Retirement Life

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Sir Michael Caine announces bombshell news

<p>After decades of captivating audiences with his extraordinary talent, Sir Michael Caine has officially announced his retirement from acting.</p> <p>The 90-year-old British acting legend made this revelation shortly after the release of his latest film, <em>The Great Escaper</em>. In an interview with the BBC, Caine reflected on his illustrious career, his recent film, and what the future holds for him.</p> <p>Caine has been a household name in the world of cinema for generations. The esteemed actor has received numerous accolades throughout his career, including Oscars, Golden Globe Awards and Baftas. His cinematic journey began in the early 1950s, and over the years, he has left an indelible mark on the film industry, starring in over 160 films across a span of seven remarkable decades.</p> <p>His filmography is a testament to his versatility, ranging from classic movies like <em>Zulu</em> and <em>The Italian Job</em> to more recent blockbusters like <em>Interstellar</em> and his iconic role as Alfred Pennyworth in <em>The Dark Knight</em> franchise alongside Christian Bale.</p> <p>However, it was his role in <em>The Great Escaper</em> that pushed Caine to make the life-altering decision to retire. In the film, he portrays real-life World War II veteran Bernie Jordan, who escapes from a care home to attend D-Day celebrations in France. Caine's performance received rave reviews, but it also prompted him to question his future in acting.</p> <p>“I keep saying I'm going to retire. Well, I am now,” Caine shared with the BBC. “I've had a picture where I've played the lead and had incredible reviews... What am I going to do that will beat this?”</p> <p>Caine's frank assessment of his career, acknowledging that at 90, leading roles for him were limited, was a heartfelt moment for both him and his fans. He humorously noted that the only roles he could expect now were for 90 or maybe 85-year-old men. Leading men are reserved for the young and handsome, and he saw no reason to continue in the industry under those circumstances. Caine felt it was time to exit the stage gracefully and on his terms.</p> <p>Even the role in <em>The Great Escaper</em> was not one he initially embraced. He had declined the role three times before ultimately accepting it, as he considered himself already retired at the time.</p> <p>In this poignant moment, Caine also paid tribute to his co-star in the film, Glenda Jackson, who passed away in June, shortly after the completion of the movie. Jackson was a beloved actress and a longtime friend of Caine.</p> <p>Caine's retirement from acting doesn't mean he's stepping away from the creative world entirely. He recently completed a novel titled <em>Deadly Game</em>, scheduled for release a month after his announcement. The novel features DCI Harry Taylor, a detective known for his disregard for red tape and political reputations. Caine expressed his excitement about venturing into the world of thriller writing, noting that it was a genre he adores. He hoped that readers would enjoy getting to know Harry Taylor as much as he did while crafting the character.</p> <p>Sir Michael Caine's retirement marks the end of an era in the film industry, but it also heralds the beginning of a new chapter in his life as an author. His impact on cinema and his dedication to his craft will be remembered for generations to come, making him an enduring icon in the annals of film history.</p> <p><em>Images: Instagram</em></p>

Retirement Life

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Happy ending after company's awful retirement send-off

<p>An elderly gentleman in the United States, who had faithfully served as an "extremely dependable" employee for 42 years, recently experienced a remarkable change in his fortunes, thanks in large part to the generosity of individuals from Australia.</p> <p>John Bartlett, the dedicated worker in question, had received <a href="https://www.oversixty.com.au/lifestyle/retirement-life/you-deserve-more-company-slammed-over-measly-send-off-party" target="_blank" rel="noopener">underwhelming recognition from an unnamed company</a> for his decades of commitment. His daily 40-minute commute on public transportation to a job paying only the minimum wage went largely unnoticed until recently, causing widespread consternation.</p> <p>Sonia, one of his colleagues, was deeply moved by the perceived injustice and decided to share a video clip of Bartlett's story online. In her post, she expressed her wish that his hard work had been better acknowledged and thanked him for his unwavering loyalty. She noted that Bartlett loved his job so much that he was reluctant to retire, receiving nothing more than a barbecue and a certificate as a token of appreciation.</p> <p>After sharing Bartlett's story on social media, Sonia was inundated with messages from people eager to contribute to his well-deserved retirement. Responding to this outpouring of support, she set up a <a href="https://www.gofundme.com/f/happy-retirement-john#xd_co_f=YjM1NWNiYzAtN2QwYS00MDc2LTgzZWEtNzRiYzE2ZjczZDU2~" target="_blank" rel="noopener">GoFundMe</a> campaign, inviting the public to contribute "a little something for a better retirement" for him.</p> <p>Within a matter of days, the fundraiser received an overwhelming response, with donations and messages pouring in from around the world, including numerous contributions from Australians. The campaign was eventually closed after more than 1,900 individuals contributed, resulting in a total of A$57,454 for Bartlett's retirement fund.</p> <p>In his 70s, Bartlett was left speechless when Sonia shared this incredible news with him. She conveyed the global impact of his story and the messages of support he had received from people across the globe. Overwhelmed by the gesture, Bartlett could only smile and nod in response.</p> <p>“They left messages for you," said Sonia in the video. "So I’m going to print it out and go ahead and make something nice for you so you can read it on your own time. We started the GoFundMe because they wanted to give you something for your retirement on their part and it just blew up overnight. You deserve it, OK? I’m going to make sure everything goes to your account, just for you.”</p> <p>Supporters encouraged Bartlett to use the funds for special treats, like a grand holiday or for spending time with loved ones. Messages from donors expressed their heartfelt wishes for his retirement and new beginnings.</p> <p>Sonia expressed her gratitude to the donors, assuring them that every cent raised would be placed directly into Bartlett's account. In her final update to the GoFundMe account, she thanked donors for their kindness and reaffirmed her commitment to ensuring Bartlett received every penny, attributing the success of the campaign to their collective efforts.</p> <p>In the end, the power of community and compassion won out, as people from all walks of life came together to make a meaningful difference in the life of an individual who had dedicated so much to his job.</p> <p><em>Images: TikTok</em></p>

Retirement Life

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Kids dressing up as older people is harmless fun, right? No, it’s ageist, whatever Bluey says

