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"Arrogance personified": Rich lister slammed for "pointless" job advice

<p>An Aussie rich lister has gone viral for all the wrong reasons, after her "tone deaf" advice for young Aussies to get a job fell flat. </p> <p>Sarina Russo, who made her start on the property market, shared the importance of relying on yourself to achieve financial independence.</p> <p>Ms Russo, who is ranked 59th on Australia’s 2024 Rich Women list with an estimated net worth of $271 million, runs a business that provides government-funded entrepreneurship programs to create self-employment opportunities.</p> <p>Known for handing out unsolicited financial advice, Russo was filmed on sharing her opinions on young people holding down work. </p> <p>“Today I thought I would emphasise how important it is to have a job,” she said. “You know, I’ve been thinking about this. I’ve been an ambassador for being the ‘Job Queen’ for Australia and global for something like 45 years," she said.  </p> <p>“I just want to emphasise that if you have a job, you have dignity. You have a job, you have more respect and positive self esteem."</p> <p>“If you have a job, you become financially (in)dependent and absolutely empowered. You can become more, enjoy more, have more and see more."</p> <p>“So today, I’m going to say to you and say to myself ... let’s get a job, let’s get excited, let’s get that passion growing and I’ll see you at the top. Ciao for now.”</p> <p>Given the current state of the job market for young Aussies in the wake of increased reliance on AI, many were quick to slam Ms Russo's comments. </p> <p>Social media users said her comments were "hypocritical" and "arrogance personified" given that she made her fortune as a landlord and became a multimillionaire based off other people's employment. </p> <p>“Yes watch Sarina, dressed in designer funk wear, as she meanders through the extravagant but ultimately aimless alleyways of the wealthy yet pointless. With each step, she peels off essential life lessons, like “I’m the jobs Queen; Get a job!” Classic. So tone deaf” one person wrote on Twitter.</p> <p>“Standing outside the Westin Hotel telling people to get a job as if nobody’s thought of it. Last day of the comedy festival - no stars,” another wrote under her Instagram video.</p> <p>This is not the first time Ms Russo' controversial comments caused a stir, attracting controversy two years ago after posting a video of herself telling victims of the devastating Queensland floods that “it’s the time to exercise”.</p> <p>Ms Russo told the victims “fitness is everything” and to “just do it”.</p> <p>“We’re here overlooking the most beautiful city called Brisbane and sadly last week we had massive floods – once in a hundred year flooding, and it called massive devastation,” she said to the camera.</p> <p>“But you know, when things are going wrong and endorphins are low, this is the time you need to exercise.I really believe that fitness is everything.”</p> <p><em>Image credits: Instagram</em></p>

Money & Banking

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‘Girl math’ may not be smart financial advice, but it could help women feel more empowered with money

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a></em></p> <p>If you’ve ever calculated cost per wear to justify the price of an expensive dress, or felt like you’ve made a profit after returning an ill-fitting pair of jeans, you might be an expert in <a href="https://www.standard.co.uk/news/world/girl-maths-tiktok-trend-its-basically-free-b1100504.html">“girl math”</a>. With videos about the topic going viral on social media, girl math might seem like a silly (<a href="https://www.glamourmagazine.co.uk/article/girl-math-womens-spending-taken-seriously">or even sexist</a>) trend, but it actually tells us a lot about the relationship between gender, money and emotions.</p> <p>Girl math introduces a spend classification system: purchases below a certain value, or made in cash, don’t “count”. Psychologically, this makes low-value spending feel safe and emphasises the importance of the long-term value derived from more expensive items. For example, girl math tells us that buying an expensive dress is only “worth it” if you can wear it to multiple events.</p> <p>This approach has similarities to <a href="https://www.investopedia.com/terms/m/modernportfoliotheory.asp">portfolio theory</a> – a method of choosing investments to maximise expected returns and minimise risk. By evaluating how each purchase contributes to the shopping portfolio, girl math shoppers essentially become shopping portfolio managers.</p> <h2>Money and emotions</h2> <p>People of all genders, rich or poor, feel anxious when dealing with their personal finances. Many people in the UK do not understand pensions or saving enough to <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/workplacepensions/articles/pensionparticipationatrecordhighbutcontributionsclusteratminimumlevels/2018-05-04">afford their retirement</a>. Without motivation to learn, people avoid dealing with money altogether. One way to find this motivation, as girl math shows, is by having an emotional and tangible connection to our finances.</p> <p>On the surface, it may seem that women are being ridiculed and encouraged to overspend by using girl math. From a different perspective, it hints at something critical: for a person to really care about something as seemingly abstract as personal finance, they need to feel that they can relate to it.</p> <p>Thinking about money in terms of the value of purchases can help create an <a href="https://www.thetimes.co.uk/article/every-time-i-use-my-card-my-phone-buzzes-and-that-stops-me-shopping-ps0fjx6nj">emotional relationship</a> to finance, making it something people want to look after.</p> <figure><iframe src="https://www.youtube.com/embed/GPzA7B6dcxc?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <h2>The girl math we need</h2> <p>Women are a consumer force to be reckoned with, controlling <a href="https://www.forbes.com/sites/bridgetbrennan/2015/01/21/top-10-things-everyone-should-know-about-women-consumers/#7679f9d6a8b4">up to 80%</a> of consumer spending globally. The girl math trend is a demonstration of women’s mastery at applying portfolio theory to their shopping, making them investment powerhouses whose potential is overlooked by the financial services industry.</p> <p><a href="https://www.theguardian.com/world/2019/oct/28/women-paid-less-than-men-over-careers-gender-pay-gap-report">Women are disadvantaged</a> when it comes to money and finance. Women in the UK earn on average £260,000 less than men during their careers and the retirement income of men is twice as high as women’s.</p> <p>As I’ve found in <a href="https://www.routledge.com/Gender-and-Finance-Addressing-Inequality-in-the-Financial-Services-Industry/Baeckstrom/p/book/9781032055572">my research</a> on gender and finance, women have lower financial self-efficacy (belief in their own abilities) compared to men. This is not helped by women feeling patronised when seeking financial advice.</p> <p>Because the world of finance was created by men for men, its language and culture are <a href="https://www.routledge.com/Gender-and-Finance-Addressing-Inequality-in-the-Financial-Services-Industry/Baeckstrom/p/book/9781032055572">intrinsically male</a>. Only in the mid-1970s did women in the UK gain the legal right to open a bank account without a male signature and it was not until 1980 that they could apply for credit independently. With the law now more (<a href="https://www.worldbank.org/en/news/press-release/2023/03/02/pace-of-reform-toward-equal-rights-for-women-falls-to-20-year-low">but not fully</a>) gender equal, the financial services industry has failed to connect with women.</p> <p>Studies show that 49% of women are <a href="https://www.ellevest.com/magazine/disrupt-money/ellevest-financial-wellness-survey">anxious about their finances</a>. However they have not bought into patronising offers and <a href="https://www.fa-mag.com/news/gender-roles-block-female-financial-experience--ubs-says-73531.html">mansplaining by financial advisers</a>. This outdated approach suggests that it is women, rather than the malfunctioning financial system, <a href="https://www.theguardian.com/commentisfree/2020/sep/16/women-are-not-financially-illiterate-they-need-more-than-condescending-advice">who need fixing</a>.</p> <p>Women continue to feel that they do not belong to or are able to trust the world of finance. And why would women trust an industry with a <a href="https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/bulletins/genderpaygapintheuk/2019">gender pay gap</a> of up to 59% and a severe lack of women in senior positions?</p> <p>Girl math on its own isn’t necessarily good financial advice, but if it helps even a handful of women feel more empowered to manage and understand their finances, it should not be dismissed.</p> <p><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/ylva-baeckstrom-1463175">Ylva Baeckstrom</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/kings-college-london-1196">King's College London</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/girl-math-may-not-be-smart-financial-advice-but-it-could-help-women-feel-more-empowered-with-money-211780">original article</a>.</em></p> </div>

