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What cost-of-living crisis? Luxury travel is booming – and set to grow further

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/anita-manfreda-1544057">Anita Manfreda</a>, <a href="https://theconversation.com/institutions/torrens-university-australia-899">Torrens University Australia</a> About ten years ago, while working at Badrutt’s Palace Hotel in the Swiss town of St Moritz, I was shocked to learn a guest once <a href="https://towerrevue.com/life-style/the-party-never-ends/">requested an elephant</a> be brought in to deliver a birthday gift to his wife. And the hotel made it happen, squeezing the elephant into the lobby. This over-the-top gesture symbolised what luxury travel once meant: wealth and power, expressed through grand displays. Think millionaires and billionaires in lavish suites and on private yachts, enjoying <a href="https://www.sciencedirect.com/science/article/pii/S2211973621001392">exclusive services</a> most of us would never dream of, let alone actually ask for. Consulting group McKinsey defines the luxury traveller as someone prepared to spend <a href="https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/updating-perceptions-about-todays-luxury-traveler">US$500 or more per night</a> on accommodation. But luxury tourism is evolving. Thanks to demographic shifts, sustainability concerns, and a post-pandemic desire for connection, luxury travel has become more personal and meaningful. And luxury travellers these days aren’t always the super rich elites. Despite the cost-of-living crisis, luxury travel is <a href="https://www.virtuoso.com/getmedia/8c9e8d73-7529-4989-a8c1-cc464d71a9d4/2024-Press-Conference_FINAL-(2).aspx">booming</a>. So, what’s driving this growth and how is luxury travel changing? <h2>A trillion dollar industry</h2> The luxury travel sector has shown remarkable resilience, even during economic downturns and the COVID pandemic. Globally, it is projected to grow from <a href="https://luxonomy.net/report-on-the-countries-contributing-the-most-luxury-tourists-globally-2024-2030/">US$1.4 trillion</a> in 2024 to $2.2 trillion by 2030. The Asia-Pacific region is leading the surge at a compound annual growth rate of <a href="https://www.grandviewresearch.com/industry-analysis/asia-pacific-luxury-travel-market-report">8.6%</a> (a way of measuring growth that assumes profits are reinvested) from 2024 to 2030. In Australia, the trend is similar: the luxury travel market generated US$37.4 billion in 2023 and is forecast to reach <a href="https://www.imarcgroup.com/australia-luxury-travel-market">US$70 billion</a> by 2032. This growth is driven not just by affluence among the wealthy but by younger travellers. As <a href="https://www.forbes.com/sites/suzannerowankelleher/2024/05/29/new-luxury-traveler-younger-less-affluent/">Forbes magazine</a> points out, these travellers are often non-millionaires who may not earn enormous salaries or even own their own homes – but are willing to pay top dollar for meaningful experiences. And some are splurging on trips to make up for time and opportunities lost due to the pandemic – a trend industry experts sometimes refer to as “revenge” and “<a href="https://latteluxurynews.com/2024/08/19/no-slow-down-in-luxury-experiences-belles/">revelry</a>” travel. As one <a href="https://latteluxurynews.com/2024/08/19/no-slow-down-in-luxury-experiences-belles/">luxury travel industry</a> observer put it: <blockquote> We’re seeing travel at all costs, where people are determined to have the experience they want, regardless of what that price is. </blockquote> Many consumers are <a href="https://www.bain.com/about/media-center/press-releases/2024/global-luxury-spending-to-land-near-1.5-trillion-in-2024-remaining-relatively-flat-as-consumers-prioritize-experiences-over-products-amid-uncertainty">prioritising luxury travel</a> experiences over other discretionary items, including luxury goods. <h2>Luxury can have many meanings</h2> Today’s luxury travel isn’t just about extravagance; it can also include forking out for meaningful experiences. Luxury travellers are willing to pay up for holidays that promise <a href="https://journals.sagepub.com/doi/abs/10.1177/13567667231172995">authenticity, wellness and connection</a> with people and places. It can mean access to something rare, like an uncrowded natural environment or an authentic cultural experience that feels deeply personal. It can also come from <a href="https://www.sciencedirect.com/science/article/pii/S2211973621001392">expertise</a> – like appreciating the nuances of a rare bottle of wine, or touring a place with an expert or celebrity guide who has been there many times before. Where it was once defined by price and status symbols, luxury travel today is about <a href="https://journals.sagepub.com/doi/abs/10.1177/13567667231172995">stories worth sharing</a> (on social media and in real life) and experiences that align with personal values. <h2>Wellness, adventure and the digital detox</h2> In my 17 years of working in and researching luxury travel, I have seen a lot of different luxury holidaymakers. Everything from humble retirees relishing the rewards of their hard work to VIP celebrities who send 32 pages of requests before even stepping foot in the hotel. While older high-net-worth individuals from North America and Europe remain a significant demographic, a growing proportion of luxury travellers are millennials, Gen Z, and tourists from <a href="https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/updating-perceptions-about-todays-luxury-traveler#/">emerging markets</a> like Asia and the Middle East. Traditional hallmarks of luxury travel – like presidential suites and private islands – are still popular among high-net-worth individuals. But a growing number of travellers seek cultural experiences, adventure, and <a href="https://www.mckinsey.com/industries/travel-logistics-and-infrastructure/our-insights/updating-perceptions-about-todays-luxury-traveler#/">small, intimate group</a> trips. These travellers are opting for <a href="https://www.virtuoso.com/getmedia/8c9e8d73-7529-4989-a8c1-cc464d71a9d4/2024-Press-Conference_FINAL-(2).aspx">off-peak seasons</a> and less-visited destinations to avoid crowds, and may be more vocal about sustainable tourism. The future of luxury travel lies in its ability to adapt to evolving consumer values. <a href="https://www.nytimes.com/2024/01/18/travel/luxury-travel-wellness.html">Wellness</a> retreats, <a href="https://www.cntraveler.com/story/luxury-train-travel-is-entering-another-golden-age">slow</a> travel (including by train), and <a href="https://www2.deloitte.com/content/dam/Deloitte/global/Documents/gx-the-future-of-luxury-travel-2-the-sustainability-imperative.pdf">sustainability-focused</a> experiences are becoming central to the luxury travel narrative. In a hyper-connected world, luxury travel marketing is now often linked with the idea of a <a href="https://www.forbes.com/sites/sandramacgregor/2024/08/05/peace-and-quiet-11-luxury-global-resorts-for-a-true-digital-detox/">digital detox</a>. The chance to disconnect and fully immerse in the moment has become a modern indulgence. Luxury travellers today use their trips to <a href="https://www.sciencedirect.com/science/article/pii/S1447677023000207">explore and learn</a>, and to <a href="https://www.thetimes.com/article/why-extreme-escapism-is-the-latest-luxury-travel-trend-pntgrsr8b?id=21336839644&gad_source=1&region=global">reconnect with the world</a>, their relationships, and themselves.<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/244727/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/anita-manfreda-1544057">Anita Manfreda</a>, Senior Lecturer in Tourism, <a href="https://theconversation.com/institutions/torrens-university-australia-899">Torrens University Australia</a> Image credits: Shutterstock 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/what-cost-of-living-crisis-luxury-travel-is-booming-and-set-to-grow-further-244727">original article</a>. </div>

International Travel

Nick Kyrgios makes retirement announcement after Aus Open comeback

Nick Kyrgios has made a candid admission about his participation in future Australian Opens as his comeback ended in tears. The 29-year-old returned to Melbourne after two years from the AO away to nurse an injury, although his return ended in disappointment in a straight-sets loss to Brit Jacob Fearnley. Many spectators were quick to point out that Kyrgios didn't seem like himself as his injury was affecting his serve and his endurance on the court. After looking down and out, he fought to the very end before crashing to the 7-6 (7-3), 6-3, 7-6 (7-2) loss. Speaking after the match, Kyrgios said he was “heartbroken” at being unable to perform at his show-stopping best, but added that he only played on for the packed John Cain Arena crowd cheering him on. “Realistically I can’t see myself playing singles again here,” he said. “It was special (atmosphere), taking that in, it was pretty good. I knew that I have doubles so I kind of was taking everything in tonight, in those moments, it was nuts." “I didn’t want to just throw in the towel and walk off or retire. I was hurting physically but I respect my opponent and the fans that waited hours to come see me play.” He later added: “Honestly, the reason I kept playing, tried to play tonight, was because of the fans. As I said, I don’t know how many times I’m going to be back here again." “That’s why I didn’t have headphones on, I wasn’t listening to music. I walked out there today, wanted to hear the crowd. There were some special moments.” Kyrgios still plans to team up with Thanasi Kokkinakis in the doubles and will continue to play out the season in singles. “It’s hard. When you’re competing for the biggest tournaments in the world and you’re struggling to win sets physically, it’s pretty tough,” he continued. “But I’ve still got a long year ahead. I’m trusting the process that I can still be able to do some cool things this year at some stage.” Despite the immediate devastation, Kyrgios was targeting a deep run at Wimbledon. “Obviously Wimbledon is a big one for me. I still feel like obviously, if I don’t have an abdominal strain, I feel when I sustained that five days before a grand slam, it’s not ideal,” he said. “Hopefully, if my body’s feeling good, I’ll be able to make some noise at Wimbledon.” Image credits: Rachel Bach/Shutterstock Editorial

Retirement Life

Readers response: What has been your approach to reducing or managing debt in retirement?