<p><em><a href="https://theconversation.com/profiles/lisa-mitchell-1143692">Lisa Mitchell</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p>A child once approached me, hunched over, carrying a vacuum cleaner like a walking stick. In a wobbly voice, he asked: "Do you want to play grannies?"</p> <p>The idea came from the children’s TV show Bluey, which <a href="https://www.facebook.com/ABCKidsCommunity/videos/bluey-grannies/468144817266668/">has</a> <a href="https://www.facebook.com/ABCKidsCommunity/videos/new-bluey-episodes-the-grannies-are-back-abc-kids/371436135028190/">episodes</a>, <a href="https://www.bluey.tv/products/grannies-book/">a book</a>, <a href="https://www.discountmags.com/magazine/bluey-september-1-2023-digital">magazine</a> editions and an <a href="https://www.facebook.com/OfficialBlueyTV/videos/grannies-filter-bluey/5728362390510269/">image filter</a> about dressing up as “grannies”.</p> <p>Children are also dressing up as 100-year-olds to mark their first “100 days of school”, an idea <a href="https://www.theage.com.au/national/victoria/old-people-s-home-for-five-year-olds-prep-students-don-senior-citizen-attire-20230801-p5dszb.html">gaining popularity</a> <a href="https://www.smh.com.au/education/cardigans-wigs-and-canes-why-kindy-students-are-dressing-up-as-100-year-olds-20230720-p5dpu8.html">in Australia</a>.</p> <p>Is this all just harmless fun?</p> <h2>How stereotypes take hold</h2> <p>When I look at the older people in my life, or the patients I see as a geriatrician, I cannot imagine how to suck out the individual to formulate a “look”.</p> <p>But Google “older person dress-ups” and you will find <a href="https://www.pinterest.com.au/pin/dress-up-like-youre-100-years-old-100thdayofschool--15199717464361356/">Pinterests</a> and <a href="https://www.wikihow.com/Dress-Up-Like-an-Old-Person#:%7E:text=Dress%20in%20comfortable%2C%20loose%2Dfitting,older%20people%20may%20wear%20include%3A&amp;text=Oversized%20sweatshirts">Wikihow pages</a> doing just that.</p> <p>Waistcoats, walking sticks, glasses and hunched backs are the key. If you’re a “granny”, don’t forget a <a href="https://www.facebook.com/OfficialBlueyTV/videos/games-you-can-play-at-home-grannies-bluey/645964056227345/">shawl and tinned beans</a>. You can buy “old lady” <a href="https://www.spotlightstores.com/party/costumes-and-accessories/costume-accessories/wigs-hair-accessories/wigs/spartys-kids-old-lady-wig-with-curlers/80578132?gclsrc=aw.ds&amp;gclsrc=aw.ds&amp;gclid=Cj0KCQjw0vWnBhC6ARIsAJpJM6emZHoNxO72pUa80Wc8ihYYiq3AohZ_w72jmuWBBDlficdCMy_rsK8aAj47EALw_wcB">wigs</a> or an “old man” <a href="https://www.bigw.com.au/product/facial-hair-set-old-man-3-pieces/p/305026">moustache and bushy eyebrows</a>.</p> <p>This depiction of how older people look and behave is a stereotype. And if dressing up as an older person is an example, such stereotypes are all around us.</p> <h2>What’s the harm?</h2> <p>There is <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/hypa.12170">some debate</a> about whether stereotyping is intrinsically wrong, and if it is, why. But there is plenty of research about the harms of <em>age</em> stereotypes or ageism. That’s harm to current older people and harm to future older people.</p> <p>The World Health Organization <a href="https://www.who.int/health-topics/ageism#tab=tab_1">defines ageism</a> as: "the stereotypes (how we think), prejudice (how we feel) and discrimination (how we act) towards others or ourselves based on age."</p> <p>Ageism <a href="https://www.who.int/health-topics/ageism#tab=tab_1">contributes to</a> social isolation, reduced health and life expectancy and costs economies <a href="https://academic.oup.com/gerontologist/article/60/1/174/5166947">billions of dollars</a> globally.</p> <p>When it comes to health, the impact of negative stereotypes and beliefs about ageing may be even <a href="https://academic.oup.com/gerontologist/article/60/1/174/5166947">more harmful</a> than the discrimination itself.</p> <p>In laboratory studies, older people perform <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4360754/">worse</a> than expected on tasks such as memory or thinking after being shown negative stereotypes about ageing. This may be due to a “<a href="https://www.simplypsychology.org/stereotype-threat.html">stereotype threat</a>”. This is when a person’s performance is impaired because they are worried about confirming a negative stereotype about the group they belong to. In other words, they perform less well because they’re worried about acting “old”.</p> <p>Another theory is “stereotype embodiment”. This is where people absorb negative stereotypes throughout their life and come to believe decline is an inevitable consequence of ageing. This leads to biological, psychological and physiological changes that <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2927354/">create</a> a self-fulfilling prophecy.</p> <p>I have seen this in my clinic with people who do well, until they realise they’re an older person – a birthday, a fall, a revelation when they look in the mirror. Then, they stop going out, stop exercising, stop seeing their friends.</p> <p>Evidence for “stereotype embodiment” comes from studies that show people with more negative views about ageing are more likely to have higher levels of stress hormones (such as cortisol and C-reactive protein) and are <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7182003/">less likely</a> to engage in health behaviours, such as exercising and eating healthy foods.</p> <p>Younger adults with negative views about ageing are <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2666386/">more likely</a> to have a heart attack up to about 40 years later. People with the most negative attitudes towards ageing have a lower life expectancy by as much as <a href="https://pubmed.ncbi.nlm.nih.gov/12150226/">7.5 years</a>.</p> <p>Children are particularly susceptible to absorbing stereotypes, a process <a href="https://psycnet.apa.org/record/2007-09385-010">that starts</a> in early childhood.</p> <h2>Ageism is all around us</h2> <p><a href="https://www.who.int/health-topics/ageism#tab=tab_1">One in two people</a> have ageist views, so tackling ageism is complicated given it is socially acceptable and normalised.</p> <p>Think of all the birthday cards and jokes about ageing or phrases like “geezer” and “old duck”. Assuming a person (including yourself) is “too old” for something. Older people say it is harder to <a href="https://www.abc.net.au/news/2023-07-06/senior-job-seekers-struggle-to-get-a-foot-in-the-door/102563144">find work</a> and they face discrimination in <a href="https://www.hcnsw.org.au/wp-content/uploads/2021/03/Ageism-in-Health-Care_final.pdf">health care</a>.</p> <h2>How can we reduce ageism?</h2> <p>We can reduce ageism through laws, policies and education. But we can also reduce it via <a href="https://www.who.int/health-topics/ageism#tab=tab_1">intergenerational contact</a>, where older people and younger people come together. This helps break down the segregation that allows stereotypes to fester. Think of the TV series <a href="https://iview.abc.net.au/show/old-people-s-home-for-4-year-olds">Old People’s Home for 4 Year Olds</a> or the follow-up <a href="https://iview.abc.net.au/show/old-people-s-home-for-teenagers">Old People’s Home for Teenagers</a>. More simply, children can hang out with their older relatives, neighbours and friends.</p> <p>We can also challenge a negative view of ageing. What if we allowed kids to imagine their lives as grandparents and 100-year-olds as freely as they view their current selves? What would be the harm in that?<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/212607/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><a href="https://theconversation.com/profiles/lisa-mitchell-1143692"><em>Lisa Mitchell</em></a><em>, Geriatrician working in clinical practice. PhD Candidate at The University of Melbourne studying ethics and ageism in health care. Affiliate lecturer, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/kids-dressing-up-as-older-people-is-harmless-fun-right-no-its-ageist-whatever-bluey-says-212607">original article</a>.</em></p>

Retirement Life

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Australia's oldest man celebrates 110th birthday

<p>Ken Weeks has lived through two world wars, the Great depression and two pandemics, but the senior remains unstoppable as he marked his 110th birthday. </p> <p>The father of two, who was born in Grafton in 1913, is believed to be Australia's oldest man, and having been through it all, there was only one way to celebrate his birthday - with loved ones and 300 customised cans of Heinz baked beans. </p> <p>The senior has been devouring baked beans for "more than 30 years", and in honour of his 110th birthday, his friends at the Whiddon aged-care facility organised a special surprise. </p> <p>"We reached out [to the company] and said, 'Can you provide us with a pallet of baked beans?' Because that's something he tells us has fuelled him for 100 years," Whiddon chief executive Chris Mamarelis told <em>ABC News</em>. </p> <p>"And to their credit they've gone and created this wonderful label with his face on there, so that's added this special touch to the day."</p> <p>The custom cans are not the only special gift as Ken also received  a letter of congratulations from King Charles.</p> <p>"On my 100th birthday I got one from the Queen," Ken said.</p> <p>Ken also celebrated his birthday with his extended family, and when asked what his secret was to living  a long life he simply replied: "Oh yes, I've always been active." </p> <p>"All his places had stairs, so he always used to climb two steps at a time and he's always been so active," his grandson Jason Weeks confirmed. </p> <p>The senior also lives a very clean life, according to his son Ian Weeks who said his father doesn't drink smoke and eats "just a fairly plain food." </p> <p>Ian also said that despite his dad being in such good shape, there are still signs of his age. </p> <p>"I wouldn't count on more than a year at a time," Ian said.</p> <p>"But he's still very fit and active, it's just that his hearing and eyesight have gone a bit."</p> <p>The centenarian has five grandchildren and several step-grandchildren. </p> <p><em>Images: Nine</em></p>

Retirement Life

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“You deserve more”: Company slammed over measly send-off party

<p dir="ltr">A company has been slammed online for their measly attempt to farewell a hard-working employee of 42 years. </p> <p dir="ltr">John Barlett was a dedicated worker for four decades, commuting long distances to work at minimum wage and give his all to his colleagues. </p> <p dir="ltr">After 42 years of hard work, John announced his retirement from the company, prompting a measly farewell party from his place of work. </p> <p dir="ltr">One of John’s longtime co-worker, Sonia, was devastated over the injustice, sharing a short clip to social media of John – now in his 70s – and what she felt was his hard work going unappreciated.</p> <p dir="ltr">“Today is my co-worker’s last day. He worked for this company for 42 years making minimum wage,” Sonia wrote with the video. </p> <p dir="ltr">“The company only threw him a barbecue and gave him a certificate. He takes the bus and Bart (train) to get here every day on time. He’s 70+.”</p> <p dir="ltr">“He loves working here so much he didn’t want to retire. [He got] No bonus, just a barbecue and a certificate. Don’t be a slave to your job. Thank you John for your loyalty.”</p> <p dir="ltr">The video quickly went viral and was flooded with comments of support for John, with one person even suggesting that John start a <a href="https://www.gofundme.com/f/happy-retirement-john" target="_blank" rel="noopener">GoFundMe</a> for people to contribute to his retirement. </p> <p dir="ltr">In the fundraiser, she revealed John could not drive because of a disability, but “rain or shine” would always make it to work.</p> <p dir="ltr">He was “extremely dependable”, Sonia added, revealing it had been difficult to convince him to take a break because he always wanted to work. </p> <p dir="ltr">He was “one of the most talented and hard working” employees at the company and his energy was “unmatched”, she said. </p> <p dir="ltr">“He has no wife or kids, however he does have a nephew whom he loves dearly,” she wrote in the fundraiser.</p> <p dir="ltr">“It would be nice to give him some kind of company or something to do so he knows that he’s special and loved.”</p> <p dir="ltr">In the few days since the GoFundMe was created, it has raised almost $45,000, as many shared their comments of support.</p> <p dir="ltr">One person wrote, “Happy retirement, John. You deserve more than what this company has offered you. Wish you all the best in your life and your future.”</p> <p dir="ltr"><em>Image credits: GoFundMe</em></p>

Retirement Life

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Aussie shopper sparks outrage over "boomer hour" pitch at supermarkets

