The three phases before retirement

From my work with hundreds of thousands of people navigating this transition, I see midlife unfolding in three clear phases, before you reach a full (and epic) retirement. Which one are you in?

Before I kick off this newsletter, I have a favour to ask.

Can you help me bring Prime Time and Epic Retirement to your country?

I've written two big books to help people in the second half of life make smart, powerful choices:
🟡 Prime Time (for your 40s, 50s, 60s and midlife pivots)
🟡 Epic Retirement (for those planning for and living modern retirement)

The Aussie edition of Epic is a super bestseller. The UK edition is finished and heading to print shortly. Now it’s time to show there’s demand elsewhere.

If you'd love a local edition tailored to your country and life stage, please take 30 seconds to answer three quick questions. It makes a huge difference.

👉 Take the survey here

Thanks for being part of this. Let’s show them we’re ready. 💥

The three phases before retirement

We used to think life had two financial chapters: you worked hard, saved what you could, and one day, you retired. That was the plan: clock out, live frugally, and hope you didn’t run out of money before you ran out of breath.

But that model? It’s out of date. And thank goodness for that.

These days, most people don’t follow a straight line from work to retirement. Instead, we’re living longer, working differently, and shaping more flexible paths into later life. And that means money plays different roles at different stages.

From my work with hundreds of thousands of people navigating this transition, I see midlife unfolding in three clear phases, before you reach a full (and epic) retirement:

• the Setup Phase,

• the Lifestyling Phase, and

• the Part-timing Phase.

Not everyone gets to experience all three. But more and more people can — especially with some smart planning and a bit of forward thinking. These phases are the real shape of modern midlife money.

1. The Setup Phase: clear the decks and build momentum

This is your financial fresh start — and it usually kicks in somewhere in your 40s or 50s. Your income might be more stable, the kids may be less financially dependent (though not always), and you’ve got more control than you did in your earlier adult years.

It’s a brilliant time to look ahead.

This is the window to:

• clean up financial clutter (credit cards, old pensions, multiple savings accounts),

• pay down the mortgage or housing debt,

• review underperforming investments,

• consolidate and take control of retirement savings (whether that's a personal pension, 401(k), SIPP or something else).

If you’re in a country like the UK or US with tax-advantaged retirement accounts, this is when you want to start making the most of annual contribution limits — and catch-up contributions, if you’re eligible. The earlier you do it, the longer that money has to grow using compounding — the most important and most poorly understood financial tool in anyone’s toolbelt.

But this isn’t just about finances. This is also the time to start testing the idea of your “next act.” Not everyone wants to retire at 60 — but not every job will age well, either. Many careers aren’t flexible. Some hit a ceiling. Some industries get ageist fast. And AI is coming.

So… what comes next for you? That’s the question to explore in the Setup Phase — while you still have income, energy and options on your side.

2. The Lifestyling Phase: enjoy more, spend deliberately

This is the phase where life opens up a bit. You might have more breathing room financially, and fewer demands on your time. The kids might have flown the nest o at least started to pay for more of their own way.

Work might feel easier. Or more meaningful. But you probably still want to do it full time, maybe with more flexibility and a better level of choice in what you work on. You might want to travel, take a sabbatical, study, or simply enjoy the career level you’ve built.

This is also the phase where spending can ramp up quickly. Holidays. Helping adult kids. A renovation. A break from full-time work. All fine — if you’ve planned for it.

The trick is to keep one eye on the now and one eye on what’s ahead and start to lifestyle carefully. It’s easy to let lifestyle spending grow without noticing. But those choices ripple forward. So make sure you’ve still got:

• An understanding of how much is enough to meet your retirement goals in the future

• solid retirement contributions going in and/or building up passively with compounding,

• an emergency fund,

• and a clear picture of your big financial picture and later-life goals.

This phase isn’t about just living in the moment — far from it. It’s about freedom with a plan. You’ve worked hard to get here. Just make sure it’s not coming at the cost of the retirement you want next.

3. The Part-timing Phase: your soft landing into retirement

This might just be the most under-rated phase of all.

More and more people are choosing not to go from full-time work to full retirement in one leap. Instead, they’re doing what I call the Part-timing Phase — working less, but still earning and staying engaged in their work — or maybe adapting their work to fit the more casual lifestyle they want now.