We asked our readers for their holy grail tips for easing financial strain during retirement years, and the response was overwhelming. Here's what they said. Elaine Ralph - Don’t accumulate debt, live very lightly, and don’t go to see specialists as they cost a fortune. Karen Howson - Pay off every debt and stop spending. John Fowler - We have always budgeted and try to plan for contingencies by allocating for them. We live on our credit card and pay it off when due. My wife has FND so I do all the cooking and keep it simple and cost effective and rarely dine out or eat take away. Our budget has always included allocated "pocket money" for personal spending. Patricia Bennett - Try to be debt free (particularly mortgages) and stick to a budget. Steve Smith - Don't have any, and make sure that you can pay your own way 100%. It's called "cut your coat according to your cloth". If you don't know how to budget then learn - it's never ever too late. Barbara Everall - Stop going out as much as possible avoid the shops. Marie Chong - Make sure you own your own home, before you retire. Angela Chapman - Stop spending on unnecessary things. Naomi Jeffrey - Hope for the best? Image credits: Shutterstock

Retirement Income

Tourists reveal dream retirement destination

Many people dream of retiring overseas and Reddit users have shared where they want to spend their golden years. "If you could choose a retirement city among the cities you have visited, which one would you choose?" one user asked. The responses were varied from South Island, New Zealand to Scotland, here are some of destinations: South Island, New Zealand South Island is a dream retirement location for many users on the thread, with "wide open spaces" and "cooler weather" as some of the key reasons why people wanted to retire there. One user wrote: "All the towns we visited [there] were quaint. I could live in any of them." "I loved the ratio of people to wide open spaces. Dunedin was my favourite city, but any of the smaller towns have a lot to recommend them. I also love the cooler weather. Very expensive, though," another commented. Nicosia, Cyprus Others were attracted to the bustling city of Nicosia, with many praising the city's weather and walkability as a plus. "Cypriots are, in general, friendly and down-to-earth people. Nicosia is a capital city with a small-town feel." London, UK While people were divided about retiring in the iconic destination because of the high prices, others praised it for the "metropolitan atmosphere" "Tons of free museums, easy to get around on local buses and Tube, great train links to many places. Free and cheap educational opportunities. Only problem is the cost of housing." Scotland The city's "slow and beautiful" lifestyle makes it a dream retirement spot for many. "I did a house sit in Selkirk, just north of Edinburgh. I could live there very happily. There’s a proper high street with newsagent, butcher, bakery, small grocer. There’s a small loch to walk the dogs around. I left a bit of my heart there," one said. "Any of the little villages on the Isle of Skye. It’s the most beautiful place I’ve ever seen. The people are unbelievably warm and welcoming," another added. Singapore For a few people who have visited the city, the food, climate, "convenient life" and "very good public security" were some of the plus points listed by travellers. Annecy, France The Alpine town had a lot of travellers' interest with any praising its beauty and convenience. "Currently in Annecy for an extended period and it has shot up to my number one as well. I had never heard of it before coming here, but it’s got quite the magical charm about it. Great location as well," one said. "The perfection of the edge of a stunning lake and the base of the French Alps. And only 40 minutes from Geneva Airport," another added. A few other locations mentioned in the thread included the southern Mexican city of Oaxaca, praised for its relaxed lifestyle, and San Diego, USA, praised for its city lifestyle and beautiful beaches. Image: Collection Maykova / Shutterstock.com

International Travel

Eight people take their own lives after being denied voluntary assisted dying

Warning: This article contains discussions on suicide which some readers may find distressing. Eight people with declining health who were denied access to voluntary assisted dying have taken their own lives after the laws came into effect in Victoria, a coroner said. Coroner Simon McGregor reviewed cases in which people had died by suicide after failing to meet the strict eligibility requirements for voluntary assisted dying, and has asked the state's Voluntary Assisted Dying Review Board to take the suicides into consideration. He did this while investigating the death of Melbourne man Geoffrey McConachy, who suffered from a stroke in late 2022 while on a trip to visit his son overseas, and as a result had lost his life enjoyment after his speech was profoundly impacted. McConachy took his own life year later in September 2023, aged 83, after he was deemed not eligible for voluntary assisted dying because he did not have a terminal prognosis. The coroner found that McConachy had a “greatly reduced quality of life” after he developed a depression and lost interest in life. Under Victorian law, voluntary assisted dying is accessible to those who are suffering from an incurable disease, are experiencing intolerable suffering and are expected to die within six months (or 12 months in the case of neurodegenerative conditions). Coroner McGregor said there had been eight deaths by suicide since the laws came into effect in 2017, and found that their decline in health was irreversible, but their access to voluntary assisted dying were denied “because they did not meet the strict criterion”. “A recurring theme throughout many of these deaths was the impact that voluntary assisted dying refusal had on the deceased,” McGregor said in his findings. “Family members often reported that when people believed they would have access to voluntary assisted dying they maintained hope that they would be able to exercise control over how they died; when their access to voluntary assisted dying was refused, their consequent despair and frustration contributed to their decision to take their own life." “I would ask the Voluntary Assisted Dying Review Board to remain open to considering this finding as part of a developing body of evidence about where there may be opportunities to improve the operation of voluntary assisted dying in the state.” Image: Shutterstock <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #212529; font-family: -apple-system, 'system-ui', 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; background-color: #ffffff;">Need to talk to someone? Don't go it alone. <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #212529; font-family: -apple-system, 'system-ui', 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; background-color: #ffffff;">Lifeline: 13 11 14, <a style="box-sizing: border-box; color: #258440; text-decoration-line: none; background-color: transparent; transition: 0.2s ease-in-out;" href="https://www.lifeline.org.au/" target="_blank" rel="noopener">lifeline.org.au </a> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #212529; font-family: -apple-system, 'system-ui', 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; background-color: #ffffff;">SANE Support line and Forums: 1800 187 263, <a style="box-sizing: border-box; color: #258440; text-decoration-line: none; background-color: transparent; transition: 0.2s ease-in-out;" href="https://saneforums.org/" target="_blank" rel="noopener">saneforums.org</a> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #212529; font-family: -apple-system, 'system-ui', 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; background-color: #ffffff;">Headspace: 1800 650 890, <a style="box-sizing: border-box; color: #258440; text-decoration-line: none; background-color: transparent; transition: 0.2s ease-in-out;" href="https://headspace.org.au/" target="_blank" rel="noopener">headspace.org.au</a> <p style="box-sizing: border-box; margin-top: 0px; margin-bottom: 1rem; color: #212529; font-family: -apple-system, 'system-ui', 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; background-color: #ffffff;">Beyond Blue: 1300 224 635, <a style="box-sizing: border-box; color: #258440; text-decoration-line: none; background-color: transparent; transition: 0.2s ease-in-out;" href="https://www.oversixty.com.au/beyondblue.org.au" target="_blank" rel="noopener">beyondblue.org.au </a>

Caring

Many people don’t get financial advice even though it can help ensure a comfortable retirement