<p>A frustrated Aussie shopper has called for major supermarkets to implement a dedicated "boomer hour" for seniors to do their groceries. </p> <p>The shopper, from Victoria's Mornington Peninsula, caused an uproar after posting on Facebook saying that elderly customers should be "more mindful of time-poor workers and busy parents".</p> <p>The person went on to write that senior shoppers often take up too much space in the aisles to stop and socialise, making it "inconvenient" for other shoppers in a rush.</p> <p>The divisive post attracted a lot of attention, with many younger shoppers flocking to the comments to back the controversial idea. </p> <p>One person said older shoppers should save their socialising for the cafe or park like “every other normal person”.</p> <p>“This means not using the entire width of supermarket aisles as a catch-up spot to discuss what cruise Bazza’s on, or how the tenants in Jenny’s 13th investment property are really grinding her gears because they want the aircon fixed before summer. Not at 5pm on a weekday.”</p> <p>Despite some support for the idea, consumer behaviour analyst Barry Urquhart branded the idea as "ageism personified".</p> <p>"It won't work because they are a primary driver of the marketplace at the moment," he told <em>Seven News</em>.</p> <p>"At a time where the cost of living and the cost of doing business is acute, you can't turn and marginalise any consumer group."</p> <p>"This is ageism personified. People are wanting to say 'let's marginalise the older people, let's make them invisible'' and they're saying 'no we're asserting ourselves in tourism, hospitality, flight purchases at large'," he said.</p> <p>"Follow the money and the money in Australia at the moment is for people aged 50 years of age and older because they've got less mortgage, more discretionary purchases and are spending it."</p> <p>Urquhart went on to tell <a href="https://www.3aw.com.au/frustrated-shoppers-call-for-boomer-hours-in-supermarkets/" target="_blank" rel="noopener"><em>3AW</em></a> radio that the measures would be impractical for businesses and senior shoppers. </p> <p>He said, “Trying to group boomers into one group … it’s not possible.”</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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104-year-old woman becomes world's oldest skydiver

<p>A 104-year-old Chicago woman is believed to be the oldest person in the world to tandem skydive, after jumping off a plane from 13,500 feet (4,100 meters) in northern Illinois. </p> <p>On Sunday the 1st of October, Dorothy Hoffner left her walker behind without hesitation and hopped on a Skyvan to set a world record.</p> <p>The 104-year-old could not contain her excitement as she sat on the plane.</p> <p>“Let’s go, let’s go, Geronimo!” she said. </p> <p>Hoffner first started skydiving when she was 100, and initially had to be pushed out of the aircraft, but this time around, things were different. </p> <p>The centenarian insisted on leading the jump while tethered to a U.S. Parachute Association-certified instructor. She was cool and confident as the plane doors opened to reveal the golden crop fields below. </p> <p>Hoffner fearlessly tumbled out of the plane head first and successfully did a forward roll before freefalling from 13,500 feet in the air. </p> <p>The dive lasted seven minutes, including the parachutes slow descent on to the ground. </p> <p>As soon as she landed at Skydive Chicago in Ottawa, just 140 km southwest of Chicago, friends rushed in to share their congratulations. </p> <p>When asked how it felt to be back on land she simply replied with: “Wonderful." </p> <p>“But it was wonderful up there. The whole thing was delightful, wonderful, couldn’t have been better."</p> <p><iframe title="YouTube video player" src="https://www.youtube.com/embed/rQQyc9kRfio?si=3uj4x5hTPyyU6HrJ" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p> <p>Moments after her touchdown, the centenarian told the cheering crowd: “Age is just a number." </p> <p>The previous Guinness World Record for oldest skydiver was set in May 2022 by 103-year-old Swedish woman Linnéa Ingegärd Larsson. </p> <p>Skydive Chicago is currently working with Guinness World Records to certify Hoffner's jump as a record according to <em>WLS-TV</em>. </p> <p>Hoffner's final message for those who haven't tried it: “Skydiving is a wonderful experience, and it’s nothing to be afraid of. Just do it." </p> <p><em>Images: ABC 7 Chicago / Skydive Chicago</em></p> <p> </p>

Retirement Life

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Going up! The rising cost of living

<p>You don’t need to watch the news to know the cost of living is rising – and for many products and services, well above the headline inflation rate. The evidence is there every time you walk down a supermarket aisle, fill your car with petrol and open an energy bill. It’s at the doctor’s surgery and the pharmacy, the butcher and the baker. It seems that inflation’s appetite for your retirement income is insatiable.</p> <p>Then there’s the other unknown that affects your retirement income – the number of years you need to fund. None of us know how long we have to budget our retirement savings for.</p> <p>When your income is fixed at a rate to make it last across many years of retirement, something has to give. And for many people, the first things to go are those they enjoy most. A restaurant meal, trips to the cinema, exercise classes at the local gym. For others, more critical things may fall by the wayside – heating in winter, nourishing food, critical repairs to the home or car.</p> <p>If you’re worried that your retirement income won’t stretch to cover the rising cost of living over an unknown number of years, there are ways to boost it. Despite a recent dip in home values, strong growth over many years has seen the value of retirees’ home equity skyrocket. And now, you can unlock the wealth accumulated in your home to <a href="https://householdcapital.com.au/" target="_blank" rel="noopener">improve your retirement funding</a>.</p> <p>This wealth in your home can be used to fund a monthly or fortnightly income stream, to top up pension payments received from your super fund or the government. It can also be drawn as a lump sum – or a mix of capital <em>and</em> income. Access to capital is important – you can use it to repair or renovate your home, buy a new car or enjoy a holiday.</p> <p>Unlocking the wealth in your home enables you to live the retirement lifestyle you deserve in the home you love…without watching every dollar you spend or foregoing the important things that make you happy.</p> <p><strong>About Household Capital</strong></p> <p><a href="https://householdcapital.com.au/" target="_blank" rel="noopener">Household Capital</a> is a specialist retirement funding provider that provides responsible long-term access to home equity to meet the needs of an ageing population.</p> <p>We work with you to improve your retirement lifestyle: by enhancing retirement income, providing access to capital and improving retirement housing. Our approach aims to provide you with the best of both worlds – to continue living in your family home with the confidence to enjoy the retirement lifestyle you deserve.</p> <p>In providing access to your <a href="https://householdcapital.com.au/household-loan/" target="_blank" rel="noopener">home equity</a>, we offer you the choice and flexibility to use the wealth in your home in a variety of ways that suit you, today and in the future. These might include:</p> <ul> <li>Providing <a href="https://householdcapital.com.au/testimonials/bill/" target="_blank" rel="noopener">a regular income stream</a> through a regular drawdown facility, so the rising cost of living doesn’t mean going without</li> <li>Paying off <a href="https://householdcapital.com.au/testimonials/dennis/" target="_blank" rel="noopener">an existing mortgage</a> or other debt to free up your cashflow</li> <li>Setting up <a href="https://householdcapital.com.au/testimonials/john/" target="_blank" rel="noopener">a contingency fund</a> for those unexpected expenses, which can be drawn on as you need</li> <li>Covering the costs of in-home or residential aged care.</li> </ul> <p><strong>Our customers – Lynne, Raylene and Suzanne</strong></p> <p><iframe title="YouTube video player" src="https://www.youtube.com/embed/8Czho7sfH8I?si=Ih6vH8COkfvGR3xK" width="770" height="433" frameborder="0" data-mce-fragment="1"><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span></iframe></p> <p>Lynne, Raylene and Suzanne have been friends for more than 30 years and although they no longer live in neighbouring suburbs, they get together at least weekly to laugh, to talk and to sew. The three of them sew quilts to donate to aged care facilities, where they are gratefully received by the residents.</p> <p>Lynne was the first to approach Household Capital. She needed a reliable car – but as a widow in her 70s, banks would not lend to her. Instead, Lynne unlocked her home wealth to purchase her new car and to set up a contingency fund to draw on in the event of unexpected expenses. She told her friends Raylene and Suzanne about Household Capital, as both were struggling to make ends meet. Raylene and Suzanne have now used their home wealth to each establish a regular income stream and a contingency fund, giving them confidence in their future and the flexibility to meet their financial needs.</p> <p>Despite the rising cost of living, you can take control of your retirement and Live Well At Home<sup>TM</sup> – and it’s Household Capital’s mission to facilitate that. After all, home can be both the best place to live and the right way to fund your retirement.</p> <p>To find out more about the retirement wealth source that most Australian retirees aren’t using, and see how much wealth you can unlock visit <a href="https://householdcapital.com.au/" target="_blank" rel="noopener">householdcapital.com.au</a> or call us <strong>1300 734 720</strong> to have an obligation free chat with one of our Australian based retirement funding specialists.</p> <p><em>Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable, and terms and conditions apply (available upon request). Household Capital Pty Limited ACN 618 068 214, Australian Credit Licence 545906, is the Servicer for the credit provider Household Capital Services Pty Limited ACN 625 860 764</em></p> <p><em>Image: Supplied. </em></p> <p><em>This is a sponsored article produced in partnership with Household Capital.</em></p>

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Boomer calls out young Aussie's "war on oldies"