Money & Banking

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Asking ChatGPT a health-related question? Better keep it simple

<p>It’s tempting to <a href="https://cosmosmagazine.com/news/chatgpt-and-dr-google/">turn to search engines</a> to seek out health information, but with the rise of large language models, like ChatGPT, people are becoming more and more likely to depend on AI for answers too.</p> <div class="copy"> <p>Concerningly, an Australian study has now found that the more evidence given to <a href="https://cosmosmagazine.com/technology/chatgpt-an-intimate-companion/">ChatGPT</a> when asked a health-related question, the less reliable it becomes.</p> <p>Large language models (LLM) and artificial intelligence use in health care is still developing, creating a  a critical gap when providing incorrect answers can have serious consequences for people’s health.</p> <p>To address this, scientists from Australia’s national science agency, CSIRO, and the University of Queensland (UQ) explored a hypothetical scenario: an average person asking ChatGPT if ‘X’ treatment has a positive effect on condition ‘Y’.</p> <p>They presented ChatGPT with 100 questions sourced from the <a href="https://trec-health-misinfo.github.io/" target="_blank" rel="noopener">TREC Health Misinformation track</a> – ranging from ‘Can zinc help treat the common cold?’ to ‘Will drinking vinegar dissolve a stuck fish bone?’</p> <p>Because queries to search engines are typically shorter, while prompts to a LLM can be far longer, they posed the questions in 2 different formats: the first as a simple question and the second as a question biased with supporting or contrary evidence.</p> <p>By comparing ChatGPT’s response to the known correct response based on existing medical knowledge, they found that ChatGPT was 80% accurate at giving accurate answers in a question-only format. However, when given an evidence-biased prompt, this accuracy reduced to 63%, which was reduced again to 28% when an “unsure” answer was allowed. </p> <p>“We’re not sure why this happens,” says CSIRO Principal Research Scientist and Associate Professor at UQ, Dr Bevan Koopman, who is co-author of the paper.</p> <p>“But given this occurs whether the evidence given is correct or not, perhaps the evidence adds too much noise, thus lowering accuracy.”</p> <p>Study co-author Guido Zuccon, Director of AI for the Queensland Digital Health Centre at UQ says that major search engines are now integrating LLMs and search technologies in a process called Retrieval Augmented Generation.</p> <p>“We demonstrate that the interaction between the LLM and the search component is still poorly understood, resulting in the generation of inaccurate health information,” says Zuccon.</p> <p>Given the widespread popularity of using LLMs online for answers on people’s health, Koopman adds, we need continued research to inform the public about risks and to help them optimise the accuracy of their answers.</p> <p>“While LLMs have the potential to greatly improve the way people access information, we need more research to understand where they are effective and where they are not.”</p> <p><em>Image credits: Getty Images</em></p> <div> <p align="center"><noscript data-spai="1"><em><img decoding="async" class="aligncenter size-full wp-image-198773" src="https://cdn.shortpixel.ai/spai/q_lossy+ret_img+to_auto/cosmosmagazine.com/wp-content/uploads/2023/12/MICROSCOPIC-TO-TELESCOPIC__Embed-graphic-720x360-1.jpg" data-spai-egr="1" width="600" alt="Buy cosmos print magazine" title="asking chatgpt a health-related question? better keep it simple 2"></em></noscript></p> </div> <p><em><!-- Start of tracking content syndication. Please do not remove this section as it allows us to keep track of republished articles --> <img id="cosmos-post-tracker" style="opacity: 0; height: 1px!important; width: 1px!important; border: 0!important; position: absolute!important; z-index: -1!important;" src="https://syndication.cosmosmagazine.com/?id=301406&amp;title=Asking+ChatGPT+a+health-related+question%3F+Better+keep+it+simple" width="1" height="1" loading="lazy" aria-label="Syndication Tracker" data-spai-target="src" data-spai-orig="" data-spai-exclude="nocdn" /></em><em><a href="https://cosmosmagazine.com/technology/ai/asking-chatgpt-a-health-related-question-better-keep-it-simple/">This article</a> was originally published on <a href="https://cosmosmagazine.com">Cosmos Magazine</a> and was written by <a href="https://cosmosmagazine.com/contributor/imma-perfetto/">Imma Perfetto</a>. </em></div>

Caring

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Stay or go? Most older Australians want to retire where they are, but renters don’t always get a choice