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/antonia-settle-1019551">Antonia Settle</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Many Australians, particularly those on lower incomes, are often characterised as <a href="https://www.mpmwm.com.au/latest-news/50475">lacking knowledge or interest</a> in superannuation. <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/09/Research-Note-Survey-on-superannuation-and-retirement-Advice-Sept-2024.pdf#_msdynmkt_linkid=48e751d5-debe-4eb2-9309-4bc96b01930a">Research</a> by the Association of Superannuation Funds of Australia (ASFA) confirms this. It found only 51% have sought any sort of financial advice before retiring. Financial advice plays a critical role in helping people maximise their super. But most of us don’t seek professional guidance. To make matters worse, <a href="https://www.theaustralian.com.au/business/wealth/retirement-and-superannuation-questions-not-being-asked/news-story/cc2142c3b32c706ea6ff1dc99dab62a5">superannuation experts</a> say those with small amounts of super are the least likely to seek it. <h2>Financial literacy</h2> The failure of households to approach super like experienced asset managers is often attributed to <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-ud00b_key_obs.pdf">poor financial literacy</a>. Better <a href="https://www.investopedia.com/terms/f/financial-literacy.asp#:%7E:text=%25%2025%25%200%25-,What%20Is%20Financial%20Literacy%3F,management%2C%20budgeting%2C%20and%20investing.">knowledge</a>, it is often reasoned, would help lower income households make financially savvy decisions. This would help give them a better chance of achieving a comfortable retirement. Getting professional advice about managing retirement savings is a first step towards knowing what you don’t know. Learning to trust independent advice can optimise risk and returns, even if those decisions conflict with our instincts. ASFA <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/09/Research-Note-Survey-on-superannuation-and-retirement-Advice-Sept-2024.pdf#_msdynmkt_linkid=48e751d5-debe-4eb2-9309-4bc96b01930a">research</a> found while trust in super funds was relatively high, only 12% sought information or advice from the funds. <h2>Career interruptions</h2> Some households might have little superannuation because their hourly wages are low and they have long breaks from the workforce. This might be due to raising children, personal illness or caring for others. Instead of being able to rely on public healthcare or pay others to provide this support, they are required to reduce or abandon paid work to do it themselves. This group consists overwhelmingly of <a href="https://www.wgea.gov.au/publications/superannuation-gender-pay-gaps-by-age-group">women</a> They are also unlikely to have benefited from high employer contribution rates, such as those of <a href="https://www.csc.gov.au/Members/Funds-and-products/PSSap">federal public servants</a> or university employees, who have long earned a standard 17%. <h2>Tax and other benefits</h2> Low balance households are also unlikely to have paid large sums into super to avoid income tax. <a href="https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-june-2024">One in every four dollars</a> contributed to super is deposited as voluntary contributions, which attract a low tax rate. But most of these low tax contributions are made by <a href="https://australiainstitute.org.au/wp-content/uploads/2024/06/P1527-Who-benefits-The-high-cost-of-super-tax-concessions-Web-1.pdf">the 20%</a> with the highest incomes. In fact, with <a href="https://povertyandinequality.acoss.org.au/inequality/">70% of superannuation assets owned by the wealthiest 20% of households</a>, low balance households have relatively little to gain. Research shows those with the <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0008/4630688/ri2023n03.pdf">lowest balances</a> believe superannuation is a largely a tool for high income earners to avoid tax. And while financial advice will always be more useful to those who are able to use <a href="https://www.commbank.com.au/articles/tax/five-ways-to-save-tax-using-superannuation.html">super as a tax minimisation strategy</a>, even for low-balance households – getting financial advice is worthwhile. Financial advice can help households choose investments that optimise the risk/return profile of superannuation at each stage of the life cycle. It can help avoid unnecessary fees and taxes and help people make the best decisions about <a href="https://www.investopedia.com/terms/d/drawdown.asp#:%7E:text=A%20drawdown%20in%20retirement%20is,known%20as%20a%20drawdown%20percentage.">spending in retirement</a> so they can get the most out of their super. <h2>Potential sticking points</h2> The <a href="https://www.royalcommission.gov.au/banking#:%7E:text=The%20Royal%20Commission%20into%20Misconduct,into%20misconduct%20in%20the%20banking%2C">2017 royal commission</a> into banking and finance misconduct revealed major conflicts of interest in the advice sector. This only made some people more wary about trusting a stranger with their life savings. At between $4,000 and $12,000 for a <a href="https://www.moneymag.com.au/financial-planning/learning/how-much-does-financial-advice-cost">personal financial plan</a>, independent financial advice is not cheap. There is free counselling to manage debts but there is no free, independent advice for longer-term financial planning. Recent <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">regulatory efforts</a> to better position superannuation funds to provide free financial advice to households will improve access for many. But these efforts won’t resolve the conflict of interest issue, given there is little incentive for funds to suggest investment strategies using other providers. This is particularly important during the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/retirement-withdrawal-lump-sum-or-income-stream">draw down phase</a>. This is where people start using their super which they receive as either a lump sum or income stream. The products offered by any single super fund to set this up are limited. Superannuation balances can be seriously eroded by <a href="https://www.ato.gov.au/calculators-and-tools/super-yoursuper-comparison-tool">unnecessary fees</a>, inappropriate investments and poorly planned <a href="https://www.superguide.com.au/in-retirement/minimum-pension-payments-reduced">draw down</a> strategies. This is particularly damaging when low balances are involved. <h2>Facing poverty in retirement</h2> As a result, failure to seek financial advice can increase the risk of elderly poverty, especially if people retire without having bought or paid off a home. Any savings that can be preserved can make a meaningful difference to the capacity of such households to have a dignified retirement. For these reasons, access to free and independent advice is critically important for the superannuation system to better serve low-balance households. But free, independent advice is still not available in the superannuation system. It is not surprising low-balance households are reticent to engage in super given the lack of accessible advice. But the peripheral role of low-balance households in a system dominated by Australia’s wealthiest households may play a role in that reticence as well.<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/240207/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/antonia-settle-1019551">Antonia Settle</a>, Lecturer, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Shutterstock 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/many-people-dont-get-financial-advice-even-though-it-can-help-ensure-a-comfortable-retirement-240207">original article</a>. </div>

Money & Banking

Paralympian Dylan Alcott's unexpected career choice

Dylan Alcott has revealed his next career move after retiring from professional wheelchair tennis in 2021. Since his retirement, the 34-year-old Aussie Paralympian has taken on a commentating role and appeared at the 2024 Paris Olympics, but now he has confirmed a new career move that is a big step away from sports. Alcott told Daily Mail Australia that he wants to pursue a career in acting. After taking on his first ever acting role as Marcus in Stan's series Bump, he explained that he wants to get more roles in the film industry. "I'd been on set before as an athlete but not as an actor and I bl**dy loved it, " he told the Daily Mail. "It was a good test to me to see if I loved being on a set every day, and I really did so hopefully I'll have more opportunities soon." Alcott explained that he even took acting lessons and classes, and even hired a coach to make sure he was up to the standard he needed to be. "I didn't want to be that famous guy that just goes 'I can act', I've done lessons and classes and I've got an acting coach," he told the publication. "I tried to do the best that I can and everyone was really accommodating." Alcott, who starred in the fourth season of the show alongside Claudia Karvan and Angus Sampson, recalled how he was able to keep up with his co-stars, despite it being his first time acting. "The biggest challenge was everyone is a really, really good actor and I was like ''what am I doing?'' when I first got there," he recalled. "Then I realised that everyone was so accommodating but I could also hold my own." The Paralympian was fully involved in his role and even created some of his character's jokes, and even does his own stunts. "Often, if you're an able-bodied person writing a disabled character, you're not sure what you can and can't say, but I was like ''no let's push it'' and it was so cool," he said. He added that he was proud to be able to provide positive disability representation on screen, which was something he rarely saw growing up. "[Acting is] something I've wanted to do since I was a kid, I really struggled with disability representation on screen," he shared. "Whenever it was, it was always super negative and sad and not people being themselves. So that's why I started doing acting and when Claudia and Kelsey [Munro] called me with a role, I couldn't believe it!" Alcott will be returning to screens as Marcus in the fifth and final season of Bump on Boxing Day. Image: Allison Voight/ Shutterstock Editorial

Retirement Income

Retiring with debt? Experts explain downsizing, using super for your mortgage, and pension eligibility

