to last for their whole life - and that life might continue well into their nineties.
Run the numbers and the picture becomes much clearer. A single retiree drawing down a typical pension pot of £150,000–£200,000 (and that’s well above the average balance at retirement), alongside the full new State Pension of close to £12,000 a year, is usually looking at an income somewhere around £20,000–£25,000 annually if they’re very careful. Couples combining two State Pensions (£24,000) and a modest level of private savings may manage closer to £35,000–£40,000. That money can cover the essentials and a few treats, but it doesn’t buy a luxury lifestyle in today’s UK, even if you do own your own home.
Most people in retirement are managing very carefully, not splashing out. But you wouldn’t always know it from the way we talk about retirement in the media and in our casual conversations. The focus often falls on the cruises we’re booking, the shiny motorhomes we’re buying, the property “help” we’re going to be able to provide for our adult children, or the next big holiday we’re planning. And depending on the company, conversations can slip into a competition of who’s giving more to the kids, or who’s living the grander lifestyle - which I think is an insidious ego driven problem we need to put a halt too. Keeping up with the Joneses hasn’t gone away in retirement it’s simply taken on a new form - and one that not enough people are calling out. The need to try and keep up to fit in is dangerous for average retirees because unlike younger households, retirees don’t have the option of going back to work full-time on a bigger salary to cover their financial mistakes (or early choices that they don’t understand will impact them later). They have to live with them for the rest of their lives - and spending to keep up with the Joneses is a mistake.
I’ve seen people run down their only savings trying to meet the expectations of adult children or to impress friends. Sometimes it’s lavish gifts or picture-perfect holidays - the kind that look immaculate on Instagram but lack the deeper fulfilment of purposeful activity and meaning that costs far less. Other times, it’s bankrolling a child’s first home, or simply saying yes out of guilt - to dinners you can’t really afford, or wine that's fancier than your budget allows, all for show. And sadly, some adult children add to the pressure, not realising the financial and emotional toll it takes.
We need to name this pattern - the “Retirement Race” - and start saying, clearly and without shame: I’m not in it to win it.
We need to accept and own the fact that not every retiree is wealthy. Not every retiree can bankroll their kids, or splash out without thought. And not everyone knows how to say, “I’m sorry, I can’t afford it - could we do something simpler and still have fun together?” Yet that’s exactly what’s needed.
Here’s the truth: extreme wealth in retirement is rare. Retirement isn’t a contest. It’s a time for enjoying a life you can afford, diligent financial management, and, most importantly, for finding real purpose and joy.
And the shift towards more self-funded retirement is happening, but slowly. Back in 2000, only around one in five new UK retirees had significant pensions outside the State system. Today that number has grown, thanks to auto-enrolment and more people building workplace pensions. But it will still be another decade before the majority of retirees have had a full career of higher contribution rates, long-term growth investing, and compounding behind them. Until then, many are left juggling the basics while media and social chatter highlight a dream retirement lifestyle they’d love but can’t afford. And they feel guilty or sad as a result - but they shouldn’t be made to.
So how do we help each other?
We can all improve things for average retirees by talking honestly about what really creates long-term retirement satisfaction. By steering people away from comparisons, from guilt, and from this new version of the Joneses’ race. And by reminding ourselves that a great retirement isn’t about “stuff.” It’s about purpose, fulfilment, excitement and passion.
Because happiness doesn’t come from quick dopamine hits - the spending sprees, the luxury holidays, the big one-off moments. Those fade fast, even if the photos linger on social media. What lasts is the deeper satisfaction that comes from meaning, connection and purpose. And yes, money matters, but even a modest base - the State Pension combined with careful use of savings and owning your own home - can support a good retirement when it’s managed wisely.
So, if you’ve felt pressure to compete in the “Retirement Race,” here are four things to do this weekend:
Write down what really matters.
Is it travelling within your budget? Is it time with grandchildren? Is it your health? Is it volunteering or causes you care about? Pick your top three, and remember they don’t have to revolve around spending.
Reality-check your finances.
Look at what you’ve got — State Pension, workplace or personal pensions, ISAs, savings, your home — and remind yourself that this is your foundation. It’s not about keeping up with anyone else. It’s about making what you have work for you.
Plan one joyful thing within your means.
Don’t stop living because you’re being careful with money. Plan a family picnic, a low-cost weekend away, or a potluck dinner with friends - things that share the happiness but don’t cost much to do. Joy doesn’t need a big price tag. And you might find if you bring the cost down, your friends sigh with relief at the retirement race ending.
Focus on your curiosity
Pay attention to the things that genuinely spark your interest and look for ways to keep learning and building skills around them. Staying tuned in to what excites you - and leaning into activities you enjoy - helps you use your time far more fruitfully than chasing or accumulating “stuff” ever could.
The truth is you don’t need millions to have a rich retirement. What you need is clarity on what you have, financial confidence and the courage to live within your means — even if others are trying to show off around you. And remember that purpose, not possessions, is what makes life after work truly epic.
The perfect excuse
Autumn has arrived in the UK, and the turn of the season is always a great excuse for a reset. The holiday splurges are behind us, and the cooler mornings and shorter days invite new routines — whether it’s pulling on a jumper for an early walk, committing to better sleep, or simply carving out a little more space to breathe.
Here in Australia (where I live), it’s the first days of Spring, and I’ve made a promise to myself: early morning exercise and early nights — no more late book-editing marathons. It feels good to be making small shifts that add up.
If you’re looking for a nudge yourself, pick one small change this season. It doesn’t need to be dramatic. Get outside a little earlier, tweak a meal, switch off the screens half an hour before bed. Small changes stack up quickly, especially when you give yourself permission to begin again with the seasons.
That’s really what the years before retirement — the time I call our Prime Time — is all about. It’s not a one-way rush into the next phase, but a phase where we embrace living on our own terms, building flexibility, choice, health and enjoyment into life before we retire and doing the financial work earlier than ‘at retirement’. If you embrace Prime Timing, you might find you don’t need to drive for retirement as quickly because you combine joy in what you do and flexibility. And, in your Prime Time, you don’t need to reinvent everything overnight. You just need to lean into the shifts that give you more energy, more freedom, and more control to shape the life you want.
I’m thrilled to share that a fully UK-focussed edition of How to Have an Epic Retirement will be launching in the UK before Christmas. I’ll be in the UK this October to kick the pre-launch of the book off, meeting some of the pension funds, the media and while I’m there I’ll be speaking at the Pensions UK Conference in Manchester — a brilliant opportunity to start the conversation early about how we can all make the most of this stage of life.
That also means I’ll be ramping up what I do in the UK in a big way. This newsletter is going to become regular for the UK — weekly-ish! — and I’m already working on how we can bring the Epic Retirement 6 week Flagship Course to the UK in 2026 too. Plus, visiting the UK will become a regular part of my calendar (I’ve already got two trips booked for coming months!). (If you are looking for it, you can now find it at uk.epicretirement.net).
I’m also toying with the idea of meeting some of our community in London and Manchester while I’m there. If you’d be up for a coffee catch-up — and have a friendly venue to suggest — drop me an email, I’d love to hear from you. (Just hit reply and I’ll get your email).
Two ways you can help me understand what I can do to help you:
Interested in getting the UK edition of the book? - register your interest here.
Curious about doing a How to Have an Epic Retirement Flagship Course designed for the UK? - register your interest here.
That’s all from me this week. Wherever you are, I hope you find a moment to reset, recharge and do something joyful.
See you soon,
Bec
Bec Wilson
Author, podcast host, columnist, retirement educator, and guest speaker