<p><em><a href="https://theconversation.com/profiles/christopher-phelps-378137">Christopher Phelps</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</a></em></p> <p>As Australia’s population gets older, more people are confronted with a choice: retire where they are or seek new horizons elsewhere.</p> <p>Choosing to grow old in your existing home or neighbourhood is known as “ageing in place”. It enables older people to stay connected to their community and maintain familiarity with their surroundings.</p> <p>For many, the decision to “age in place” will be tied to their connection to the family home. But for many, secure and affordable housing is increasingly <a href="https://theconversation.com/ageing-in-a-housing-crisis-growing-numbers-of-older-australians-are-facing-a-bleak-future-209237">beyond reach</a>. This choice may then be impeded by a lack of suitable accommodation in their current or desired neighbourhoods.</p> <p>Our recently published <a href="https://doi.org/10.1177/01640275231209683">study</a> asks what motivates older homeowners and renters to age in place or relocate, and what factors disrupt these preferences. It suggests older renters are often not given a fair choice.</p> <h2>Most older Australians want to age in place</h2> <p>Having the option to age in place enables older people to retain autonomy over their lifestyles and identity, promoting emotional wellbeing.</p> <p>Using 20 years of data from the government-funded Household, Income and Labour Dynamics in Australia (HILDA) survey, we tracked the preferences of Australians aged 55 and over.</p> <p>Encouragingly, most older Australians are already where they want to be.</p> <p>Two-thirds (67%) of respondents strongly preferred to stay in their current neighbourhood, and an additional one-fifth (19%) had a moderate preference to stay.</p> <p>Only 6% showed a moderate or strong desire to leave. Ageing in place is then the natural choice for a vast majority of older Australians.</p> <p><iframe id="s3LTM" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/s3LTM/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>Our study highlights several motivations for people to stay put as they retire.</p> <p>For homeowners, family ties matter. Owners with children residing nearby were around one and a half times more likely to have a higher preference to stay.</p> <p>Older owners might then have a reason to call on their substantial <a href="https://theconversation.com/the-housing-wealth-gap-between-older-and-younger-australians-has-widened-alarmingly-in-the-past-30-years-heres-why-197027">housing wealth</a> and keep their children nearby via the <a href="https://360info.org/how-to-help-the-young-buy-a-home/">“bank of mum and dad”</a>.</p> <p>For renters, how long they stay is important. Those renting their home for 10 years or more were 1.7 times more likely to have a higher preference to stay than short-term renters.</p> <h2>Renters face the most disruption</h2> <p>The survey enabled us to follow where older people lived a year after they provided their preferences. This helped us gauge how often they turned their desires into reality.</p> <p>The chart below indicates that private renters face greater obstacles to ageing in place.</p> <p>Around one in 10 private renters that desired to age in place were disrupted – they wanted to stay in their neighbourhood but didn’t. This suggests they moved out of their neighbourhood involuntarily.</p> <p>Only 2% of homeowners and social renters experienced the same disruption. However, for those in these tenures that did not desire to age in place, involuntary immobility was a greater concern. Only 15% of those that wanted to leave succeeded, leaving the vast majority “stuck in place”.</p> <p><iframe id="IlliV" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/IlliV/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>The private rental market is the least secure of tenures, and so private tenants are often exposed to involuntary moves. Australia’s private rental system is lightly regulated compared to many other countries, creating tenure insecurity concerns.</p> <p>On the other hand, social renters were particularly susceptible to involuntary immobility. Social housing is scarce in Australia and subject to <a href="https://theconversation.com/its-soul-destroying-how-people-on-a-housing-wait-list-of-175-000-describe-their-years-of-waiting-210705">lengthy waiting lists</a>. A neighbourhood move often requires transferring to the less affordable and less secure private rental housing.</p> <p>Even after considering financial status, social renters were four times as likely to be stuck as compared to private renters. Social tenants are strongly deterred from moving in the current system.</p> <h2>How can we support older Australians’ preferences?</h2> <p>Our study exposes some barriers in the housing system that hinder people from being able to age in place, or move when they want to. Clearly, older renters enjoy fewer protections against disruptions to their preferences to age in place than older owners.</p> <p>For private renters, tenure insecurity in the <a href="https://theconversation.com/insecure-renting-ages-you-faster-than-owning-a-home-unemployment-or-obesity-better-housing-policy-can-change-this-216364">private rental sector</a> is a key reform priority. This can be achieved through stronger regulation that improves tenants’ rights. For example, more states could adopt <a href="https://theconversation.com/how-5-key-tenancy-reforms-are-affecting-renters-and-landlords-around-australia-187779?utm_source=twitter&amp;utm_medium=bylinetwitterbutton">recent regulatory rental reforms</a> that support the rights of pet owners and protect against no-grounds evictions.</p> <p>Large numbers of older private renters also face severe <a href="https://www.oldertenants.org.au/publications/ageing-in-a-housing-crisis-older-peoples-housing-insecurity-homelessness-in-australia">rental stress</a>, which may force them to move from their preferred neighbourhood. <a href="https://theconversation.com/1-billion-per-year-or-less-could-halve-rental-housing-stress-146397">Commonwealth rent assistance reform</a> would alleviate some of this stress through an increase in rates and better targeting.</p> <p>An increase in the supply of social housing would play an important role in improving both tenure security and housing affordability. Older social renters enjoy fewer obstacles to ageing in place than older private renters.</p> <p>However, if social renters want to move into the private rental market to relocate, they face difficulty securing accommodation. This will likely discourage moves as it would require sacrificing the tenure security offered by social housing. However, policy initiatives that improve the <a href="https://www.ahuri.edu.au/sites/default/files/migration/documents/PES-358-Lessons-from-public-housing-urban-renewal-evaluation.pdf">quality of the public housing stock</a> can reduce feelings of being stuck.</p> <p>As <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure">homeownership rates decline</a> both among young people and those nearing retirement, we can expect the population of older renters to grow.</p> <p>Overall, our findings support a strong case for policy reform in the rental sectors to address the needs and preferences of older renters.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218024/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/christopher-phelps-378137"><em>Christopher Phelps</em></a><em>, Research Fellow, School of Accounting, Economics and Finance, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, ARC Future Fellow &amp; Professor of Economics, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, Research Professor of Geography, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/stay-or-go-most-older-australians-want-to-retire-where-they-are-but-renters-dont-always-get-a-choice-218024">original article</a>.</em></p>

Retirement Income

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World's oldest woman turns 117

<p>One of the world's oldest living person has turned 117. </p> <p>Maria Branyas Morera born on March 4, 1907 in San Francisco, lived through the 1918 pandemic, the two World Wars, Spain’s civil war and fully recovered after contracting Covid just days before her 113th birthday. </p> <p>She was one of the world's oldest Covid survivor's in 2020 and is now the 12th oldest verified person in history. </p> <p>Maria, who moved to Catalonia, Spain when she was eight, proudly announced her age on X, formerly known as Twitter in a post that read:  “Good morning, world. Today I turn 117 years old. I’ve come this far.”</p> <p>Maria, who has lived in a nursing home for the past 23 years, is healthier than ever aside from hearing difficulties and mobility issues, and scientists are studying her to find out the secrets to a long life. </p> <p>“She remembers with impressive clarity events from when she was only four years old, and she does not present any cardiovascular disease, common in elderly people," Scientist Manel Esteller told Spanish outlet <em>ABC</em>.</p> <p>“It is clear that there is a genetic component because there are several members of her family who are over 90 years old.”</p> <p>Scientists and Maria are working together to gain further insights into living longer, and researchers hope that studying Maria’s genes will help with the development of drugs which could combat diseases associated with ageing.</p> <p>Maria had three children with her husband  a Catalan doctor named Joan Moret.</p> <p>Her husband passed away 1976, and Maria also outlived her only son, August who tragically passed away in a tractor accident when he was 86. </p> <p>Maria now has two daughters, 11 grandchildren and 11 great-grandchildren.</p> <p>The oldest person ever established was a Frenchwoman named Jeanne Calment, who lived to the age of 122 years and 164 days.</p> <p><em>Image: news.com.au/ Guiness Book of Records</em></p>

Family & Pets

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Why Ita Buttrose chose to leave the ABC