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/kathleen-walsh-218536">Kathleen Walsh</a>, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> and <a href="https://theconversation.com/profiles/jemma-briscoe-2234812">Jemma Briscoe</a>, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> About <a href="https://cepar.edu.au/sites/default/files/cepar-research-brief-housing-ageing-australia.pdf">36%</a> of homeowners still have a mortgage when they retire, up from 23% a decade ago. This increase in mortgage debt is due to soaring property prices, <a href="https://www.mlc.com.au/content/dam/mlc/documents/pdf/retirement/retirement-reports-housing-report.pdf">changes in retirement ages</a> and easy access to <a href="https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/home-equity-access-scheme">drawdown equity loans</a> (where you use your home as security to get a loan, which can be used to fund travel, medical costs and other expenses). So, what are the options for homeowners who carry debt into retirement? <h2>Option 1: keeping the home and the debt</h2> If you keep the family home in retirement, you get to own a property and can still receive the <a href="https://www.dva.gov.au/get-support/financial-support/income-support/what-changes-your-payments/your-property-or-accommodation/how-owning-home-can-affect-pensions-and-payments">age pension</a>. For example: Jackie has a home worth A$2 million with a $200,000 mortgage. She also has $800,000 in superannuation. She is 67 but is not eligible for the age pension because her <a href="https://moneysmart.gov.au/how-super-works/tax-and-super#:%7E:text=If%20you're%20aged%2060%20or%20over%20and%20withdraw%20a,as%20a%20public%20sector%20fund.">assessable assets</a> – her super – is above the $695,500 cut off. If Jackie takes $200,000 from her super and repays the outstanding mortgage debt, she will save on interest and principal repayments for the next ten years. She will also reduce her assessable assets by $200,000. This makes her eligible for a part pension. So while Jackie has less super, she gets to receive a pension and gets all the subsidies associated with being a pensioner. <h2>Option 2: downsizing to clear the debt</h2> Downsizing can extinguish any remaining debt, and can free up money for holidays, restaurants and the good life in retirement. It also enables a move to a more age-friendly home or apartment. And the government does provide a superannuation incentive via the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/downsizer-super-contributions">downsizing contribution</a>. This allows homeowners over 55 who have lived in their home for more than ten years to make a one-off contribution of $300,000 (singles) and $600,000 (couples) to their super, using money from the sale of their home. But when a person reaches pension age, currently 67, any money in super will be included in <a href="https://www.servicesaustralia.gov.au/deeming?context=22526">the government’s assessment</a> of your financial assets and income. It could mean you don’t qualify for a pension or pensioner subsidies. Of the approximately 2.6 million who receive a part or full the age pension, only <a href="https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/downsizer-super-contributions-data">78,000 people</a> have taken up this initiative. That begs the question if this option really does create a true financial downsizing incentive. Think again of Jackie, the woman with the $2 million home and the $200,000 in mortgage debt. Say she decides to sell her home and move to a smaller house close to family and friends. This will incur about $40,000 in selling and marketing fees, and stamp duty of around $62,000 on her new $1.4 million apartment. Downsizing leaves her with $1.1 million in financial assets (after transaction costs), which means that Jackie is not eligible for the pension. While she’ll be able to fund a comfortable lifestyle, this decision to downsize may not be as attractive as keeping the house. The decision to sell and move has cost her an extra $100,000 in transaction costs and her pension. So, people need to think carefully about downsizing. It can allow people to move closer to children, grandchildren, and the services they need – but these must be balanced against the financial implications. <h2>What about renters?</h2> Paying market rent while on a fixed income can be very hard, so renting is a challenge for retirees. According to the <a href="https://www.abs.gov.au/statistics/people/housing/housing-census/latest-release">2021 census</a>, women aged 55-64 and those over 65 are among the fastest-growing groups experiencing homelessness. The good news is many profit and not-for-profit retirement communities provide rental models and discounted entry contributions to residents with limited means (but there are often waiting lists). Retirement village residents may also be eligible for <a href="https://guides.dss.gov.au/social-security-guide/4/6/4/30">rent assistance</a> depending on their circumstances. Rent assistance is an extra $5,751 per year in social security benefits and provides extra financial support to <a href="https://guides.dss.gov.au/social-security-guide/5/1/7/10">eligible age pension recipients</a>. Retirement communities provide vulnerable older Australians a unique opportunity to move into a community under a leasehold or licence agreement. More than 260,000 senior Australians live in about <a href="https://www.propertycouncil.com.au/media-releases/retirement-living-construction-leads-wary-market">2,500 retirement communities</a> across the country. While a retirement village may not be the first option for many retirees, they can provide affordable accommodation. <h2>Making the best choice</h2> Navigating housing decisions as you approach retirement means balancing financial, emotional, and lifestyle considerations. Homeowners retiring with a mortgage face a choice: keep their home or downsize to alleviate debt. Keeping the home and accessing super to pay the outstanding debt improves cash flow and allows you to keep your biggest asset. Downsizing helps eliminate debt and boosts the super balance, but comes with extra transaction costs (and you may end up with less pension, or none at all). Seeking professional <a href="https://moneysmart.gov.au/financial-advice/choosing-a-financial-adviser">financial advice</a> is crucial, and ensure they are a registered <a href="https://moneysmart.gov.au/financial-advice/financial-advisers-register">financial advisor</a>.<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/240679/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/kathleen-walsh-218536">Kathleen Walsh</a>, Professor of Finance, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> and <a href="https://theconversation.com/profiles/jemma-briscoe-2234812">Jemma Briscoe</a>, Adjunct lecturer in finance, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> Image credits: Shutterstock 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/retiring-with-debt-experts-explain-downsizing-using-super-for-your-mortgage-and-pension-eligibility-240679">original article</a>. </div>

Retirement Income

Ray Hadley chokes up during final radio show

Ray Hadley has become emotional during his last show on-air, farewelling his loyal 2GB audience for the last time. Hadley was joined by fellow 2GB host Ben Fordham for his final show on Friday, with Fordham surprising Hadley with a tribute to his stellar career. The tribute spanned Hadley’s entire career, from top sporting moments, interviews with Keith Urban, to his children speaking with him on air. “Ray Hadley, this is your life,” Fordham said before it played. However, Hadley became emotional when a snippet of his mother’s voice was played during the segment. “Very emotional. I had heard my mother’s voice previously,” Hadley told listeners, choked up. “I wasn’t gonna get upset. You’ve done this to me you little bludger.” Earlier this week, Hadley spoke with <a href="https://honey.nine.com.au/latest/ray-hadley-retires-from-2gb-sydney-radio-interview-exclusive/354a86f1-eeac-49a2-bc04-a91f3f22ff13" target="_blank" rel="noopener">9Honey</a> about his <a href="https://www.oversixty.com.au/lifestyle/retirement-life/the-time-has-come-ray-hadley-announces-retirement" target="_blank" rel="noopener">retirement</a>, reflecting on his 43-year career. Hadley admitted he worked brutal hours during his illustrious career, with his dedication leading to what became one of the most impressive runs in radio history in Australia. "I've fought hard for every position I've got and a couple were thrust upon me without fighting for them, but once I got them I realised that it was things I liked doing," he told 9Honey. "So yeah, it's been an adventure." "Like every adventure, there's highs and lows. The lows are about as low as you can get, the highs are about as high as you can get, and hopefully most of the time is in the middle somewhere." Hadley said while he's "retiring from full-time radio work" he's "not retiring from life" and with his contract set to run with 2GB until 2026 he is considering his options. "That doesn't mean I won't do something else. What that is, I don't know, because I'm still contracted here. And I'm still committed to this station in many respects ... I've been here for 24 years." "So, you know, there's always a part of me that is willing this station and this network to do well," he said. For now, he's planning to take a three-month break "to clear my head." Image credits: 2GB

Retirement Life

‘Is this all there is?’ Retirement can be a painful transition if we don’t adjust our thinking