<p>A baby boomer has called out Australia's "war on oldies", as millennials have a "growing resentment" to the older generation. </p> <p>Former political reporter David Jones wrote that millennials are making boomers “feel they’re a looming burden” on the country in an opinion piece for <em>The Daily Telegraph</em>, saying they have "drawn the battle lines" in an intergenerational war.</p> <p>Jones, the self-proclaimed boomer, wrote, “Make no mistake, there is a ‘war on oldies’ happening in Australia, with growing resentment directed at the nation’s ageing baby boomer population.”</p> <p>“It is happening in subtle and not-so-subtle ways but the underlying message is the same."</p> <p>“Baby boomers, you’ve had it too good for too long and now that you’ve reached your dotage, it is time to pay for your’ sins’ of affluence – and hard work.”</p> <p>Jones went on to argue that millennials' anger at the older generations is misplaced, especially when they had “actually contributed a lot” to building modern Australia.</p> <p>“Are baby boomers really as bad as people think? No we’re not,” he continued.</p> <p>He wrote that boomers were Australia's "finest generation", and had grown up appreciating the struggles of their childhoods as their parents endured the Great Depression and two world wars. </p> <p>Jones admits his generation was “born into the halcyon days of full employment and a seemingly endless economic boom” when recruitment was easy.</p> <p>Employers “recruited us on the quadrangles of Sydney’s high schools”, Jones said.</p> <p>“The lingering insinuation is that the ‘boomers’ are too self-satisfied and electorally powerful for their own good."</p> <p>“They own too many properties, they’ve occupied too many rungs on the career ladder, they don’t have mortgages and looking after them in their old age will be a burden on the state and the generation to come.”</p> <p>Jones concedes that millennials have “good reason to be resentful about a number of things” – from the cost of living and housing crisis, sky-high interest rates, even stagnant career opportunities – “but the blame doesn’t rest at the feet of baby boomers”, he said.</p> <p>Instead, he said the anger belongs on the shoulders of politicians for making “dumb decisions” in government.</p> <p>“In defence of baby boomers, we shouldn’t be held responsible for the catastrophic failure of all levels of government to allow home housing in sufficient numbers to satisfy demand for purchase and for rent."</p> <p>“We didn’t … feel comfortable about the orgy of government spending and borrowing during Covid that put Australia on the road to high inflation and economy crippling interest rate hikes."</p> <p>“Nor did we have a choice about getting older.”</p> <p><em>Image credits: Getty Images</em></p>

Retirement Life

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Sickness or health: Healthy life split along gender, education lines

<p>Australians are living and working longer than ever, but the number of healthy years they’re enjoying with this added longevity isn’t shared equally between the sexes, or by those who finished school before Year 12.</p> <div class="copy"> <p>A paper recently <a href="https://doi.org/10.1016/S2468-2667(23)00129-9" target="_blank" rel="noreferrer noopener" data-type="URL" data-id="https://doi.org/10.1016/S2468-2667(23)00129-9">published</a> in <em>The Lancet</em> <em>Public Health</em> from the Ageing Futures Institute at the University of New South Wales shows an increase in longevity in Australia. Other data in the publication reveal detail about “healthy years”.</p> <p>Men, and those with higher levels of education, worked about 2 years longer in good health. For women and those with lower education, the years of healthy life expectancy have gone backwards.</p> <p>The report, led by statistician Dr Kim Kiely who is now based at The University of Wollongong, compared representative cohorts of people aged 50-100 who participated in the Household Income and Labour Dynamics in Australia survey (HILDA). Those cohorts were measured over decade long periods – the first from 2001-2010 and the second from 2011-2020.</p> <p>Men added an extra 11 months of healthy life between the cohorts, while women lost a month. Similarly those of any gender who had completed year 12 added about 10 months to their healthy life expectancy, while the same amount of time was lost by those who hadn’t.</p> <p>“Everyone’s increasing their working life expectancy, so the years they’re expected to be working,” Kiely says. “What is different is how long they’re expected to be living in good health: women and people with low education didn’t have an improvement in healthy life expectancy.</p> <p>“Everyone’s also living longer than ever before, but for women, those extra years seem to be years of poor health.  People with lower education – they end up going backwards, they’re losing years of healthy life.”</p> <p>Australia’s working life trends are similar to those in Europe and the UK, though this research suggests the Australian labour force works longer in poor health than their antipodean counterparts.</p> <p>Kiely says the findings are important considerations for policymakers pondering questions of retirement and pension ages: the demands of some labour may not be evenly spread when it comes to considering health implications.</p> <p>“We have a pension age that has been rising steadily over the past couple of decades – it’s not rising anymore – but there is a strong expectation for people to be working longer,” Kiely says. “And if that is the case, then we need opportunities for work for mature age, older adults, and those work opportunities have to be suitable for their capacity to work.</p> <p>“We do need to address things like age and gender discrimination in the workforce. And we need to think about how we support people who are unable to work before they reach the pension age.”</p> <p>Kiely is extending his research into how the nature of work in Australia influences these high-level findings. He hopes this can explain why gender and education influence healthy working years.</p> <p>Further drilling down into other subgroups is important, say Dr Marty Lynch and Dr Ross Wilkie from Keele University, UK. They investigated healthy working life expectancy as part of Britain’s Independent State Pension Age Review last year. They too found Briton were working longer, but not at a rate that keeps pace with the national pension age.</p> <p>In a <em>Lancet</em> editorial accompanying the Australian research, they point out that the HILDA data evaluation only shows changes in average ages on gender and education lines.</p> <p>“The extent of HWLE [Healthy Working Life Expectancy] inequalities between subpopulations with multiple specific characteristics are likely to be even wider and will also indicate targets and interventions to increase the number of years that people can be healthy and in work,” they say.</p> <p>The impact of socioeconomic status on life expectancy and disease burden was recently highlighted in a large-scale review of Australia’s 30-year health data.</p> <p><a href="https://cosmosmagazine.com/people/society/australias-life-expectancy-is-up-but-healthy-years-are-a-different-story/">It found</a> while Australians have added 6 years to their life expectancy since 1990, those with lower socioeconomic backgrounds had a higher risk of death-causing disease.</p> <p><em>Image credits: Getty Images</em></p> <p><em><a href="https://cosmosmagazine.com/people/society/sickness-or-health-healthy-life-split-along-gender-education-lines/">This article</a> was originally published on <a href="https://cosmosmagazine.com">Cosmos Magazine</a> and was written by <a href="null">Cosmos</a>. </em></p> </div>

Retirement Life

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Retirement reinvented: how to find fulfilment later in life

<p><em><a href="https://theconversation.com/profiles/tania-wiseman-1183187">Tania Wiseman</a>, <a href="https://theconversation.com/institutions/swansea-university-2638">Swansea University</a></em></p> <p>Retirement can feel like a strange time for many people. Gone is the routine of work, your time is your own – in theory. How to stop chores from taking over can become a tricky balance. Some people retreat and return to work. Often, those that persevere find they are as busy as ever – but not always with the fun leisurely activities they were looking forward to.</p> <p>It’s strange that this is so often the case because retirement is something many of us look forward to for most of our working lives. Indeed, it’s the one time in life when you can really devote yourself to hobbies and interests, leisure and pleasure.<br />This uncertain picture means that approaching retirement can be a time of fear – <a href="https://www.forbes.com/sites/davidkudla/2020/03/13/6-ways-to-ease-your-retirement-anxiety/">retirement anxiety</a> is a real thing. So too are the <a href="https://www.health.harvard.edu/mens-health/retirement-stress-taking-it-too-easy-can-be-bad-for-you">retirement blues</a>.</p> <p>When you add in potential health concerns and financial worries, it’s maybe not surprising that a recent survey found that more than half of <a href="https://www.independent.co.uk/money/more-than-half-of-over40s-feel-anxious-about-retiring-survey-suggests-b2146484.html">over-40s feel anxious about retiring</a>.</p> <p>One retirement challenge is how to replace the <a href="https://www.degruyter.com/document/doi/10.1515/ger-2020-0109/html#:%7E:text=We%20find%20that%20retirement%20changes,effect%20on%20the%20network's%20size.">friendships</a> you make through work. Indeed, it seems the people who fare best in retirement find ways to cultivate connections.</p> <p>The longest-running <a href="https://www.adultdevelopmentstudy.org/">study on human happiness</a> found the thing that makes us most happy in life is our relationships and positive social connections – they also help us to live longer too. Indeed, this 85-year-old Harvard study shows that maintaining quality relationships has a huge benefit for our physical and mental health and wellbeing.</p> <p>Similarly, the charity The Centre for Better Ageing has found that <a href="https://ageing-better.org.uk/resources/later-life-2015-executive-summary">social connections</a> are just as important as money and health to a good later life.</p> <h2>Beyond routine</h2> <p>When it comes to retirement anxiety, <a href="https://link.springer.com/chapter/10.1007/978-3-030-71672-1_2">my research</a> with retirees shows that most people who have been retired for several years learn to manage their concerns and develop <a href="https://link.springer.com/chapter/10.1007/978-3-030-71672-1_5">satisfying and interesting lives</a>.</p> <p>As with a lot of us, most of their time was taken up with home-based chores, self-care, looking after friends and relatives and serving the community – along with working really hard to keep fit, so as to “age well”.</p> <p>But my research also found that negative notions of ageing can <a href="https://link.springer.com/book/10.1007/978-3-030-71672-1">become internalised</a> and prevent people from having fun and making new connections.</p> <p>In my study, people said they were conscious that others might judge the <a href="https://link.springer.com/content/pdf/bfm:978-3-030-71672-1/1?pdf=chapter%20toc">suitability of their leisure choices</a>. While some rebels could only really enjoy a pastime if they knew their children would disapprove (think daytime drinking, gambling, watching TV, cycling on busy roads in a rainstorm and flirting with strangers), most were limited in their leisure choices by this concern.</p> <p>Several did not have any pastimes they enjoyed. <a href="https://link.springer.com/chapter/10.1007/978-3-030-71672-1_6">Those who found a balance</a> had rich and varied leisure lives, but they preferred people from their own age group and a similar background, where they were less likely to be told how amazing they are, for their age.</p> <h2>From anxiety to adventure</h2> <p>While mixing with people from similar backgrounds and age groups can feel safe and comfortable. It can also mean you miss out on new and interesting experiences or having your worldviews challenged or expanded by spending time with different people</p> <p>Retirement is the ideal opportunity to mix things up and gently expand your leisure repertoire. It’s a time to embrace the convivial in the presence of others, not just the usual people you see.</p> <p>If you are happy with your leisure life, great. But if there is a little something missing, a little fun that could enhance it, consider adding in something new. Think outside the box of what’s “<a href="https://link.springer.com/chapter/10.1007/978-3-030-71672-1_5">suitable for your age group</a>”, (what does that even mean?). Indeed, age should not be a barrier to anything, age discrimination is illegal. So if you’re interested then it’s suitable.</p> <p>If you have limited resources learn a language with <a href="https://www.duolingo.com/">Duolingo</a> in five minutes a day. Then when you’re ready, find a language conversation group and join them for a social event.</p> <p>Learn a song, you can do it yourself using YouTube tutorials. If you enjoy that, you could join a community choir, or drag your friends and family to a karaoke night. You could even pick up an instrument and see how it feels to add percussion. Alternatively, perfect a dance at home and if you like it try a dance class – <a href="https://www.youtube.com/watch?v=Oe4xqYSoiUo">pole dancing</a> has become very popular.</p> <p>If you have a bit more time to spare, explore taking an interest to the next level. There are local groups for many activities, including rowing, climbing, circus skills, martial arts and horse riding – what takes your fancy?</p> <p>Not an “organised group” person? Try Frisbee, a boomerang, kite flying, bike rides, skateboarding or roller skating. You don’t have to be with people, just being around them is interesting.</p> <p>For more sedate options consider a cinema club, jazz club, poetry group, or start a quiz team. If you like the TV show <a href="https://www.channel4.com/programmes/the-great-pottery-throw-down">The Great Pottery Throw Down</a> join a ceramic studio and unlock your inner creativity. If you have a free afternoon or evening, look at <a href="https://www.eventbrite.co.uk/">Eventbright</a> and try something random, because we don’t really know what we love until we find it.</p> <p>Nothing has to be a lifelong commitment. If you like it, carry on, if not, then move on to something else. Anything you try will make a good story to tell the younger people in your life – they need to know that later life is an adventure worth working towards.</p> <p>So defy expectations, knock down those mental barriers and try something different. Start today and see where it takes you.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/201358/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/tania-wiseman-1183187">Tania Wiseman</a>, Associate Professor, Head of Therapies , Faculty of Medicine, Health and Life Science, <a href="https://theconversation.com/institutions/swansea-university-2638">Swansea University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/retirement-reinvented-how-to-find-fulfilment-later-in-life-201358">original article</a>.</em></p>