It could look like:

• shifting to three days a week,

• consulting or freelance work,

• teaching, mentoring, or passion projects that bring in some income.

The beauty of this phase is that it softens the financial blow of retirement. You ease out, instead of falling off the income cliff. You keep purpose, structure, and connection — all of which matter just as much as the money.

But it also needs a bit of planning:

• What income layers will you draw from?

• How does part-time income interact with taxes, personal pensions, or social security/state pension?

• If you’re in the UK, how does it affect your entitlement to the full State Pension?

• In the US, when should you trigger Social Security benefits?

The more clarity you have, the more confidently you can step into this flexible middle zone between full-time work and full retirement.

The real shape of modern midlife isn’t linear. It’s layered, it’s flexible and it’s personal.

And the best way to navigate it is to understand where you are and what you need to do in this phase, to make the most of the next.

Retirement is no longer the ultimate destination. It’s one chapter in a much bigger, richer story. And there’s plenty of good years to enjoy before you get there too – in what I call your Prime Time. Let’s make sure you can make both your Prime Time count and have an Epic Retirement.

These three stages are explored in detail in the Australian book, Prime Time: 27 Lessons for the New Midlife launching on 30 July 2025. Help us build a case to publish it in your country — take the survey.

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I’m out of office: enjoying European sunsets and there’s a helpful lesson for all

This week’s newsletter is short and sharp because I’m in Tuscany with my hubby. It’s B-E-A-U-T-I-F-U-L. We sent the kids home the day before yesterday for school and uni and doggy daycare. This week is for us, adventuring through wineries, villages, climbing duomos and having time to mull over cheese and proscuitto platters slowly.

I’ll be back in a week. Then we’ll close the earlybird on the latest Aussie course, and we’ll launch my new book Prime Time: 27 Lessons for the New Midlife in stores all over Australia.

Hopefully we’ll be able to confirm the UK release date for How to Have an Epic Retirement UK too.

In the meantime — have a read about the three phases of your Prime Time that are covered in more detail in my new book; and smile at your progress to becoming a Prime Timer or Epic Retiree.

I have one big callout this week to add.. big news.
Our Epic Retirement Club just flew past 500,000 members worldwide. OMG. Half a million people! What a brilliant community of learners and contributors we’ve built together there — just brilliant.

And get this - it now reaches somewhere around 50 million people a month across the internet. Fifty million! 😎 Pretty cool, huh? (No, you can’t advertise in it. It’s strictly for learning and growing people’s retirement confidence. No sneaky promos, either - we ban anyone who tries.)

A massive shoutout to our amazing 18 volunteer moderators who keep the space thoughtful, safe, and purposeful. They’re the reason it works so well.

We don’t allow financial advice or self-promotion in the group. It’s a confidence-building, peer-to-peer learning space, and one of the most positive corners of the internet for anyone navigating midlife, retirement, or beyond.

Last - you have hopefully heard that the Australian edition of Prime Time: 27 Lessons for the New Midlife is launching on 30 July 2025 in Australia.

I’m hungry to get the international editions of my books into your hands — but first, we need to prove there’s demand.

So, I’d be so grateful if you’d take a moment to fill out my little 3 question survey. It’s how we show publishers there’s a ready audience. The more interest we get now, the faster we can lock in a deal and get the right version into your bookstores.

🟡 PS: The UK edition of How to Have an Epic Retirement is already done and coming this year — let’s make sure your country’s next.

TAKE THE SURVEY HERE.

And now - on with my holiday - have a lovely week.

Got thoughts this week — send an email to bec@epciretirement.net. I read every one.

Cheers, Bec Wilson

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

Don’t forget, Prime Time is available for pre-order now on Amazon Australia here.

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Last of all, if you haven’t read the book, How to Have an Epic Retirement, you can order your copy from Amazon online.

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Before you quit your job and sell the house... read this!

Everything I share here is general information, not personal financial, legal or tax advice. It hasn’t been tailored to your specific life, goals, money situation, or brilliant retirement plans—so before making any big decisions, please chat to a licensed financial adviser or relevant professional who can look at your individual circumstances.

I do my best to keep things accurate and current, but I can’t guarantee it (rules change, governments shuffle things around, and I’m only human). Any figures or examples are just that—examples—to help explain things, and they might not reflect the latest laws or your actual numbers.

Use this as a helpful guide, not gospel.