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/susan-moore-1446031">Susan Moore</a>, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> The age at which Australians can receive the pension has <a href="https://www.dss.gov.au/seniors/benefits-payments/age-pension">risen to 67</a>, meaning many of us are working longer. But the length of time we are expected to spend retired has also risen, because <a href="https://www.abs.gov.au/statistics/people/population/life-expectancy/latest-release">we are living longer</a>. It’s not unreasonable to expect the retirement phase will last about 20 years, perhaps longer. How should people approach it? <h2>Are retirees satisfied?</h2> In 2018 a colleague and I <a href="https://www.routledge.com/Women-and-Retirement-Challenges-of-a-New-Life-Stage/Moore-Rosenthal/p/book/9781138045231">surveyed nearly 1,000 Australians</a> aged 55 and over who described themselves as fully or substantially retired from the workforce. Most were very satisfied (51%) or satisfied (35%) with their retirement, and the majority rated their post-retirement life satisfaction as better (47%) or the same (39%) as it had been when they were working. <h2>What do retirees like most?</h2> Retirees in our survey talked about freedom. Freedom to sleep in, travel, catch up with friends and family, renovate, garden, get fit, try art classes, learn Italian and if they can afford it, spend up big. But even freedom can have a downside. One woman from the survey said after four months she got sick of it, asking “Is this all there is?” So what did retirees miss most? Money was a big issue for nearly 20%, and about one-third felt their financial position had worsened, even though the group had mainly worked in professional and white-collar jobs. But the things they missed most were social – the opportunity to make new friends, to engage in new activities, and to feel useful. They said things like: <blockquote> I miss the companionship of working in a team. Miss some of the social connections that I once enjoyed. </blockquote> Work not only provides income and social contact, it also has the capacity to engender a sense of meaning and purpose. Some retirees commented specifically on this <blockquote> I miss the sense of purpose. While it was hugely stressful, I felt useful. Now I keep feeling at a bit of a loss as if I should be doing something. </blockquote> <h2>Identity loss</h2> There’s also the issue of <a href="https://www.taylorfrancis.com/books/mono/10.4324/9780203786338/marienthal-marie-jahoda-paul-lazarsfeld-hans-zeisel">identity loss</a>. Work provides us with status; it enhances our sense of self. Achievement of work goals can build confidence and self-esteem. When we meet a new person, often the first question they ask is “what do you do for a living?” It can feel as though your work defines you as a person, rather than your many-faceted self. Not surprisingly, our study respondents frequently commented on retirement as challenging their sense of identity. <h2>The retirement journey</h2> So it is important to remember retirement is not just an event, it’s a process. In any <a href="https://onlinelibrary.wiley.com/doi/abs/10.1002/j.2161-1920.2011.tb01102.x">major life transition</a>, it’s necessary to adapt our roles and expectations. Even the most exciting life changes, such as becoming a parent or winning a lottery, involve psychological work. We are likely to experience strong emotions, both positive and negative, as we experiment, fail, lose heart, try something else and eventually adjust to a new reality. These adjustments might be greater for retirees who go from full-time work to full-time leisure, than for those who move gradually through part-time or casual work or who quickly take up new activities they’ve been planning for years. Mark Cussen, a financial planner specialising in retirement, argues the retirement journey takes us through <a href="https://www.investopedia.com/articles/retirement/07/sixstages.asp">several psychological stages</a>, including a honeymoon phase in which new retirees feel relieved as the constraints of working life are removed. However, the initial sense of freedom loses its novelty value. Some retirees then go through a phase of disenchantment. Life can feel boring, lacking in purpose or weighed down by domestic duties and activities that do not challenge or bring joy. <h2>The ‘best years of our lives’</h2> The final phase is adaptation, involving a re-orientation of identity from worker to someone who finds meaning and purpose in a different set of activities. This change usually involves renegotiating relationships with family and friends as well as experimenting with new activities, interests and friendship groups. Over time, most retirees develop a new, non-work identity. New routines, different social worlds and re-imagined goals are established. Many describe these years as the best of their lives. <h2>What makes a successful retirement?</h2> Research <a href="https://academic.oup.com/workar/article-abstract/2/2/262/2428266?login=false">assessing the strongest predictors</a> of adjustment to and satisfaction with retirement is complex because there are so many potential variables to be measured and controlled. But these are often distilled down to several key factors including physical health, finances, psychological health, leisure activities, and social integration. <a href="https://pubmed.ncbi.nlm.nih.gov/21463050/">Studies assessing gender difference</a> in adjustment to retirement are equivocal, but somewhat dated. Nevertheless, <a href="https://www.researchgate.net/publication/228590652_Renegotiating_identity_and_relationships_Men_and_women's_adjustments_to_retirement">many commentators agree</a> women generally have fewer problems adapting socially. Women tend to have stronger non-work networks, are more integrated into their communities and have a more multifaceted sense of identity than those men who define themselves largely in terms of their work. However, the average woman is <a href="https://www.routledge.com/The-Psychology-of-Retirement/Rosenthal-Moore/p/book/9780815347088?srsltid=AfmBOoo--YAKvrHK8gDkQ0Cd1qI7A0PHOjgEZ-VqzDRAJb4KvEt5eMpt">less financially prepared</a> for retirement than a man as a result of taking time off work for children or other caring responsibilities. Women also dominate many of the lower paid jobs. But for both sexes, <a href="https://academic.oup.com/workar/article-abstract/2/2/262/2428266">studies indicate</a> pre-retirement planning helps ensure a secure retirement. <h2>Work out what’s important</h2> Money isn’t everything. Lifestyle planning including post-retirement activities, new roles and interests,prioritising mental and physical health and maintaining your social contacts are also vital aspects of a workforce exit strategy. How are you planning to stay mentally stimulated? What strategies do you have in place to manage stress and maintain good physical health? And what about friendships? Loneliness is being <a href="https://www.mja.com.au/journal/2024/221/6/loneliness-epidemic-holistic-view-its-health-and-economic-implications-older-age">described as an “epidemic”</a> among the elderly, especially those without a partner. How will you build a new social life that may include but does not rely on former work colleagues? How will you negotiate a family life that keeps you connected without becoming a domestic slave? <h2>A well-planned retirement</h2> Retirement has the potential to be a wonderful phase of life in which it is possible to strengthen relationships and achieve goals that you didn’t have time for in your middle years when you were consolidating your career and home life. It’s a time to live out some of your dreams, work through a bucket list perhaps, and have some fun as well as planning what sort of legacy you will leave for future generations. What’s the secret? In short, plan your finances, maintain a healthy lifestyle, stay socially integrated, challenge yourself mentally, stay positive and be flexible.<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/241265/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/susan-moore-1446031">Susan Moore</a>, Emeritus Professor, Faculty of Health, Arts and Design, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> Image credits: Shutterstock 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/is-this-all-there-is-retirement-can-be-a-painful-transition-if-we-dont-adjust-our-thinking-241265">original article</a>. </div>