Retirement Life

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Lump sum, daily payments or a combination? What to consider when paying for nursing home accommodation

<p><em><a href="https://theconversation.com/profiles/anam-bilgrami-1179543">Anam Bilgrami</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p>Moving yourself or a loved one to a nursing home can be <a href="https://theconversation.com/should-we-move-our-loved-one-with-dementia-into-a-nursing-home-6-things-to-consider-when-making-this-tough-decision-189770">emotional and difficult</a>. While some have their nursing home accommodation costs fully covered by the government (based on a <a href="https://www.myagedcare.gov.au/how-much-will-i-pay">means test</a>), most will have to pay their own way.</p> <p>The average lump sum room value is <a href="https://www.health.gov.au/sites/default/files/documents/2021/08/ninth-report-on-the-funding-and-financing-of-the-aged-care-industry-july-2021.pdf">A$334,000</a>. Choosing how to pay can make this time even more challenging, particularly for those with <a href="https://theconversation.com/would-you-pass-this-financial-literacy-quiz-many-wont-and-its-affecting-expensive-aged-care-decisions-175063">low financial literacy</a>.</p> <p>This is an important and complex decision. It can affect your income, wealth, means-tested aged care fee, and bequests. Here are some things to consider before you decide.</p> <h2>3 ways to pay</h2> <p>You can <a href="https://www.myagedcare.gov.au/understanding-aged-care-home-accommodation-costs">pay</a> for a nursing home room in three ways.</p> <p>You can pay the entire room price as a one-off, refundable lump sum (a “refundable accommodation deposit”, sometimes shortened to RAD). This lump sum is refunded to the resident or their estate when the person leaves the nursing home (if they move or pass away).</p> <p>The refund is <a href="https://www.myagedcare.gov.au/aged-care-home-accommodation-refunds">guaranteed by the government</a>, even if a provider goes bankrupt.</p> <p>People who don’t want to pay a lump sum can instead choose rent-style, “daily accommodation payments” (sometimes shortened to DAP).</p> <p>These are fixed, daily interest-only payments calculated on the total room price. The rate at which they are calculated is known as the “maximum permissible interest rate” or MPIR.</p> <p>The maximum permissible interest rate is set by the government and is currently <a href="https://www.health.gov.au/sites/default/files/2023-06/base-interest-rate-bir-and-maximum-permissible-interest-rate-mpir-for-residential-aged-care_0.pdf">7.9%</a> per annum. The <a href="https://www.health.gov.au/our-work/residential-aged-care/managing-residential-aged-care-services/managing-accommodation-payments-and-contributions-for-residential-aged-care#accommodation-payment">formula</a> for a daily accommodation payment is (RAD × MPIR) ÷ 365.</p> <p>Unlike lump sums, daily accommodation payments are not refunded.</p> <p>The third option is a <a href="https://www.health.gov.au/our-work/residential-aged-care/managing-residential-aged-care-services/managing-accommodation-payments-and-contributions-for-residential-aged-care#accommodation-payment">combination payment</a>. This means paying part of the room price as a lump sum, with daily payments calculated on the remaining room amount. On leaving the home, the part lump sum is refunded to the resident or their estate.</p> <p>With a combination payment, the consumer can choose to pay whatever amount they like for the lump sum.</p> <p>The table below shows three different ways someone could pay for a room priced at $400,000.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=432&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=432&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=432&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=542&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=542&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/540310/original/file-20230731-130241-shaphm.png?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=542&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><span class="attribution"><a class="license" href="http://creativecommons.org/licenses/by/4.0/">CC BY</a></span></figcaption></figure> <p>So which is best? It’s impossible to say. It depends on a person’s circumstances, family situation, finances, preferences and expected length of stay.</p> <h2>Why do some people choose a lump sum?</h2> <p>One downside of a lump sum (or part lump sum) is that choosing this option means this money is not invested elsewhere.</p> <p>By handing over the lump sum, for example, you forgo returns you could have made by investing this same money into property or stocks over the period of your nursing home stay.</p> <p>On the other hand, paying lump sum means you get to avoid the daily interest payments (the 7.9% in the table above).</p> <p>So you could potentially be better off paying a lump sum if you think there’s no way you could make investment returns on that money that are substantially higher than the interest you’d be charged through daily payments.</p> <p>One advantage of choosing a lump sum is it’s considered an <a href="https://www.dva.gov.au/get-support/health-support/care-home-or-aged-care/help-pay-home-or-aged-care/residential-aged-0">exempt asset</a> for pension purposes; some people may get more <a href="https://www.afr.com/wealth/personal-finance/five-things-you-need-to-know-about-aged-care-deposits-20200302-p54606">pension</a> if they pay the lump sum.</p> <p>The lump sum, however, does count as an asset in determining the <a href="https://www.health.gov.au/our-work/residential-aged-care/charging-for-residential-aged-care-services/residential-aged-care-fee-scenarios-for-people-entering-care-from-1-july-2014">means-tested care fee</a>.</p> <p>And if you sell your house, remember any money leftover after you pay the lump sum will be counted as assets when you’re means-tested for the pension and means-tested care fee.</p> <h2>Why might some people prefer daily payments?</h2> <p>Not everyone can can afford a lump sum. Some may not want to <a href="https://theconversation.com/is-it-worth-selling-my-house-if-im-going-into-aged-care-161674">sell their home</a> to pay one. Some may want to hold onto their house if they think property prices may increase in the future.</p> <p>Daily payments have recently overtaken lump sums as the most <a href="https://www.health.gov.au/sites/default/files/documents/2021/08/ninth-report-on-the-funding-and-financing-of-the-aged-care-industry-july-2021.pdf">popular payment option</a>, with 43% of people paying this way. However, recent <a href="https://amp-smh-com-au.cdn.ampproject.org/c/s/amp.smh.com.au/money/super-and-retirement/aged-care-interest-rate-increase-sees-daily-payments-almost-double-20230324-p5cuz2.html">interest rate rises</a> may slow or reverse this trend.</p> <p>And if a spouse or “<a href="https://www.dva.gov.au/get-support/health-support/care-home-or-aged-care/residential-aged-care/aged-care-costs">protected person</a>” – such as a dependant or relative that meets certain criteria – is still living in the house, it’s also exempt from assets tests for the pension and other aged care fees.</p> <p>If the home is vacated by a protected person, its value is still excluded from the pension means test for <a href="https://www.dva.gov.au/get-support/health-support/care-home-or-aged-care/help-pay-home-or-aged-care/residential-aged-0">two years</a> (although rental income is still assessed).</p> <p>If you do not anticipate a lengthy nursing home stay, daily payments may potentially be the easiest option. But it’s best to consult a financial adviser.</p> <h2>What does the research say?</h2> <p>My <a href="https://www.mq.edu.au/__data/assets/pdf_file/0007/1190086/What-drives-end-of-life-financial-decisions.pdf">research</a> with colleagues found many people choose the lump sum option simply because they can afford to.</p> <p>Those <a href="https://ahes.org.au/portfolio-items/entering-aged-care/">owning residential property</a> are more likely to pay a lump sum, mostly because they can sell a house to get the money.</p> <p>People who consult financial advisers are also more likely to choose lump sums. This may be due to <a href="https://www.afr.com/wealth/aged-care-costs-most-opt-for-pay-as-you-go-20181023-h170g4">financial advice</a> suggesting it’s tough to earn investment returns higher than what you’d save by avoiding the interest charged in the daily payment option.</p> <p>Some aged care providers <a href="https://www.mq.edu.au/__data/assets/pdf_file/0003/1164243/the-role-of-refundable-accommodation-deposits-FINAL.pdf">prefer</a> lump sum payment since they <a href="https://www.agedcarequality.gov.au/providers/prudential-standards/permitted-use-refundable-deposits">use</a> these to renovate or refurbish their facilities. But providers are not allowed to influence or control your decision on how to pay.</p> <p>The recent Royal Commission into Aged Care recommended <a href="https://agedcare.royalcommission.gov.au/sites/default/files/2021-03/final-report-recommendations.pdf">phasing out</a> lump sums as a payment option, leaving only daily payments. While that would reduce the complexity of the payment decision and remove the incentive for providers to sway decisions, it would also reduce consumer choice.</p> <h2>Is there anything else I should know?</h2> <p>Some 60% of people we <a href="https://www.mq.edu.au/__data/assets/pdf_file/0007/1190086/What-drives-end-of-life-financial-decisions.pdf">surveyed</a> found the decision complex, while 54% said it was stressful.</p> <p>It is best to seek professional <a href="https://www.myagedcare.gov.au/understanding-aged-care-home-accommodation-costs#financial-advice">financial advice</a> before you decide.</p> <p>Services Australia also runs a free <a href="https://www.servicesaustralia.gov.au/what-financial-information-service?context=21836">Financial Information Service</a> that can help you better understand your finances and the payment decision. But it does not give <a href="https://www.servicesaustralia.gov.au/financial-information-service-officers?context=21836#a2">financial advice or prepare plans</a>.</p> <p>You have <a href="https://www.health.gov.au/our-work/residential-aged-care/managing-residential-aged-care-services/managing-accommodation-payments-and-contributions-for-residential-aged-care">28 days to choose a payment method</a> after admission, and six months to pay if you <a href="https://www.health.gov.au/our-work/residential-aged-care/managing-residential-aged-care-services/managing-accommodation-payments-and-contributions-for-residential-aged-care">choose a lump-sum payment</a>.</p> <p>In the interim, you will be charged daily interest payments on the room price.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/207405/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/anam-bilgrami-1179543">Anam Bilgrami</a>, Research Fellow, Macquarie University Centre for the Health Economy, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/lump-sum-daily-payments-or-a-combination-what-to-consider-when-paying-for-nursing-home-accommodation-207405">original article</a>.</em></p>