<p>In her last week as the head of the ABC, Ita Buttrose has broken her silence on why she chose to step down from the role. </p> <p>Speaking with <em>Stellar</em> magazine ahead of International Women's Day, the 82-year-old journalist has clarified that her decision to leave the public broadcaster had “nothing to do with current events.”</p> <p>After serving her five-year term, reports have swirled that her departure is related to the December sacking of presenter Antoinette Lattouf, who was let go after she shared a social media post about the Israel Gaza war, in which she condemned the treatment of Palestinian civilians.</p> <p>Following the controversial sacking, more than 100 of ABC's union staff slammed managing director David Anderson triggering a vote of no confidence. </p> <p>Ms Buttrose supported Mr Anderson through the ordeal, declaring it’s “abhorrent and incorrect” that he showed a lack of support for independent journalists amid Ms Lattouf’s axing.</p> <p>Due to the chaos at the ABC, many speculated that Buttrose's departure was to escape the turmoil, but she has since refuted the claims. </p> <p>“I did notify the government and the minister Michelle Rowland in August last year that I was not going to seek another term,” Ms Buttrose told <em>Stellar</em>.</p> <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/p/C366msrI_qc/?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/p/C366msrI_qc/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Stellar (@stellarmag)</a></p> </div> </blockquote> <p>“Five years is quite a long time to serve the ABC. I know some chairs have gone on and done a second term, but I’m conscious that I’m a woman of a certain age. And despite [US president] Joe Biden thinking he should run another term – I don’t think he should – sometimes you need to examine yourself and say, ‘Well, I am a person of a certain age and everything’s fine, and cognitively I’m good’ but still, weigh it up. Another five years. What would it be like?" </p> <p>“You have to know in yourself when you need to step aside. I felt that. It had nothing to do with any current events.”</p> <p>Ms Buttrose went on to defend questions surrounding outside influence on the national broadcaster.</p> <p>“The role of independence of the national broadcaster is paramount to what we do. It’s enshrined in legislation,” she said.</p> <p>“The ABC and I have never been influenced by outside lobbyists, people passionate about their particular cause as politicians, commercial interests, you name it." </p> <p>“The ABC has never caved in. I’ve never caved in. Neither has the managing director nor the board.”</p> <p><em>Image credits: Getty Images</em></p>

Retirement Life

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As Scott Morrison leaves parliament, where does he rank among Australian prime ministers?

<p><em><a href="https://theconversation.com/profiles/paul-strangio-1232">Paul Strangio</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p>This week Scott Morrison, Australia’s 30th prime minister, will deliver his valedictory speech to the House of Representatives. As Morrison leaves parliament, it’s timely to ask where he is placed in the pantheon of Australia’s national leaders.</p> <p>Already there have been unflattering verdicts on Morrison’s prime-ministerial standing. For example, in her withering account of his leadership, veteran columnist and author <a href="https://scribepublications.com.au/books-authors/books/bulldozed-9781922585981">Niki Savva writes</a> that among detractors, “Morrison was regarded as the worst prime minister since Billy McMahon”. Moreover, according to Savva, following the August 2022 revelation of his commandeering of five ministries during the COVID pandemic, his reputation sunk still lower: “he was worse than McMahon. Worse even than Tony Abbott, who lasted a scant two years in the job”.</p> <h2>How can we rank prime ministerial performance?</h2> <p>How might we know how Morrison’s record stacks up against his prime-ministerial peers? One device for evaluating comparative leadership performance is expert rankings. Australia has had a slow take-up in this field, unlike the United States, where presidential rankings have a lineage stretching back three-quarters of a century and are a veritable scholarly cottage industry.</p> <p>In recent years, there have been forays into this territory in Australia, with three prime-ministerial rankings conducted by newspapers and two initiated by Monash University in 2010 and 2020. (I was the organiser of both of these Monash rankings.)</p> <p>These rankings have been largely consistent in their results. The experts, mostly political historians and political scientists, have judged the nation’s greatest prime minister to be its second world war leader, John Curtin. The other leaders in the top echelon are, in rough order, Bob Hawke, Ben Chifley, Alfred Deakin, Robert Menzies, Andrew Fisher, John Howard, Paul Keating and Gough Whitlam.</p> <p>At the other end of the scale, Billy McMahon, who is chiefly remembered for being defeated by Labor’s Whitlam at the December 1972 election, thereby bringing to a close the Liberal Party’s postwar ascendancy, has been consistently rated Australia’s prime-ministerial dunce. Even his biographer, Patrick Mullins, acknowledges that McMahon has become “a by-word for failure, silliness, ridicule”.</p> <p>However, in the most recent of the rankings, the Monash 2020 survey, McMahon had a close competitor for bottom place: Tony Abbott. Forty-four out of 66 respondents to that survey assessed Abbott’s prime ministership a failure. Other prime ministers to the rear of the field included Abbott’s contemporaries, Kevin Rudd and Malcolm Turnbull.</p> <p>Morrison was not included in the 2020 rankings because as the incumbent his prime ministership was incomplete, and so it was premature to evaluate his performance. Let us now, though, measure his record against the nine benchmarks that the experts were asked to consider in rating the nation’s leaders.</p> <h2>So how does Morrison shape up?</h2> <p>The first is “effectively managing cabinet”. To date, little has been disclosed about the integrity of cabinet processes under Morrison’s stewardship. Yet, whatever the merits of that management, his scandalous breach of the norms of cabinet government by <a href="https://theconversation.com/view-from-the-hill-the-bell-report-on-morrisons-multi-ministries-provides-a-bad-character-reference-195368">secretly assuming several ministries</a> will irretrievably stain his reputation in this regard.</p> <p>Next is “maintaining support of Coalition/party”. That Morrison avoided being deposed by his party, which was the fate of his immediate predecessors (Rudd, Julia Gillard, Abbott and Turnbull), counts in his favour. As the ABC docuseries Nemesis shows, however, his prime ministership was marked by serious frictions both within the Liberal Party and between the Liberal and National coalition partners.</p> <figure><iframe src="https://www.youtube.com/embed/gLXdXUwGrJs?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p>“Demonstrating personal integrity”. This was not one of Morrison’s strong suits. As Savva makes searingly evident, and Nemesis also highlights, Morrison earned a reputation for being economical with the truth (including hiding his acquisition of colleagues’ ministries), for evading accountability and shifting blame (“I don’t hold a hose, mate”), and for corrupted processes under his watch (an example being the <a href="https://theconversation.com/more-sports-rort-questions-for-morrison-after-bridget-mckenzie-speaks-out-133160">shameless pork-barrelling</a> of the community sport infrastructure program in the lead-up to the 2019 election).</p> <p>“Leaving a significant policy legacy”. Here Morrison is partly damned by his own words. In office, he insisted he was not concerned about his legacy, equating the idea with a vanity project. Indeed, an obsession with the theatre of politics and a corresponding lack of substance caused his prime ministership to come to be seen as bereft of purpose.</p> <p>On the other hand, management of the COVID pandemic, however mixed, accords a significance to his time in office. AUKUS stands as the other major legacy of Morrison’s prime ministership, entrenched as it has been by his successor, Anthony Albanese. The agreement promises to influence Australia’s defence capability until the middle of this century and beyond, although only time will tell whether it enhances the nation’s security or is a dangerous white elephant.</p> <p>“Relationship with the electorate”. Morrison’s record here is mixed. In his favour, he won an election (something McMahon couldn’t claim). Yet, by the time of the 2022 election, according to the Australian Election Study, he was the least popular major party leader in the history of that survey, which dates back to the 1980s.</p> <p>His public toxicity was a primary factor in the Coalition’s defeat, one of his Liberal colleagues comparing the depth of public sentiment against the prime minister in 2022 to “having a 10,000-tonne boulder attached to your leg”.</p> <p>“Communication effectiveness”. Styling himself as a Cronulla Sharks-supporting “daggy dad” from the suburbs, at least initially Morrison’s communication mode seemed to be well received in the community. He was relentlessly on message during the 2019 election campaign.</p> <p>But the shine rapidly wore off his persona following that victory, with growing doubts about his authenticity. Rather than persuade, his habit was to hector, and rather than empathise, he exuded smugness. A series of notorious tin-eared statements, which especially alienated women voters, came to define his image. By the end he was known as the “bulldozer-in-chief”.</p> <figure><iframe src="https://www.youtube.com/embed/yamdw5VeNtA?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p>“Nurturing national unity”. An innovation of Morrison’s at the beginning of the pandemic was the national cabinet. Bringing together the prime minister and premiers, it worked effectively for a time, only for partisan interests over lockdowns to strain relations between Canberra and the states.</p> <p>Under pressure, Morrison also flirted with divisive culture-war politics, instances being his divisive Religious Discrimination Bill and his egregious handpicking of the anti-transgender Liberal candidate Katherine Deves to contest the 2022 election.</p> <p>“Defending and promoting Australia’s interests abroad”. The AUKUS pact has vehement critics, led by Morrison’s prime-ministerial peers Keating and Turnbull, who argue it jeopardises national sovereignty.</p> <p>There is no denying, however, that AUKUS was Morrison’s signature foreign policy enterprise. On the other hand, Australia’s reputation as a laggard on climate change under the Coalition hurt our international standing, not least among Pacific neighbours. The Morrison government’s belated commitment to a net zero carbon emissions by 2050 target was too little, too late. Bellicose rhetoric towards Beijing also led to a deterioration in relations with the nation’s major trading partner (as well as estranging Chinese-Australian voters).</p> <p>“Being able to manage turbulent times”. Here, again, Morrison’s record is at best mixed. In his favour is decisive early actions to ameliorate the COVID pandemic, headed by the JobKeeper program. As the pandemic progressed, however, his government was too often flat-footed, demonstrated by its dilatory approach to procuring vaccines. His response to natural disasters, most notably the 2019-20 Black Summer bushfires, was another shortcoming, exemplified by his secret holiday to Hawaii in the midst of the crisis. Arguably, his prime ministership was doomed from that moment.</p> <h2>And the verdict?</h2> <p>Prime-ministerial reputations can take time to settle. The passing of years fleshes out historical knowledge as well as providing greater perspective on performance in office. For example, the fate of AUKUS will quite possibly affect Morrison’s standing well into the future.</p> <p>Even allowing for this, it seems safe to forecast that Morrison will be rated among the least distinguished of Australian prime ministers. His government’s relatively successful early management of the COVID pandemic and the legacy of AUKUS might spare him from falling below McMahon and Abbott at the bottom of the prime-ministerial heap. But avoiding that ignominy will probably be a close-run thing.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223003/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/paul-strangio-1232">Paul Strangio</a>, Emeritus professor of politics, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/as-scott-morrison-leaves-parliament-where-does-he-rank-among-australian-prime-ministers-223003">original article</a>.</em></p>

