The two things that will shape your retirement more than money
And the Pension Schemes Bill passes - what that really means for everyday people.
What’s in the newsletter?
Feature: The two things that will shape your retirement more than money
From Bec’s Desk: Interesting changes to UK pensions approved
Read my articles in The Times: We’ve been married for 30 years but can’t agree on when to retire’
The two things that will shape your retirement more than money
There’s a question I get asked a lot, in various forms…
“Am I on track financially?”
It’s fair, and it matters a lot to retirement planning. But after years of working with people navigating this transition, I’ve come to believe there are two things that matter just as much as your super balance and almost nobody talks about them.
Curiosity and courage.
And, not in a motivational-poster way. In a very practical, neurological, life-outcome kind of way.
What happens to curiosity in midlife
For most of us, the years between 45 and 65 are full of work, family, ageing parents, financial pressure. And somewhere in the middle of all that busyness, curiosity quietly goes into hibernation. We stop asking “what if?” and default to the routines of life, not because we’re lazy, but because routine is efficient when life is demanding.
The problem is that retirement is precisely when curiosity becomes most important. Because retirement, at its core, isn’t a financial event, it’s an identity event. And navigating it well requires genuine openness to who you might become next. If you arrive at that transition without having exercised your curiosity, the blank page can feel terrifying and well… blank… rather than exciting.
But the science says we can get past this. And here’s how. When you become genuinely curious about something, your brain releases dopamine, a real reward hit that motivates you to keep exploring, which is why curiosity tends to build its own momentum. But it goes deeper than that. Curiosity also engages the hippocampus, the part of your brain responsible for memory and learning, which means you don’t just feel more motivated when you’re curious, you actually retain and apply what you learn better.
This matters enormously for anyone approaching retirement, because this is a period of significant learning: new financial decisions, new routines, a new relationship with time and your identity. The more curious you stay, the better equipped your brain is to process all of it. And because of neuroplasticity – or the brain’s ability to rewire itself – staying curious is also one of the best things you can do for your long-term cognitive health.
And then there’s courage
Curiosity is what opens the door. Courage is what gets you through it. Truly!
Most people misunderstand what courage actually is. It’s not the absence of fear, it’s acting in spite of it. Every time you consider doing something outside your comfort zone, the brain’s amygdala fires up a threat signal. That’s just your nervous system doing its job - like it did in caveman days when you were under threat. Courage happens when your prefrontal cortex takes the wheel anyway, weighs the actual risk, and moves forward.
Here’s the part I find genuinely encouraging: every time you act with courage – even in a small way – you’re rewiring your brain to be less reactive to that fear signal next time. You practise it, and it really does become easier.
Why does this matter? I hear you asking. The years just before retirement bring a cascade of genuinely difficult decisions: when to stop working, whether to downsize, how to align your timeline with your partner’s, what you actually want this chapter to look like. These aren’t purely financial questions. Stop and look at them! They’re all questions about identity, risk, and change. The people I see navigate them well tend to be curious about what’s possible and have enough courage to sit with uncertainty while they figure it out.
Here’s how to get started
If you’re feeling less curious and less courageous than you’d like to be, you don’t need a dramatic overhaul.
For curiosity, start with some small questions rather than grand intentions. Follow something that mildly interests you and see where it leads. Talk to people who think differently to you. Read outside your usual lane.
For courage, start with small risks and practise visualising the upside rather than fixating on what could go wrong. And be kind to yourself when it’s hard because courage means trying, not being perfect.
Retirement planning done well isn’t just about the money. It really is about having the curiosity to imagine what’s possible, and the courage to pursue it. And you’re never too old for that!
Where has your curiosity been hiding lately? Hit reply and let me know.
How to Have an Epic Retirement walks you through exactly this process – from tracking down your pensions to building a clear picture of what you’ll have and what you’ll need.
Something both interesting and important happened in the UK this week - The Pension Schemes Bill passed, without much fanfare.
The UK’s Pension Schemes Act has now passed into law, and while it didn’t land with much hype, it signals a meaningful shift in how retirement savings will be managed over time.