Retirement Life

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Welcome to the vibrant world of ageing with LiveUp!

<p>Embrace the possibilities of ageing with <a href="https://liveup.org.au/?utm_medium=native&amp;utm_source=over60&amp;utm_campaign=liveup" target="_blank" rel="noopener">LiveUp</a>, a dynamic initiative powered by the not-for-profit organisation <a href="https://liveup.org.au/?utm_medium=native&amp;utm_source=over60&amp;utm_campaign=liveup" target="_blank" rel="noopener">iLA</a> and generously funded by the Australian Government Department of Health and Aged Care. </p> <p>Their mission is simple: to empower people over 65 to embrace healthy ageing and maintain their independence with joy and enthusiasm!</p> <p>Are you curious about how you can age gracefully and independently? Look no further. LiveUp has curated an exciting range of exercise classes, product suggestions and local social groups tailored to your preferences and needs. And the best part? You can embark on this delightful journey for free!</p> <p>In order to reset your beliefs about ageing, LiveUp challenges age-related stereotypes and shows you that the best is yet to come. With expert advice and a plethora of resources, LiveUp believes that age is just a number and that you can control how you age.</p> <p>No matter where you are on your ageing journey, LiveUp is here to support you. Their online tools, developed in collaboration with industry and healthcare experts, provide free, impartial and relevant information to help you maintain a healthy lifestyle.</p> <p>Stay active and invigorate your mind and body with exercise classes designed to cater to your preferences. Whether it's walking, yoga, gardening or something else entirely, there's an activity that will get you moving and feeling great!</p> <p>When it comes to nurturing social connections, LiveUp firmly believes that life is more beautiful when shared with others. Engage in social activities and discover the joy of community connections. Studies show that social and mental activity are essential for health and longevity, and with LiveUp, you'll find a supportive network to be a part of.</p> <p>When daily activities become challenging, don't worry – LiveUp has got your back! Explore a wide range of assistive products from well-known retailers like Kmart and Bunnings, focusing on gadgets designed to make your everyday tasks easier, so you can continue doing the things you love.</p> <p>Hilary O'Connell, LiveUp's Principal Adviser for Healthy Ageing, is a wealth of knowledge and inspiration when it comes to your ageing journey. With more than 40 years of experience as an occupational therapist, she reminds us that age is influenced only up to 25% by genetics, while a whopping 75% is within our control through lifestyle choices!</p> <p>“It’s common knowledge that exercise is good for you,” she says. “But even modest amounts of low-intensity exercise – like walking, yoga and gardening –activate your brain, build bone mass, maintain muscle and boost your mood.” </p> <p>“Studies of people over the age of 100 show that social and mental activity is also crucial for health and longevity. Engaging in intellectual stimulation, like learning new things, having healthy relationships and participating in a supportive community are all just as important as diet and exercise.”</p> <p>So, if you’re ready to embark on your exciting, healthy ageing journey, take the free and confidential <a href="https://liveup.org.au/?utm_medium=native&amp;utm_source=over60&amp;utm_campaign=liveup" target="_blank" rel="noopener">LiveUp</a> quiz and discover a personalised roadmap to vitality. Uncover suggested products, services and support in your local area that align with your unique interests and needs.</p> <p>Visit <a href="https://liveup.org.au/?utm_medium=native&amp;utm_source=over60&amp;utm_campaign=liveup" target="_blank" rel="noopener">liveup.org.au</a> today and open up a world of possibilities for joyful, independent and vibrant ageing. Remember, it's never too late to take control of how you age – LiveUp is here to guide you every step of the way!</p> <p><em>Image: LiveUp</em></p> <p><em>This is a sponsored article produced in partnership with LiveUp.</em></p> <p> </p>

Retirement Life

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Readers Respond: What is something you miss about pre-internet times?

<p>Times are changing and in an increasingly digital world, there are a few things that just don't feel the same.</p> <p>We asked our readers what they missed the most about the pre-internet times and while some shared their nostalgia, others believe that the change is for the better. </p> <p><strong>Jeanie Houston </strong>- The joy of getting a letter from loved ones overseas.</p> <p><strong>Tina Karanastasis</strong> - Having pen pals (a fad in my younger years), writing and receiving handwritten letters, building relationships through shared moments and time spent together face to face.</p> <p><strong>Deirdre Hudson </strong>- Being able to go anywhere without someone calling you</p> <p><strong>Lois Parkes</strong> - Going to a library to research the answer</p> <p><strong>Gini Glenn</strong> - Nothing! I love the internet and mobile phones. You can always leave your phone at home or turn it off. Lovely to have choices.</p> <p><strong>Teresa Hamilton Gross</strong> - Having a conversation with someone who is not looking at their cell phone.</p> <p><strong>Jan Gundersen </strong>- Being out at a restaurant & talking to each other!</p> <p><strong>Don Gregor</strong> - Getting lost while driving/traveling. Met the most interesting people and had the most memorable times. </p> <p> </p> <p><strong>Ann Hazlewood</strong> - Sitting around talking to family</p> <p><strong>Ellen Clarke</strong> - Sitting around the kitchen table & everyone talking at once, miss it! </p> <p><strong>Christine Armstrong </strong>- Letters! I miss getting letters from friends and family in the mail box</p> <p><strong>Beverley Collison</strong> - Listening to stories of the older generation when I was younger. And telephone conversations.</p> <p>Did we miss anything? Let us know if there are other things that you miss from the pre-internet times!</p>

Retirement Life

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Australia’s ‘retirement age’ just became 67. So why are the French so upset about working until 64?