Retirement Life

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Read this before choosing a retirement village

<p>Making the move from your own home into a retirement village is a huge decision. And with more than 2,000 villages around the country there’s a world of choice. These are some of the things you need to know before you make the move.</p> <p><strong>Get your priorities straight</strong></p> <p>Think about the kind of village you can see yourself living in. Make a list of features that you absolutely must have and a list of those that are desirable but not essential. Don’t be tempted to compromise on the first list because you could end up very unhappy in the long run.</p> <p>Do your research and find a village that meets your requirements. Don’t rush into somewhere that you aren’t completely sure about.</p> <p><strong>Money, money, money</strong></p> <p>Retirement villages aren’t cheap so you’ll need to be realistic about what it’s going to cost and how much you have to spend. It’s a good idea to see a professional financial adviser to get a complete picture of your financial situation, including things like selling your current home, super and any shares you own.</p> <p>You will have to sign a contract with the village before you move in, so get your financial adviser or a lawyer to go over it with you and make sure you understand all your obligations.</p> <p><strong>Location is key</strong></p> <p>As with any move, you need to think carefully about location. If the village is a long way from your current residence it can drastically alter your social life and connections with friends and family.</p> <p>You also need to think about proximity to public transport, shops, health services and community activities.</p> <p><strong>Choose your style</strong></p> <p>Retirement villages range from self-contained independent living to serviced accommodation and residential aged care. They also vary greatly in size from just a handful of units to villages with hundreds of residents. Larger villages tend to have more facilities, so if you’re an active person who loves to swim or play tennis then this could be the choice for you.</p> <p>However, extra facilities come with extra costs so if these aren’t important to you then you could find a cheaper option. You’ll also want to find out about communal dining options and social activities or groups within the village.</p> <p><strong>Get the help you need</strong></p> <p>As with accommodation styles, there is a wide range in the levels of assistance available. This can be as basic as having a cleaner come once a week right up to full nursing care. Some villages have the option to raise your level of care as you age or become unwell, which can be a better option than moving into a new village.</p> <p><strong>Stick to the rules</strong></p> <p>Can visitors stay the night? Can I have a pet? Is there a system for resolving disputes? You’ll want to be familiar with the rules and regulations of the village so read the fine print in your contract or ask questions before you commit.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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The one thing you must do before retirement