Retirement Life

How much do you need to retire? It’s probably a lot less than you think

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/joey-moloney-1334959">Joey Moloney</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> How much do you need to save for a comfortable retirement? It’s a big question, and you’ll often hear <a href="https://www.google.com/search?q=australians+not+saving+enough+for+retirement&oq=australians+not+saving+enough+for+retirement&gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCDM4MjRqMGo3qAIAsAIA&sourceid=chrome&ie=UTF-8">dire warnings</a> you don’t have enough. But for most Australians, it’s a lot less than you might think. <h2>You spend less in retirement</h2> Australians tend to overestimate how much they need in retirement. Retirees don’t have work-related expenses and have more time to do things for themselves. And retirees, especially pensioners, benefit from discounts on council rates, electricity, medicines, and other benefits worth thousands of dollars a year. While housing <a href="https://grattan.edu.au/news/the-great-australian-nightmare/">is becoming less affordable</a>, most retirees own their own home and have paid it off by the time they retire. Australians who own their home spend an average of 20–25% of their income on housing while working, largely to pay the mortgage. But that falls to just 5% among retiree homeowners, because they are just left with smaller things such as rates and insurance. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=337&fit=crop&dpr=1 600w, https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=337&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=337&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=424&fit=crop&dpr=1 754w, https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=424&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/631962/original/file-20241114-15-9h1dzt.png?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=424&fit=crop&dpr=3 2262w" alt="Notes: Housing costs include mortgage interest and principal repayments and general rates for homeowners, and rental payments for renters. Does not include imputed rent.:" /></a><figcaption>Notes: Housing costs include mortgage interest and principal repayments and general rates for homeowners, and rental payments for renters. Does not include imputed rent. Grattan analysis of ABS (2022) Survey of Income and Housing.</figcaption></figure> And whatever the income you need at the start of your retirement, it typically falls as you age. Retirees tend to spend 15–20% less at age 90 <a href="https://theconversation.com/why-we-should-worry-less-about-retirement-and-leave-super-at-9-5-106237">than they do at age 70</a>, after adjusting for inflation, as their health deteriorates and their discretionary spending falls. Most of their health and aged-care costs <a href="https://grattan.edu.au/report/money-in-retirement/">are covered by government</a>. <h2>So how much superannuation do you need?</h2> Consumer group Super Consumers Australia has crunched the numbers on retiree spending and presents three robust “<a href="https://superconsumers.com.au/journalism/how-much-do-you-need-to-save-for-your-retirement/">budget standards</a>”: <ul> <li>a “low” standard (that is, enough for a person who wants to spend more than what 30% of retirees do)</li> <li>a “medium” standard (spending more than 50% of retirees do), and</li> <li>a “high” standard (more than 70%).</li> </ul> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=337&fit=crop&dpr=1 600w, https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=337&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=337&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=424&fit=crop&dpr=1 754w, https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=424&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/631963/original/file-20241114-19-9h1dzt.png?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=424&fit=crop&dpr=3 2262w" alt="" /></a><figcaption>How much super do you need? Super Consumers Australia (2023) Retirement Savings Targets</figcaption></figure> Crucially, these estimates account for the significant role of the <a href="https://www.servicesaustralia.gov.au/how-much-age-pension-you-can-get?context=22526">Age Pension</a> in the retirement income of many Australians. The <a href="https://www.servicesaustralia.gov.au/how-much-age-pension-you-can-get?context=22526">maximum Age Pension</a> is now A$30,000 a year for singles, and $45,000 a year for couples. To meet Super Consumers Australia’s “medium” retirement standard, a single homeowner needs to have saved only $279,000 in super by age 65 to be able to spend $41,000 a year. A couple needs only $371,000 in super between them to spend $60,000 a year. To meet their “low” standard – which still enables you to spend more than 30% of retirees – single Australians need $76,000 in super at retirement, and couples $95,000 (while also qualifying for a full Age Pension of $30,000 a year). That’s provided that you own your own home (more on that later). <h2>Ignore the super lobby’s estimates</h2> Australians should ignore <a href="https://www.superannuation.asn.au/resources/retirement-standard/">the retirement standards</a> produced by super lobby group the Association of Superannuation Funds of Australia. Their “<a href="https://www.superannuation.asn.au/resources/retirement-standard/">comfortable</a>” standard assumes retirees need an annual income of $52,085 as a single, and $73,337 as a couple. This would require a super balance of $595,000 for a single person, and $690,000 for a couple. But this is a standard of living most Australians don’t have before retirement. It is higher than what 80% of single working Australians, and 70% of couples, <a href="https://insidestory.org.au/the-reassuring-truth-about-retirement-incomes/">spend today</a>. For most Australians, saving enough to meet the super lobby’s “comfortable” standard in retirement can only come by being uncomfortable during their working life. <h2>Most Australians are on track for a comfortable retirement</h2> The good news is most Australians are on track. The federal government’s <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf">2020 Retirement Income Review</a> concludes most future Australian retirees can expect an adequate retirement, replacing a more-than-reasonable share of their pre-retirement earnings – more than the 65–75% benchmark nominated by the review. Even most Australians who work part-time or have broken work histories will hit this benchmark. Most retirees today feel more comfortable financially than younger Australians. And typically, they have enough money to sustain the same, or a higher, living standard in retirement than they had when working. <h2>Rising mortgage debt doesn’t change this story</h2> More Australians are retiring with mortgage debt – about 13% of over-65s had a mortgage in 2019–20, <a href="https://www.ahuri.edu.au/sites/default/files/migration/documents/AHURI_RAP_Issue_176_Housing-equity-withdrawal-in-Australia.pdf">up from 4% in 2002–03</a>. But the government’s <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-udcomplete-report.pdf">retirement income review</a> found most retirees who used $100,000 of their super to pay off the mortgage when they retire would still have an adequate retirement income. This is, in part, because many would qualify for more Age Pension after using a big chunk of super to pay off the mortgage. And retirees can get a loan via the government’s <a href="https://www.servicesaustralia.gov.au/home-equity-access-scheme">Home Equity Access Scheme</a> to draw equity out of their home up to a maximum value of 150% of the Age Pension, or $45,000 a year, irrespective of how much Age Pension you are eligible for. The outstanding debt accrues with interest, which the government recovers when the property is sold, or from the borrower’s estate when they die, reducing the size of the inheritance that goes to the kids. <h2>But what about renters?</h2> One group of Australians is not on track for a comfortable retirement: those who don’t own a home and must keep paying rent in retirement. Nearly half of retired renters <a href="https://grattan.edu.au/news/repairing-australias-retirement-income-system/">live in poverty today</a>. Most Australians approaching retirement own their own homes today, but fewer will do so in future. Among the poorest 40% of 45–54-year-olds, just 53% own their home today, <a href="https://grattan.edu.au/news/the-great-australian-nightmare/">down from 71% four decades ago</a>. But a single retiree renting a unit for $330 a week – cheaper than 80% of the one-bedroom units across all capital cities – would need an extra $200,000 in super, in addition to Commonwealth Rent Assistance (according to the government’s <a href="https://moneysmart.gov.au/retirement-income/retirement-planner">Money Smart Retirement Planner</a>). This is why raising Commonwealth Rent Assistance to help renting retirees keep a roof over their heads should be an urgent priority for the federal government. Australians have been told for decades that they’re not saving enough for retirement. But the vast majority of retirees today and in future are likely to be financially comfortable.<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/243596/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, Program Director, Economic Policy, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/joey-moloney-1334959">Joey Moloney</a>, Deputy Program Director, Housing and Economic Security, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> Image credits: Shutterstock 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/how-much-do-you-need-to-retire-its-probably-a-lot-less-than-you-think-243596">original article</a>. </div>

Retirement Income

Elderly couple's pension predicament sparks heated debate

An elderly couple have sparked a heated debate online after enquiring how they can hold on to their pension payments despite their increasing wealth. The couple are in their 90s and receive a part-age pension payment, while also owning a share portfolio worth around $895,000. In a question to <a title="www.smh.com.au" href="https://www.smh.com.au/money/super-and-retirement/our-900-000-share-portfolio-keeps-rising-how-do-we-save-our-pension-20241203-p5kve9.html">Sydney Morning Herald</a> money columnist, Noel Whittaker, the couple’s child asked: “With the market going up as it has, they are worried that they will lose their pension and the benefits. Is there anything that they can do so they don’t lose the pension?” You must be 67 years or older to be eligible for the pension in Australia, with the maximum fortnightly payment for a single person is $1,144.40 and $1,725.20 for a couple. However, the pension amount is reduced by 50 cents for every dollar over $212 a person receives in income per fortnight. A couple who are homeowners on a full pension can have $470,000 in combined assets before their pensions are impacted, while a couple who are homeowners on a part pension can have $1,045,500 in assets before their payments are cancelled. Whittaker recommended for the couple to get their furniture valued at “garage sale prices”, rather than replacement prices to keep their assets below the threshold. He also suggested renovating their home, prepaying for their funerals, or making a gift of $10,000. “If they gave a bigger sum of money to the children now, their pension would not be reduced as it would be held as a deprived asset for five years but would not increase in value,” the columnist suggested. The article was quickly posted online, and the couple were met with fierce backlash as one person wrote on X, "Why are 90yo millionaires worried about losing a welfare payment?” while another person joked, “If I go to work and earn money how can I do it and still keep my Centrelink payments please inform me!” Many branded the couple “greedy”, claiming they had more than enough to live on for the rest of their retirement, with one person writing, “Firstly, stop being so greedy. Secondly, live off your money. Ffs.” “I read that this morning, and was shocked at how greedy some people are. $900,000 is more than enough for anyone to live off during their retirement years,” another said. Others suspected it was the child who was concerned, rather than the parents, commenting, “It sounds like it’s the kids worrying they might have to spend their inheritance.” Image credits: Shutterstock