<p><em><a href="https://theconversation.com/profiles/peter-whiteford-2016">Peter Whiteford</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p>Since Saturday, Australians have been required to wait until the age of 67 until they can get the age pension.</p> <p>The original so-called “retirement age” of 65 for men dated back to <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-ud01_outline.pdf">1909</a>.</p> <p>Women had their pension age lifted from 60 to 65 between 1995 and <a href="https://insidestory.org.au/work-till-you-drop/">2013</a>. And all Australians have had it lifted in stages from July 2017, in a process that ended on <a href="https://www.dss.gov.au/seniors/benefits-payments/age-pension">July 1 2023</a>.</p> <p>It has happened with little protest – a stark contrast to the demonstrations and riots that rocked France earlier this year, when President Macron proposed and passed laws to lift the French pension age from 62 to 64.</p> <h2>What’s so special about French pensions?</h2> <p>French strikes and demonstrations over the retirement age aren’t new.</p> <p>There were nationwide protests when France increased its retirement age from 60 to 62 in <a href="https://www.theguardian.com/world/2010/nov/10/french-retirement-age-reform-62">2010</a>, before that in <a href="https://www.etui.org/covid-social-impact/france/pension-reform-in-france-background-summary-an-overview-of-pension-reforms-since-the-1990s-updated-july-2019">2003</a>, and in <a href="https://theconversation.com/pension-reform-in-france-macron-and-demonstrators-resume-epic-tussle-begun-over-30-years-ago-198354">1995</a>, when France tried to increase the pension age for public sector workers.</p> <p>Just about anything you could want to know about public pension schemes in high-income countries can be found in the <a href="https://www.oecd.org/about/">OECD</a> report <a href="https://www.oecd.org/publications/oecd-pensions-at-a-glance-19991363.htm">Pensions at a Glance</a>, published every two years, most recently in 2021.</p> <p>Public pension spending in <a href="https://www.oecd.org/els/public-pensions/PAG2021-country-profile-France.pdf">France</a> is 13.6% of GDP, compared to 4% in <a href="https://www.oecd.org/els/public-pensions/PAG2021-country-profile-Australia.pdf">Australia</a>.</p> <p>In part, this is because France has an older population than Australia, but it is also because French pension payments are more generous than both Australia’s age pension and superannuation supports taken together.</p> <hr /> <p><iframe id="E0wpD" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/E0wpD/7/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>The OECD finding that Australia provides a replacement rate of about 40% and France of about 74% is “forward looking”, in that it is based on what a worker on average earnings is estimated to be entitled to under the system applying in 2020, if she or he works from age 22 until that country’s normal retirement age.</p> <p>For low-paid workers, Australia’s means-tested age pension makes the payments about as generous as those in France.</p> <hr /> <p><iframe id="rJpy5" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/rJpy5/4/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>A separate 2018 OECD calculation showed that the average after-tax income of a French household headed by someone 65 years or older was <a href="https://www.oecd.org/publications/oecd-pensions-at-a-glance-19991363.htm">99.8%</a> of the average income of all French households.</p> <p>In contrast, the average after-tax income of an Australian household headed by someone of that age was 75% of that of all households.</p> <p>Given that French households receive about the same disposable income while retired as working, it is easy to see why they are keen to retire.</p> <p>And the heavy tax contributions required to fund their retirement incomes give them little opportunity to save privately while working.</p> <p>The level of median private wealth in Australia (converted at prevailing exchange rates) is nearly <a href="https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-databook-2022.pdf">twice</a> that in France.</p> <p>Yet French public pension wealth is substantial. Calculating the value of the future pension income streams using life expectancies, the net pension wealth of French retirees amounts to 14 years of average earnings, compared to just over seven in Australia.</p> <p>Because the value of these income streams is strongly influenced by how long the pensions are received, raising the French pension age by two years would cut the value of French pension wealth by around 8%.</p> <h2>Why was postponing pensions easier in Australia?</h2> <p>The phase-in of the Australian change after 2017 meant it didn’t affect the retirement incomes of Australian workers until many years after the change was first announced, and didn’t affect the incomes of those already retired at all.</p> <p>And the Australian change legislated in 2009 was part of a <a href="https://cdn.theconversation.com/static_files/files/2738/2009_budget_pension_changes.pdf">broader program</a> of reforms that included the biggest single <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Community_Affairs/Newstartrelatedpayments/Report/section?id=committees%2Freportsen%2F024323%2F72678">increase in age and disability pensions and carer payments</a> in Australian history.</p> <p>Yet it will have losers. Those losing the most will be those with the shortest life expectancies. Indigenous men have life expectancies nearly <a href="https://www.niaa.gov.au/resource-centre/indigenous-affairs/commonwealth-closing-gap-annual-report-2022">nine</a> years lower than non-Indigenous men and Indigenous women nearly eight years lower.</p> <h2>Which Australians will pay the highest price?</h2> <p>And the change has pushed a substantial number of Australians aged 65 and over who would have once received the pension on to the <a href="https://theconversation.com/top-economists-want-jobseeker-boosted-100-per-week-tied-to-wages-150364">much-lower</a> Jobseeker unemployment payment.</p> <p>The number of people aged 65 years and over receiving JobSeeker climbed from zero in 2017 to <a href="https://www.data.gov.au/data/dataset/dss-income-support-recipients-monthly-time-series/resource/05f06c42-e027-43aa-b83e-28292f683ede">40,300</a> by May this year – and will climb further because of this month’s change.</p> <figure class="align-right zoomable"><figcaption></figcaption></figure> <p>These people are severely disadvantaged by this change, as the level of payment for an older unemployed person is more than $300 a fortnight less than the age pension, a gap that will only be slightly reduced by the increases announced in the most recent Commonwealth budget.</p> <p>Relatively little attention has been paid to these people, who because of the low level of payment are among the poorest in the Australian population – with very limited prospects of being able to improve their circumstances.</p> <p>In contrast, the idea of boosting tax on the earnings of superannuation balances over <a href="https://www.theguardian.com/australia-news/2023/feb/28/albanese-government-lifts-tax-rate-on-superannuation-balances-over-3m">A$3 million</a> attracted <a href="https://www.firstlinks.com.au/mechanics-3m-dollar-super-tax-must-fixed">widespread criticism</a>.</p> <p>The very different institutional environments of Australia and France have created different lobby groups, with different interests to protect.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/208648/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/peter-whiteford-2016">Peter Whiteford</a>, Professor, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australias-retirement-age-just-became-67-so-why-are-the-french-so-upset-about-working-until-64-208648">original article</a>.</em></p>

Retirement Life

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Three centenarians share their secret to longevity

<p>Reaching 100 years old is quite an achievement, especially for anyone hitting the milestone now. Back in 1916 the average lifespan for a man was 55, the average lifespan for a woman was 59 and the likelihood of making it to 100 was one per cent.</p> <p>Times have changed and now we have a raft of seniors around Australia hitting triple digits. To celebrate this incredible milestone, a group of centenarians have been honoured to a special morning tea at Government House in Melbourne.</p> <p>In an interview with <em>ABC Online</em> they shared some of their secrets to longevity. Follow this advice and we reckon anyone has a chance of making it to 100 years old.</p> <p>Jean Hills believes family is the key to success, telling <em>ABC Online</em>, "[I'm] thankful that I had so many marvellous relatives. Often people say they don't have anything to do with their relatives. It was the relatives that saved me and my family during the depression and gave us the opportunity to really achieve something."</p> <p>Jean also adds, “Don't go near the TV.”</p> <p>Stasys Eimutis on the other hand attributes his longevity to his passions and insistence to cut out drinking and smoking, “I have a workshop and I'm doing many things. I'm not going to bed in the night time, [I'm] always doing something. Mostly woodwork. I make musical instruments and organise a music group and I'm still playing. I'm the leader."</p> <p>For Annie Bernstein however, it all comes down to hard work, "I'm getting all the pleasure now from my daughter, my granddaughter and my grandsons and my great granddaughter.</p> <p>"They're lovely."</p> <p><em>Images: Getty</em></p>

Retirement Life

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"I've done enough": Hero tradie slams raising of retirement age