<p>When you think about planning for retirement, the standard advice is to take a thorough look at your superannuation and finances. Although money is undoubtedly an important aspect of retirement planning, making a plan for your emotion and physical wellbeing is just as crucial.</p> <p>New research from the UK has found that retirement can have a negative impact on your mental and physical health. The study, published by the Institute of Economic Affairs, looked at the impact of retirement on 7,000 people aged 50 to 70, and found that while retirement gives most people a small health booth, over the medium to long-term it causes a “drastic decline in health”.</p> <p>For both men and women, retirement decreases the likelihood of "very good” or "excellent" self-reported health by 40 per cent, increases risk for depression by 40 per cent, and diagnosis of a physical illness by 60 per cent. The study’s lead author, Gabriel Sahlgren, noted: "Work, especially paid work, gives many people a sense of purpose. Losing that may lead to declines in health."</p> <p>The lesson: Make a plan for your emotional and physical health.</p> <p>“Don't wait until you retire to decide how you're going to keep busy,” Dave Bernard, retirement blogger and author of Are You Just Existing and Calling it a Life?, told Prevention, adding, “And you need to look well beyond the first six months.”</p> <p>Just as it’s necessary to make sure your finances are in order before retirement, it’s crucial to ask yourself: What will my new sense of purpose in retirement be?</p> <p>“Many times, adults might not think about what it actually means to be retired, or they think about retirement in abstract terms,” says Angela Curl, an assistant professor in the University of Missouri School of Social Work.</p> <p>She says you need to make concrete plans for retirement. “If you want to volunteer when you are retired, ask yourself where and how often. Having specific plans and steps to follow will help you enter retirement more easily,” says Curl.</p> <p>Creating a plan of how you’ll spend your time when you retire will keep you mentally and physically strong, ensuring that you’ll be healthy enough to enjoy your well-deserved retirement.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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"Lost everything": Retirees left homeless after houseboat destroyed

<p>Two grandparents from South Australia have lost everything after a tree fell on their houseboat during a wild storm. </p> <p>Pam, 77, and David, 82, moved into their two-bedroom houseboat on the Murray River when they first retired over 20 years ago, after finally living out their dream of living on the water. </p> <p>During a storm on February 13th, when their houseboat was moored about 700m from the Renmark boat ramp, their lives were changed forever when a tree fell through their roof. </p> <p>Their granddaughter Shenay Harris said it was a miracle the pair escaped with only minor injuries.</p> <p>“They’re both sitting in their armchairs next to each other. My nan was actually stuck. Her legs were pinned from all the rubble of the roof caving in, and my pop managed to be able to stand up and reach for the phone to call emergency services,” Harris told <a href="https://7news.com.au/news/south-australian-grandparents-lose-everything-after-tree-falls-on-houseboat-in-murray-river-during-storm--c-13615764" target="_blank" rel="noopener"><em>7News</em></a>.</p> <p>“Looking at the boat and where they were sitting and everything, we have no idea how they are still with us. It’s just absolutely amazing that they’re still here, and they’re OK.”</p> <p>Shenay said her grandparents were now feeling lost about their future, while also grieving the loss of their retirement home. </p> <p>“My pop, he’s absolutely shattered. He’s said to us ‘it’s all over now’ ... (we’re) trying to reassure him (that) ‘no, it’s just a new beginning’,” Harris said.</p> <p>“They’ve been on that boat for 23 years, so it’s been my whole childhood and life with them living on the boat."</p> <p>The houseboat was not insured at the time of the accident, leaving both of the retirees homeless, with no hope for a replacement boat or a payout to get them back on their feet. </p> <p>“They’ve literally just lost everything they’ve got, you know, no assets, nowhere to go, no money,” Shenay said.</p> <p>An <a href="https://www.gofundme.com/f/riverland-houseboat-tragedy-pamelas-joy?cdn-cache=0" target="_blank" rel="noopener">online fundraiser</a> has been set up to support the couple as they figure out the next stage of their life, so far raising $3,000.</p> <p>“They’re both pensioners, they’ve really got nothing to their name now, having lost the boat. So really just to get them back on their feet.”</p> <p><em>Image credits: GoFundMe / 7News</em></p>

Retirement Life

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Most expensive countries to retire in revealed

<p dir="ltr">Australia has become one of the most expensive countries in the world to spend your retirement, with experts sharing how much we need to retire comfortably. </p> <p dir="ltr">Australia is now regarded as the world's seventh most expensive place to retire, and is also a major target for scammers, given the country’s superannuation initiative. </p> <p dir="ltr">Swedish loan broking group Sambla calculated Australians need at least $640,911 to retire comfortably, with this hefty amount one of the biggest in the world. </p> <p dir="ltr">Australia's 4.1 per cent inflation rate is also higher than most of the rich world, which means a retiree would need $34,221 a year to survive, provided they aren't renting.</p> <p dir="ltr">Australia is also a target for scammers, having $3.6trillion in superannuation savings, or the fourth highest pool in the world.</p> <p dir="ltr">In comparison, Switzerland has been named the most expensive place in the world to retire, requiring $927,034 in retirement savings to grow old in the Alps, translating into annual costs of $46,632.</p> <p dir="ltr">Check out the entire top ten list of most expensive countries to retire below. </p> <p dir="ltr">10. France. $583,950 in retirement savings required</p> <p dir="ltr">9. Austria. $598,434 in retirement savings required</p> <p dir="ltr">8. Iceland. $607,558 in retirement savings required</p> <p dir="ltr">7. Australia. $640,911 in retirement savings required</p> <p dir="ltr">6. Canada. $665,752 in retirement savings required</p> <p dir="ltr">5. Liechtenstein. $772,984 in retirement savings required</p> <p dir="ltr">4. Singapore. $773,456 in retirement savings required</p> <p dir="ltr">3. Qatar. $791,029 in retirement savings required</p> <p dir="ltr">2. Monaco. $795,431 in retirement savings required</p> <p dir="ltr" role="presentation">1. Switzerland. $927,035 in retirement savings required</p> <p dir="ltr"><em>Image credits: Getty Images </em></p>

Retirement Life

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Monty Python star's candid financial admission

<p>Monty Python star Eric Idle has made a candid admission about the state of his finances, revealing why he still has to work at the age of 80. </p> <p>The comic legend admitted he receives only a fraction of the millions the Python team have made in the past because the finances are a “disaster”.</p> <p>In messages on X, formerly Twitter, Idle wrote: “I don’t know why people always assume we’re loaded”.</p> <p>“I have to work for my living. I never dreamed that at this age the income streams would tail off so disastrously."</p> <p>“I have been working and earning for Pythons since 1995. And now no more.”</p> <p>Idle also took aim at TV lawyer Holly Gilliam, the daughter of fellow Python member Terry Gilliam, who took over the Python brand in 2013 as part of HDG Projects Ltd. </p> <p>He said, “I guess if you put a Gilliam child in as your manager you should not be so surprised”.</p> <p>“One Gilliam is bad enough. Two can take out any company.”</p> <p>Daughter Lily Idle backed him, writing online, “I’m so proud of my dad for finally finally finally starting to share the truth.”</p> <p>The Pythons, who also included John Cleese, 84, Michael Palin, 80, and the late Terry Jones — made a fortune thanks to their iconic cult films, including <em>Life of Brian</em>, hit stage show <em>Spamalot</em>, which Idle co-wrote, and the original <em>Flying Circus</em> BBC TV series.</p> <p>They were back in the limelight in 2014 with <em>Monty Python Live (Mostly) — One Down, Five to Go</em>: a reference to former member Graham Chapman who died in 1989 aged just 48.</p> <p>It featured interpretations of some of their famous sketches, and reportedly earned the surviving members at least £2 million ($3.87m AUD) each.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Income