At its core, the reform is trying to fix a very real and modern problem. Most people no longer have one pension that funds their retirement for life. They have several, often small pots spread across different jobs and providers created when they move workplaces and don’t really understand their pensions. Over time, that fragmentation can mean higher fees, lost accounts, and a lack of clarity about what you actually have. The new framework introduces mechanisms to automatically consolidate small pension pots, unless people choose to opt out. It’s a simple idea, but one that could improve outcomes by reducing duplication of fees and making savings easier to track.
There’s also a stronger focus on whether pension funds are delivering you real value. Regulators will have greater ability to assess performance and costs, and underperforming schemes may be required to improve, merge, or exit the market. The intention is to lift standards across the system rather than leave individuals to navigate quality differences on their own. We did this in Australia a few years ago - and the impact has been frankly MASSIVE over time. People started talking about pension performance and companies felt pressure when they don’t perform.
Another shift is the continued move toward larger, consolidated pension funds. Bigger schemes can access a wider range of investments and potentially operate more efficiently for members - AKA lower fees. In theory, that can support better long-term returns, although it also places more importance on governance, oversight and investment capability - things which are evolving inside funds right now.
For everyday people, nothing changes overnight. These reforms will be phased in over several years. But gradually, people are likely to see fewer pension accounts, clearer information being offered about the performance of their pension, and a more structured path from saving to drawing an income in retirement - which is important as your workplace often prescribes your pension strategy while you work; but no-one prescribes retirement so if you’re disinterested - it can hurt you to not understand your pension.
The bigger picture is this: pension systems are becoming more guided and less DIY - especially at retirement. That can be helpful, but it also means the design of the system itself plays a much bigger role in shaping retirement outcomes.
I’m watching this - and starting a project or two to help. (But I can’t share those yet!)
And alongside this, we’re rolling out the How to Have an Epic Retirement Course in the UK very soon - so you can better understand your choices as you approach retirement. And not just your financial choices. Your choices across the six pillars of an Epic Retirement.
You can register your interest here (no obligation), and we’ll be launching at pilot pricing (very low for this first run so we can gather feedback and refine it with you). It won’t be long now…. We anticipate our UK Pilot course will start in late May or early June and go for 6 weeks. So if you’re curious - sign up to learn more.
Lastly - have you got a friend approaching retirement who you think might enjoy this UK-centric newsletter? I invite you to share it with them. I’m writing weekly on issues related to your epic retirement. It’s designed to inspire and help! We can help more people if you help spread the lessons and the confidence you get from them.
Have a great Sunday! And until next week — make it epic.
Cheers,
Bec Xx
Author, podcast host, columnist, retirement educator, and guest speaker
Get your copy of the UK Bestselling pre-retirement guidebook, How to Have an Epic Retirement: Your ultimate guide to living well, loving life and retiring with financial confidence.
We’ve been married for 30 years but can’t agree on when to retire’
Couples who have spent decades building a financial life together often forget to plan what happens when they stop work, says our retirement expert
Sarah and David had done everything right. They had paid off the mortgage, raised two children, built up decent pension pots, and were (on paper) well placed for their retirement. What they hadn’t done was talk to each other about how that retirement would actually look.
David, 61, was more than ready for his finish line. He had a date in mind and a list of things he wanted to do once he retired. Sarah, 58, had no intention of retiring. She had returned to work after their children had grown up and built a career she genuinely loved. She wasn’t ready to retire and, frankly, couldn’t imagine why anyone her age would be.
After years assuming that they were on the same page, when they eventually sat down to discuss their plans, they realised that they weren’t even reading from the same book.
Retirement planning is almost always framed as a numbers exercise — working out how much you have, how much you need, how long it will last and in what order to spend it to minimise tax. But for couples it should also be a negotiation, and one that you shouldn’t leave too late.
I am the retirement columnist for The Times, UK. You can read this, my most recent column here. And I’ve linked some other recent columns below.
The real risk from AI isn’t losing your job — it’s wrecking your retirement
A drop in income at 30 is inconvenient but at 50 it can be a disaster. We all need to wake up to the risks
Read more here
What I’ve heard should alarm every politician in the country
In an open letter to the government, Times Money’s retirement columnist sets out why people aren’t saving like they should
Read more here
The six biggest retirement fears — and how to solve them
Prepare for all the things that feel scary about giving up work, from running out of money to finding a way to fill up your time
Read more here