<p>Thousands of Australians are rallying behind one hard-working tradie, who is standing up in opposition to the proposed rising of the retirement age. </p> <p>On July 1st, the Aussie pension eligibility age will rise from 65 to 67, with research suggesting that it will rise again to the age of 70 by 2050.</p> <p>The tradie shared a photo holding a sign that reads, "Only a bloke who's worked in an office his whole life would think you can work until you're 70."</p> <p>Many have echoed his statement, particularly blue-collar workers who say it is asking too much of people approaching 70 to keep up physically demanding labour.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">The LNP has been working for years to oppress &amp; dumb down the Australian population so that it has more power &amp; control over us. But insisting that the retirement age should be 70 is just wrong. This isn’t about ‘left’ or ‘right’ any more. It’s about the elite vs the rest of us <a href="https://t.co/yxIuAL75rm">pic.twitter.com/yxIuAL75rm</a></p> <p>— Bethany Williams 💙🇺🇦💛 (@BethanyinCBR) <a href="https://twitter.com/BethanyinCBR/status/1332236229077659651?ref_src=twsrc%5Etfw">November 27, 2020</a></p></blockquote> <p>"My body is just tired, as is my husband's, who is 66. We both need to just rest now. We had planned on retirement at 65. Then they changed the goal posts," one person shared in replying to the image.</p> <p>"I've worked 43 years as a butcher. I'm almost 65 yrs old, I think I've done enough, and my body agrees," a second added.</p> <p>"I spent many years in a quarry as well as a coal mine, my body is physically worn out, so I 110 per cent agree with his poster," a third agreed.</p> <p>Others shared that they thought it was simply unfair to ask older Aussies to keep working in manual labour in order to provide for their families, during a time when they should be resting and starting to plan their retirement years without stressing about finances.</p> <p>Many angered Aussies spoke out about the politicians who are responsible for raising the age pension number, saying they have no idea how physically taxing manual labour jobs can be.</p> <p>"The politicians all need to get out of their chairs and do a tradies' job for a week or two then they will know what a bad back is and realise that the body won't let you work until you are 70," one person wrote. </p> <p>A second added added, "I would like to see all politicians work a week as a bricklayer, a boilermaker, a plumber, or a builder - doing what we did to 65, they couldn't for a week."</p> <p>Currently, Australians are able to access a pension wage at 65 years and 6 months as long as they were born between July 1st 1952 and December 31st 1953.</p> <p>Those born after that date will be able to access their pension from the age of 66.</p> <p>However, from July 1st anyone born after January 1st 1957 will have to work even longer with the pension age increasing to 67-years-old. </p> <p><em>Image credits: Facebook</em></p>

Retirement Life

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7 things you should pass on to your grandkids

<p>No one wants to think about what will happen when they’re no longer around, but thoughtfully choosing what to leave to your family will ensure your memory endures long after you’re gone. Here are the 10 things you should pass on to your grandchildren to help them remember you as you always were.</p> <ol> <li><strong>Your passport(s)</strong> – What better token of your life is there than a chronicle of all the incredible places you’ve visited? Your passports will inspire those you love to pack up their bags and follow in your footsteps.</li> <li><strong>Your wedding album</strong> – By passing on your beloved wedding photos, long after you and your partner are gone, your love story will continue to inspire generations after you – and maybe offer some style ideas to vintage-loving brides-to-be in your family!</li> <li><strong>Something belonging to your parents</strong> – If you have an old possession that used to belong to a parent, grandparent or even great-grandparent, giving it to your grandchildren will ensure their ancestors will live on through future generations.</li> <li><strong>Something sentimental</strong> – Photo albums are all well and good, but passing on something you love, which is truly special to you, will always remind your grandchildren of you. Just imagine their smiles as they look down on a watch or ring gifted to them by their beloved nan or pop.</li> <li><strong>A photo of the first time you met them</strong> – Who could forget the first time they meet their newborn grandchild? Share this moment with them and write on the back of the photo just how you felt when you held them for the first time.</li> <li><strong>Your favourite music, books, and movies</strong> – There’s nothing like music to bring back memories of people and places. Fill a bag (or load a USB) with your all-time favourite songs, books and movies so your family will always have something to lift their spirits when they’re feeling down.</li> <li><strong>Stories</strong> – while possessions are great, stories and memories are what will endure for decades after you’ve gone. Any chance you get, share a memory or a story with your loved ones, whether it’s about your life or theirs, and get a conversation going.</li> </ol> <p><em>Images: Getty</em></p>

Retirement Life

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When babysitting your grandkids is not the retirement plan

<p><em><strong>Megan Giles is a retirement designer for women. She supports and coaches women approaching retirement to successfully transition and create a lifestyle that is fulfilling, meaningful to them and lights them up each day.</strong></em></p> <p>You’re retiring, or maybe you’re about to cut down to part-time hours and you can smell freedom in the air. You have the schedule for a pilates studio on your fridge, a list of restaurants to try, and a couple ideas for that abandoned corner of your garden. At last you have time to do all of those things you’ve always wanted to do.</p> <p>And then the phone rings. “Mum, now that you’re not working, it would be great if you could look after [grandchild] on a Friday…” And your heart sinks. You love your grandchild to bits, but a regular baby-sitting gig is not part of your plan.</p> <p>While this is the perfect scenario for many people approaching retirement, it’s important to recognise that it’s not for everyone.</p> <p>What happens if your family has other ideas for your life after work, e.g. caring for grandchildren, or they have assumptions about what you can and can't (or shouldn't!) do in retirement. Do you acquiesce and abandon your dreams or do you recognise the value of your time and dreams and decide to ‘just go for it’?</p> <p>The trouble with choosing to pursue your own path is the huge amount of guilt this can bring up, particularly for women. You feel that you should be there for your children and grandchildren. You know that your support will make their life easier as they have demanding jobs and because the cost of living and day care is expensive. Or perhaps you convince yourself that you do have the time and energy because, well, you’re not working anymore. But the risk that goes with this is that you start to feel resentful because you’re not being true to your dreams.</p> <p>Broaching this with adult children, however, can be a tricky thing to do. It brings up conflicting emotions including love, guilt, joy, fear and obligation and the last thing you want to do is make a loved one feel bad.</p> <p>In recognition of this, the following provides tips for sharing your retirement ideals with your family in a positive way:</p> <ul> <li><strong>Make an uninterrupted time to talk.</strong> While it might be an easy time to catch your children, try to avoid the early evening ‘witching hour’ when feeding and bathing can create mayhem</li> <li><strong>Share your goals.</strong> Rather than assuming your family know what will be important to you, let them know what you would like to get out of retirement, particularly while you are active and have good health</li> <li><strong>Articulate your concerns or fears.</strong> Let them know, for example, that you worry about being able to keep up with your energetic grandchild, or that you risk letting them down in the longer term when you decide to go travelling and can’t do that regular Tuesday ‘gig’</li> <li><strong>Listen to what it is that your adult children are seeking</strong> and see if you can come up with alternate options together (it doesn’t always have to be one thing or the other)</li> <li><strong>Let your family know that you love and care for them unconditionally.</strong> Not being able to provide regular baby-sitting duties does not mean that you love them any less</li> </ul> <p>As the saying goes, you first have to look after yourself before you can look after others and this applies especially in retirement. However uncomfortable it may seem initially, have the conversation in order to understand and align both your and your family’s expectations, and then give yourself permission to follow your dreams in retirement!</p> <p><em>Images: Getty</em></p>

Retirement Life

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Why one Aussie couple chose to retire overseas

<p>Have you ever considered escaping the high cost of living in Australia for a more affordable (and comfortable) retirement overseas? One couple did and they haven’t looked back.</p> <p>For many retirees, the high cost of living in Australia means strict budgeting to make sure their finite amount of retirement income can go the distance. As groceries and utilities continue to rise, and with the government looking to cut back discounts and rebates, it doesn’t leave much in the kitty for leisure or recreation, let alone holidays!</p> <p>That’s no problem for Over60 community members Virginia and David Downton, 61 and 66, who chose to retire to popular South-East Asian destination, Thailand.</p> <p>“We live here for a fraction of the cost of living in Australia,” Virginia says. “We live in a great condo with a gym and a pool, we have lots of friends and regularly travel all over Thailand or visit other Asian countries.”</p> <p>The retired couple were living in sunny Cairns in the far north of Queensland when they decided to make the big move to Thailand. Having visited the country many times before, it didn’t take much soul searching for Virginia and David to settle on this beautiful part of the world. “We are comfortable here and know that we can afford to live here very comfortably, which is something we cannot afford in Australia, sadly,” she explains.</p> <p>They found their current residence browsing the internet, after searching ‘places for rent in Thailand’ on Google. Before permanently moving over, they rented the place for a year first to get a feel for the area. The condo ticked all the boxes for the couple. Rent was cheap, the place was fully furnished (down to the linen, cutlery and cookware), and it had a pool and gym. Plus, it’s within walking distance of a language school, which the couple attend two days a week.</p> <p>“We decided that if we were going to live here we should learn to speak the language,” Virginia says. “We’re now able to have brief conversations with the locals. They are very helpful and appreciate the fact that we’re trying to learn their language. Their eyes actually light up when we speak to them in Thai.” She added that the Thai people are “so friendly” and want to know all about Australia.</p> <p>While they may be far from friends and family, the internet has made it easy for them to stay in touch. They’re also surrounded by many other retired Aussies, who are located in tourist hotspots Chiang Mai and Bangkok, as well as many other parts of the country.</p> <p>Many Australian retirees have made the move to tropical parts of South East Asia, with Thailand and Indonesia being two popular choices. The cheaper cost of living is usually one of the motivating factors behind the decision, with retirees able to stretch their cash further in places like Thailand.</p> <p>“Everything here is around two thirds less than in Australia, which makes the lifestyle here very affordable. Medical care is included in this!” Virginia says. “We feel we are permanently settled. We may buy later on or continue to rent. We will come back to Australia for holidays, but not permanently. Of course, things may change but we doubt it.”</p> <p>If you’re considering retiring overseas, Virginia and David suggest doing your homework first. They say take a look around the entire country you plan on moving to, whether that’s Thailand or somewhere else, and don’t restrict your exploration to the tourist areas. Also, be aware of visas and the local culture and if in doubt, ask someone for help.</p> <p><em>Images: Getty</em></p>

Retirement Life

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