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How do I handle it if my parent is refusing aged care? 4 things to consider

<p><em><a href="https://theconversation.com/profiles/lee-fay-low-98311">Lee-Fay Low</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>It’s a shock when we realise our parents aren’t managing well at home.</p> <p>Perhaps the house and garden are looking more chaotic, and Mum or Dad are relying more on snacks than nutritious meals. Maybe their grooming or hygiene has declined markedly, they are socially isolated or not doing the things they used to enjoy. They may be losing weight, have had a fall, aren’t managing their medications correctly, and are at risk of getting scammed.</p> <p>You’re worried and you want them to be safe and healthy. You’ve tried to talk to them about aged care but been met with swift refusal and an indignant declaration “I don’t need help – everything is fine!” Now what?</p> <p>Here are four things to consider.</p> <h2>1. Start with more help at home</h2> <p>Getting help and support at home can help keep Mum or Dad well and comfortable without them needing to move.</p> <p>Consider drawing up a roster of family and friends visiting to help with shopping, cleaning and outings. You can also use home aged care services – or a combination of both.</p> <p>Government subsidised home care services provide from one to 13 hours of care a week. You can get more help if you are a veteran or are able to pay privately. You can take advantage of things like rehabilitation, fall risk-reduction programs, personal alarms, stove automatic switch-offs and other technology aimed at increasing safety.</p> <p>Call <a href="https://www.myagedcare.gov.au/">My Aged Care</a> to discuss your options.</p> <h2>2. Be prepared for multiple conversations</h2> <p>Getting Mum or Dad to accept paid help can be tricky. Many families often have multiple conversations around aged care before a decision is made.</p> <p>Ideally, the older person feels supported rather than attacked during these conversations.</p> <p>Some families have a meeting, so everyone is coming together to help. In other families, certain family members or friends might be better placed to have these conversations – perhaps the daughter with the health background, or the auntie or GP who Mum trusts more to provide good advice.</p> <p>Mum or Dad’s main emotional support person should try to maintain their relationship. It’s OK to get someone else (like the GP, the hospital or an adult child) to play “bad cop”, while a different person (such as the older person’s spouse, or a different adult child) plays “good cop”.</p> <h2>3. Understand the options when help at home isn’t enough</h2> <p>If you have maximised home support and it’s not enough, or if the hospital won’t discharge Mum or Dad without extensive supports, then you may be <a href="https://academic.oup.com/gerontologist/article/60/8/1504/5863160">considering a nursing home</a> (also known as residential aged care in Australia).</p> <p>Every person has a legal right to <a href="https://humanrights.gov.au/our-work/9-your-right-choose-where-you-live">choose where we live</a> (unless they have lost capacity to make that decision).</p> <p>This means families can’t put Mum or Dad into residential aged care against their will. Every person also has the right to choose to take risks. People can choose to continue to live at home, even if it means they might not get help immediately if they fall, or eat poorly. We should respect Mum or Dad’s decisions, even if we disagree with them. Researchers call this “dignity of risk”.</p> <p>It’s important to understand Mum or Dad’s point of view. Listen to them. Try to figure out what they are feeling, and what they are worried might happen (which might not be rational).</p> <p>Try to understand what’s really important to their quality of life. Is it the dog, having privacy in their safe space, seeing grandchildren and friends, or something else?</p> <p>Older people are often understandably concerned about losing independence, losing control, and having strangers in their personal space.</p> <p>Sometimes families prioritise physical health over psychological wellbeing. But we need to consider both when considering nursing home admission.</p> <p><a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9826495/">Research</a> suggests going into a nursing home temporarily increases loneliness, risk of depression and anxiety, and sense of losing control.</p> <p>Mum and Dad should be involved in the decision-making process about where they live, and when they might move.</p> <p>Some families start looking “just in case” as it often takes some time to <a href="https://www.abc.net.au/everyday/questions-to-ask-when-choosing-an-aged-care-home-for-a-loved-one/10302590">find the right nursing home</a> and there can be a wait.</p> <p>After you have your top two or three choices, take Mum or Dad to visit them. If this is not possible, take pictures of the rooms, the public areas in the nursing home, the menu and the activities schedule.</p> <p>We should give Mum or Dad information about their options and risks so they can make informed (and hopefully better) decisions.</p> <p>For instance, if they visit a nursing home and the manager says they can go on outings whenever they want, this might dispel a belief they are “locked up”.</p> <p>Having one or two weeks “respite” in a home may let them try it out before making the big decision about staying permanently. And if they find the place unacceptable, they can try another nursing home instead.</p> <h2>4. Understand the options if a parent has lost capacity to make decisions</h2> <p>If Mum or Dad have lost capacity to choose where they live, family may be able to make that decision in their best interests.</p> <p>If it’s not clear whether a person has capacity to make a particular decision, a medical practitioner can assess for that capacity.</p> <p>Mum or Dad may have appointed an <a href="https://www.tag.nsw.gov.au/wills/appoint-enduring-guardian/what-enduring-guardian">enduring guardian</a> to make decisions about their health and lifestyle decisions when they are not able to.</p> <p>An enduring guardian can make the decision that the person should live in residential aged care, if the person no longer has the capacity to make that decision themselves.</p> <p>If Mum or Dad didn’t appoint an enduring guardian, and have lost capacity, then a court or tribunal can <a href="https://www.tag.nsw.gov.au/guardianship/information-about-guardianship">appoint</a> that person a private guardian (usually a family member, close friend or unpaid carer).</p> <p>If no such person is available to act as private guardian, a public official may be appointed as public guardian.</p> <h2>Deal with your own feelings</h2> <p>Families often feel <a href="https://link.springer.com/article/10.1007/s12144-023-04538-9">guilt and grief</a> during the decision-making and transition process.</p> <p>Families need to act in the best interest of Mum or Dad, but also balance other caring responsibilities, financial priorities and their own wellbeing.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/221210/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/lee-fay-low-98311"><em>Lee-Fay Low</em></a><em>, Professor in Ageing and Health, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Getty Images </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/how-do-i-handle-it-if-my-parent-is-refusing-aged-care-4-things-to-consider-221210">original article</a>.</em></p>

Caring

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After a lifetime studying superannuation, here are 5 things I wish I knew earlier