Retirement Life

102-year-old woman fulfils bucket list dream of visiting Australia

A 102-year-old woman has successfully fulfilled her bucket list dream of visiting all seven continents with the help of two Youtubers. Dorothy Smith, who lives in a retirement home in San Francisco, had travelled all over the world except Australia. When the guys behind the YouTube channel Yes Theory, Staffan Taylor and Ammar Kandil heard about this, they were determined to make her dream come true. The two men, who met her in the retirement village, asked her "‘is there anything on your bucket list you haven’t ticked off yet?’ and she said, ‘I’ve been to six continents but I’ve never been to Australia,’” Yes Theory filmmaker Staffan Taylor explained. The centenarian recalled how she received a note from them. “He gave me this little piece of paper that said something about ‘dreams come true’,” Dorothy told Sunrise on Tuesday. “I showed it to a friend, and they said, ‘look, there is no signature, there is no telephone number, there is no address — it’s fake’,” she added. But it wasn't a scam and with the help of Destination NSW and Qantas, the Youtubers made her dream come true, and shared a clip of her experience online. She chose Sydney as her Aussie destination because of the Opera House, which she is twice the age of. “This is like Disneyland for grown ups,” she joked while visiting the iconic landmark. She also visited visited Wild Life Sydney Zoo to see some koalas and kangaroos, the Botanic Gardens, the Museum of Contemporary Art, and went for a cruise on the harbour. <iframe title="YouTube video player" src="https://www.youtube.com/embed/38PwG3zGDDI?si=dqhuCIqOoKfokdCq" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe> She described Aussies as “charming” and complimented the food, scenery and weather. “These two gentlemen have been delightful, and there is a whole crew, and each one is as nice as the other, and they have been around this town very well,” she told Sunrise. “It’s just beautiful — I’ve seen things like the zoo and the real animals. “It is much more metropolitan (than I would have thought), and the people are charming,” she added. The centenarian said it is "never too late" for a new adventure, saying: “You can either rust out or wear out and I’m trying to wear out rather than rust out." Yes Theory co-founder Ammar Kandil who went on the trip with Dorothy and her daughter, said he was in awe of the centenarian's curiosity during the trip and had been inspired by her. “One of the cornerstones of the experiences in our videos is actually whenever we go somewhere, we always try to ask the elders and get a lot of the wisdom out of them from their life experiences,” he said. “Staffan (and I) had the opportunity to double down and do a full episode on elders, only to meet the most epic one of all (Dorothy) — it doesn’t get better. “(As soon as we heard) we just went for it, and it was a no-brainer — as soon as she said she hadn’t been to Australia, we thought God bless her soul. “She is so powerful and still moves, and if anyone can go to Australia at 102 years old, it is Dorothy.” “Even at 102 years old she is still appreciating everything she is seeing,” he added. Images: Yes Theory/ Youtube

Retirement Life

5 retirement derailers and how to avoid them

Retirement is often called our “golden years”, the time we can enjoy the fruits of our working lives. Not everything goes to plan, and five particular issues can derail even the best laid retirement plans – regardless of whether they hit before or post retirement. Avoiding the worst effects involves preparing for the worst and hoping for the best. Remember that good retirement planning involves impartial advice to identify risks, and strategies to address them, that you may not have considered. So, check in with your financial adviser, accountant and family lawyer to ensure you have all your bases covered. #1. Relationship breakdowns Separations and divorces see you shift from two incomes to one, joint assets are split (potentially even sold), and acrimonious splits result in costly legal battles. Furthermore, elder abuse affects one in six older Australians, the Australian Institute of Health and Welfare notes. Adult children, siblings and close friends are among the perpetrators. This could involve financial, physical, emotional or other forms of abuse and control. Solution: Maintain financial independence. Not everything has to be shared – it is good to have your own income, savings, superannuation and investments in addition to joint assets. A prenuptial agreement helps by outlining what each partner came into the relationship with. Open communication is crucial, as is active participation in financial decisions – two pairs of eyes are better than one. Keep super beneficiaries updated. I’ve seen people unwittingly gift their ex their super, leaving their current partner with nothing, because these details weren’t updated post-separation. #2. Partner’s premature death Sudden deaths from an accident, illness, natural disaster, crime or other unforeseen cause not only take someone before their time, but can cripple those left behind. This is especially true where the departed was the primary or sole breadwinner, often forcing their partner to retire much later. Solution: Don’t stick your head in the sand. Expect the unexpected and plan accordingly. Life insurance is perhaps the most obvious form of protection here. It can be taken out within your super, so it needn’t touch your everyday finances.Ensure everyone’s wills and estate planning are up-to-date and accessible, saving valuable time to finalise estate transfers and financial access for surviving beneficiaries. #3. Chronic health problem Whether it’s cancer, dementia (especially early on-set), or any other chronic condition, the problem here (over and above your health) is two-fold: healthcare costs suddenly soar, while ability to earn an income ceases – temporarily or permanently. You may even be forced into early retirement, draining your nest egg earlier than planned – doubly so if your partner also must retire to care for you. Solution: Have a plan B. Fallback options are invaluable, such as health insurance to offset medical costs and an emergency fund for paying bills while undergoing treatment. Don’t sell investments unless you absolutely have to – they can generate passive income now while offering longer-term capital growth. #4. Major financial setback Financial setbacks have numerous causes – natural disasters, scams, business failures, investment losses, gambling addictions. However. the results are often the same – financial stress and delayed retirement. Solution: Act quickly. Of course, prevention is best, but not everything is preventable. If you do suffer a major setback, fast and decisive action is crucial – both to stem the losses and put your recovery into action ASAP. See what can be recovered. Banks can put a stop on withdrawals and cards. Revisit protections, such as insurances and back-up plans. Emergency grants and assistance are offered by governments and charities during disasters. Get support – financial setbacks are stressful. Don’t compound the pain by letting your mental and physical health slide. #5. Insecure housing We all know the rental market is tight. It’s even harder for those in retirement: landlords prioritise tenants in paid employment; rents consume a larger share of retirement income than home ownership. Then there are ownership considerations: joint tenants versus tenants in common. If your partner dies, will you automatically inherit ownership or be forced to move? Solution: Do your best to get on the property ladder. That may require some creative thinking. Consider cheaper markets from where you live; entry-level “renovator’s delights” to improve over time; pooling funds to buy jointly with trusted family or friends. Even if you rent out the property, you have the option to move in should you find yourself otherwise homeless. Plus, you have a stable investment over and above your super. Also, consider ongoing maintenance costs and tax implications. Owning or inheriting a property is counterproductive if you can’t afford its upkeep or mortgage repayments. Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Image credits: Shutterstock

Money & Banking

Readers response: If you could live abroad temporarily, where would you go and why?

We asked our readers where they would settle if they could relocate, and why they would pick their new home destination, and the response was overwhelming. Here's what they said. Cathy Parker - Scotland, and it wouldn't be temporarily, it would be permanent! Karleen Green - Ireland, but without winter. Jackie A Morris - Southern Spain, beautiful place and wonderful people. Lyn McLaughlin - London. I'd easily fit in there. Jeanne Meyers - South Africa as I lived there for 10 years and loved it. Jenny Harris - Italy. I just love the atmosphere, friendliness of people and way of life. Stuart Galloway - Menorca, Spain. Nice people, laid back atmosphere, and fewer (and better behaved) tourists compared to Ibiza and Majorca. Ruth Peter Nussbaumer - Italy or southern Switzerland. So much culture and food. I would have to be millionaire though! Yvonne Knight - Vietnam. Gorgeous people and very inexpensive. Robyn Wilkie - Canada or Alaska. Been twice but never long enough. Love, love those places. Kathy Wise - Germany, Austria, Switzerland or Canada! Barbara Dakers - South Island New Zealand, or Norway. Poles apart but both so very beautiful, natural, peaceful and friendly. Image credits: Shutterstock

International Travel

NRL legend explains why he's retiring after 33 years

NRL legend Paul Vautin has revealed the exact moment he knew his time on-air was over, just days after announcing his retirement. The 65-year-old shocked the sports world on Sunday when he confirmed his career on TV was coming to an end, saying he's "run out of petrol” and would not be continuing with his job with Channel 9 into 2025. Speaking candidly in the days after the shock announcement, Vautin - who has affectionally been known as Fatty during his career - detailed the exact moment he realised it was time to walk away. “Something changed this year. I’d be driving up in three hours of traffic on a Friday afternoon going ‘oh my god what am I doing?’” he said on SEN’s The Run Home with Joel and Fletch. “In the end I just felt as though I’d rather be at home watching the footy on a Friday night than working on it. I still love the game immensely but I just thought ‘you know what I think I’m done’." “There was one particular moment when the Brisbane Broncos were playing the Roosters on a Friday night at Suncorp and look it was a pretty good game, I was commentating with Joey and we were having a good time." “Then 20 minutes into the second half I was looking out at the field going, ‘Oh my god I am so bored’. I drove home thinking wow that had never happened before and I knew then it was the beginning of the end.” While fans are hopeful the NRL icon will reverse his decision and return to commentary, the 65-year-old says he has no intention of working again. “I’ll let you in on a little secret. I will never work again. I’m done. I’m not looking for work,” Vautin said. “No way. I don’t want to do anything. I don’t want to do radio, podcasts. I don’t want to do anything. I’m happy.” Image credits: Nine/SplashNews.com/Shutterstock Editorial

Retirement Life

Historic Aged Care Bill passes Parliament

Older Australians will now receive greater support to live at home for longer among other reforms to aged care. On Monday, the Albanese Labor Government's Aged Care Bill passed Parliament, meaning that older Australians and their loved ones will have access to a better quality system. The bill will provide in-home help and improve conditions and protections for those living in aged-care facilities from July, with older people and their loved ones having a greater say about the care and services they receive. These include protections to speak up when they're not satisfied with a service, and better equipping providers to handle complaints more effectively. Around 1.4 million Aussies will receive support for nursing, occupational therapy and day-to-day tasks to help them live independently in their homes by 2035. The new $4.3 billion Support At Home system has been put in place with the hopes of improving home care wait times and will provide for home modifications and assistive technology to help older Australians maintain their independence for longer. The $5.6 billion package will be one of the largest improvements to the sector in 30 years, according to Aged Care Minister Anika Wells. “This act means that people will be the beating heart of a strengthened aged-care sector that replaces fear with trust,” she said. To help fund the cost of care, those not already in aged or home care will have to make contributions for non-clinical care costs, but the amount they pay would depend on their income and assets. The most anyone would pay for these independence and everyday living costs would be e $130,000 after the the lifetime contribution cap was raised from $76,000. The Commonwealth will remain the main funder of aged care. While the government will spend $930 million over the next four years, the new structure will save the budget $12.6 billion over the next 11 years. Image: Shutterstock

Retirement Income

Australia's most decorated Olympian drops huge news

Australia's most decorated Olympian, Emma McKeon has announced her retirement from swimming on Monday. After an incredible career that spanned across three Olympics and yielded 14 Olympic medals, including six golds, the Olympic champion announced her retirement from the pool in a social media post. "Today I am officially retiring from competitive swimming," shared on Instagram. "Leading into Paris, I knew it would be my last Olympics, and the months since have given me time to reflect on my journey, and think about what I wanted my future to look like in swimming." "I am proud of myself for giving my swimming career absolutely everything, both physically and mentally," she continued. "I wanted to see what I was capable of - and I did. Swimming has given me so much. From the dream igniting at 5 years old, right through to my third Olympic Games - I have so many lessons, experiences, friendships and memories that I am so thankful for." Mckeon made her Olympic debut at the Rio Olympics in 2016, winning gold as a member of the women's 4x100 freestyle relay team and claiming four medals overall. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/DCxSXAXyE7r/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/DCxSXAXyE7r/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Emma McKeon (@emmamckeon)</a> </div> </blockquote> In 2020, during the Tokyo Olympics she took over as Australia's most decorated Olympian, a title that was previously held by Ian Thorpe, after bringing home four gold medals by triumphing in the 50m freestyle, 100m freestyle, 4x100m freestyle relay and 4x100m medley relay. She won seven medals in total in the 2020 Olympics. In this year's Paris Olympics, she brought home another three medals including one gold as a member of Australia's 4x100m freestyle team. "Along with every person who supported me, worked hard with me, and cheered me on. THANKYOU," McKeon said in her post. "Now I am excited to see how I can push myself in other ways, and for all the things that life has in store." Beyond the Olympics, McKeon has been an eight-time world record holder in relay events with three current and five former records. She has also won 14 gold medals across the 2014, 2018 and 2022 Commonwealth Games. Swimming Australia chief executive Rob Woodhouse, who is McKeon's uncle, praised the Olympic champion. "Emma will be remembered in the same vein as Dawn [Fraser], Shane [Gould], Susie [O'Neill] and Murray [Rose], Kieren [Perkins] and Thorpey [Ian Thorpe] — that she was one of our greatest," Woodhouse said in a Swimming Australia statement. "From a personal point of view, watching her Tokyo campaign and in particular watching her win gold in the 100m freestyle was one of the greatest races I have ever watched, but I have also loved watching her advocate for those coming up through the ranks. "She will also be remembered for how she represented swimming. The standards she set in and out of the water were second to none, and she has a lifelong love of the sport, so she won't be disappearing from swimming." Images: DAVE HUNT/EPA-EFE/ Shutterstock Editorial

Retirement Life

"You made me enjoy the game": Federer's emotional retirement letter to Nadal

Roger Federer has penned an emotional tribute to Rafael Nadal ahead of his retirement, reflecting on their stellar careers together. Nadal’s career officially came to an end when Spain was defeated 2-1 by the Netherlands in the Davis Cup quarter-final in Malaga on Wednesday morning, with Nadal in tears as he stepped onto the court for the final time. Thousands of tributes poured in for Nadal as his retirement officially began, but Federer's tribute quickly went viral for his emotional words. “As you get ready to graduate from tennis, I’ve got a few things to share before I maybe get emotional,” Federer said. “Let’s start with the obvious: you beat me - a lot. More than I managed to beat you. You challenged me in ways no one else could. On clay, it felt like I was stepping into your backyard, and you made me work harder than I ever thought I could just to hold my ground." “You made me reimagine my game - even going so far as to change the size of my racquet head, hoping for any edge. I’m not a very superstitious person, but you took it to the next level. Your whole process. All those rituals." “Assembling your water bottles like toy soldiers in formation, fixing your hair, adjusting your underwear … All of it with the highest intensity. Secretly, I kind of loved the whole thing. Because it was so unique - it was so you." “And you know what, Rafa, you made me enjoy the game even more. OK, maybe not at first. After the 2004 Australian Open, I achieved the No. 1 ranking for the first time. I thought I was on top of the world. And I was - until two months later, when you walked on the court in Miami in your red sleeveless shirt, showing off those biceps, and you beat me convincingly." "All that buzz I’d been hearing about you - about this amazing young player from Mallorca, a generational talent, probably going to win a major someday - it wasn’t just hype." “We were both at the start of our journey and it’s one we ended up taking together. Twenty years later, Rafa, I have to say: What an incredible run you’ve had. Including 14 French Opens - historic! You made Spain proud … you made the whole tennis world proud." “And then there was London – the Laver Cup in 2022. My final match. It meant everything to me that you were there by my side – not as my rival but as my doubles partner." “Sharing the court with you that night, and sharing those tears, will forever be one of the most special moments of my career.” Federer signed off the 585-word tribute from “your fan Roger”. Image credits: ANDY RAIN/EPA-EFE/Shutterstock Editorial

Retirement Life

Radio presenter announces he was sacked live on air

KIIS FM radio presenter Mitch Churi has revealed that he has been sacked, sharing the information live on air. Churi shared the sad news during the latest episode of The Pick Up, which he hosts with Brittany Hockley and Laura Byrne, revealing to his listeners why he won't be back next year. "So late last week, I was informed by the powers that be... They have identified my roles and roles that won't be returning in 2025," he explained. "So I just want to say that it wasn't my decision. It wasn't my call. I really wanted to stay on this show with the two of you. And I wanted to stay on the night show and I wanted to stay at ARN and KIIS. And that I love working in radio," he said. Churi continued,"You know, I started on The Kyle and Jackie O Show when I was 19 and I was their barista. I was a kid who dreamt to have a show like this. And now I've got more time to dream of more dreams." <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/DClRw2qR88Z/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/DClRw2qR88Z/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by THE PICK UP (@thepickup)</a> </div> </blockquote> Co host Laura Byrne confirmed the news, adding, "It's a decision that's been made that's out of our control. As you know, Britt and I, we have to continue on doing the show without you and we are utterly devastated." Brittany Hockley added, "You are not only our co-host, but also one of our best friends." Churi ended his announcement with a message to listeners, saying, "And I just want to end this by saying to the listeners who have listened to our show. When you first heard me, I was a kid. I was in the closet." "I was pimply. I was terrified. And I was so happy to be on air. And all those things still really are the same. I have loved every moment of it." ARN confirmed Chrui's departure in a statement which read: "As part of our review of network shows for 2025, Mitch Churi will be departing ARN, with his final day on KIIS being December 13. Mitch has been a cherished member of the ARN family, bringing his unique energy, humour, and talent to our network." Image credits: Instagram

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