<p><em><a href="https://theconversation.com/profiles/susan-thorp-214">Susan Thorp</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>Amassing the wealth needed to support retirement by regular saving is a monumental test of personal planning and discipline. Fortunately for most Australian workers, the superannuation system can help.</p> <p>Superannuation uses the carrot of tax incentives, and the sticks of compulsion and limited access, to make us save for retirement.</p> <p>There are benefits to paying timely attention to your super early in your working life to get the most from this publicly mandated form of financial self-discipline.</p> <p>I’ve been researching and thinking about superannuation for most of my career. Here’s what I wish I knew at the beginning of my working life.</p> <h2>1. Check you’re actually getting paid super</h2> <p>First, make sure you are getting your dues.</p> <p>If you are working, your employer must contribute <a href="https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-contributions/how-much-super-to-pay">11% of your earnings</a> into your superannuation account. By July 2025 the rate will increase to 12%.</p> <p>This mandatory payment (the “<a href="https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/super-guarantee">superannuation guarantee</a>”) may look like yet another tax but it is an important part of your earnings (would you take an 11% pay cut?).</p> <p>It is worth checking on, and worth <a href="https://www.ato.gov.au/calculators-and-tools/super-report-unpaid-super-contributions-from-my-employer">reporting</a> if it is not being paid.</p> <p>The Australian Tax Office <a href="https://oia.pmc.gov.au/sites/default/files/posts/2023/05/Impact%20Analysis%20-%20Unpaid%20Superannuation%20Guarantee%20package.pdf">estimates</a> there is a gap between the superannuation employers should pay and what they do pay of around 5% (or $A3.3 billion) every year.</p> <p>Failing to pay is <a href="https://oia.pmc.gov.au/sites/default/files/posts/2023/05/Impact%20Analysis%20-%20Unpaid%20Superannuation%20Guarantee%20package.pdf">more common</a> among the accommodation, food service and construction industries, as well as small businesses.</p> <p>Don’t take your payslip at face value; cross-check your super account balance and the annual statement from your fund.</p> <h2>2. Have just one super account</h2> <p>Don’t make personal donations to the finance sector by having more than one superannuation account.</p> <p>Two super accounts mean you are donating unnecessary administration fees, possibly redundant insurance premiums and suffering two times the confusion to manage your accounts.</p> <p>The superannuation sector does not need your charity. If you have more than one super account, please consolidate them into just one today. You can do that <a href="https://moneysmart.gov.au/how-super-works/consolidating-super-funds">relatively easily</a>.</p> <h2>3. Be patient, and appreciate the power of compound interest</h2> <p>If you’re young now, retirement may feel a very distant problem not worth worrying about until later. But in a few decades you’re probably going to appreciate the way superannuation works.</p> <p>As a person closing in on retirement, I admit I had no idea in my 20s how much my future, and the futures of those close to me, would depend on my superannuation savings.</p> <p>Now I get it! <a href="https://www.nber.org/papers/w27459">Research</a> <a href="https://economics.mit.edu/sites/default/files/publications/pandp.20221022.pdf">shows</a> the strict rules preventing us from withdrawing superannuation earlier are definitely costly to some people in preventing them from spending on things they really need. For many, however, it stops them spending on things that, in retrospect, they would rate as less important.</p> <p>But each dollar we contribute in our 30s is worth around three times the dollars we contribute in our 50s. This is because of the advantages of time and <a href="https://moneysmart.gov.au/saving/compound-interest">compound interest</a> (which is where you earn interest not just on the money initially invested, but on the interest as well; it’s where you earn “interest on your interest”).</p> <p>For some, adding extra “voluntary” savings can build up retirement savings as a buffer against the periods of unemployment, disability or carer’s leave that most of us experience at some stage.</p> <h2>4. Count your blessings</h2> <p>If you are building superannuation savings, try to remember you’re among the lucky ones.</p> <p>The benefits of super aren’t available to those who can’t work much (or at all). They face a more precarious reliance on public safety nets, like the Age Pension.</p> <p>So aim to maintain your earning capacity, and pay particular attention to staying employable if you take breaks from work.</p> <p>What’s more, superannuation savings are invested by (usually) skilled professionals at rates of return hard for individual investors to achieve outside the system.</p> <p>Many larger superannuation funds offer members types of investments – such as infrastructure projects and commodities – that retail investors can’t access.</p> <p>The Australian Prudential Regulation Authority (APRA) also <a href="https://www.apra.gov.au/industries/superannuation">checks</a> on large funds’ investment strategies and performance.</p> <h2>5. Tough decisions lie ahead</h2> <p>The really hard work is ahead of you. The saving or “accumulation” phase of superannuation is mainly automatic for most workers. Even a series of non-decisions (defaults) will usually achieve a satisfactory outcome. A little intelligent activity will do even better.</p> <p>However, at retirement we face the challenge of making that accumulated wealth cover our needs and wants over an uncertain number of remaining years. We also face variable returns on investments, a likely need for aged care and, in many cases, declining cognitive capacity.</p> <p>It’s helpful to frame your early thinking about superannuation as a means to support these critical decades of consumption in later life.</p> <p>At any age, when we review our financial management and think about what we wish we had known in the past, we should be realistic. Careful and conscientious people still make mistakes, procrastinate and suffer from bad luck. So if your super isn’t where you had hoped it would be by now, don’t beat yourself up about it. <!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/217922/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/susan-thorp-214">Susan Thorp</a>, Professor of Finance, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/after-a-lifetime-studying-superannuation-here-are-5-things-i-wish-i-knew-earlier-217922">original article</a>.</em></p>

Retirement Income

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Nick Kyrgios admits tennis career "may be over"

<p>Australian tennis star Nick Kyrgios is seriously considering retirement as he revealed that he is "at a crossroads" in his career. </p> <p>In a column written for <em>The Sydney Morning Herald, </em>the <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">28-year-old </span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> said that despite his desire to compete at the highest level, he might never make it back to playing professional tennis. </span></p> <p>He also said that he has enjoyed being away from the courts doing the media rounds.</p> <p>"I sat down with my agent, Stuart Duguid, a couple of days ago to talk about my future," he wrote.</p> <p>"The reality is, there is a part of me that knows my time in the sport may be over. And I'm OK with that.</p> <p>"It's a conversation that needed to be had. I'm at a crossroads in my career and have reached a point where life after tennis is a prospect that excites me."</p> <p>He also added that despite knowing he can still compete for titles, his body is letting him down, as he continues to recover from his <a href="https://www.oversixty.com.au/news/news/nick-kyrgios-pulls-out-of-australian-open-a-day-before-first-match" target="_blank" rel="noopener">knee injury</a> in January 2023.</p> <p>"I sit there and watch some of the players on tour and know within myself that this generation is not as strong as some of the players I have gone up against," he wrote. </p> <p>"I know I can be one of the best in the world and win major tournaments -- if my body lets me. The fire still burns, but it's not my everything."</p> <p>The <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">2022 Wimbledon finalist</span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> also confirmed that he won't be making himself available for this year's </span>Paris<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> Olympics, saying that the </span>treatment he got from the Australian Olympic Committee in the lead-up to the 2016 Rio Games was one of the key factors. </p> <p>"I was No. 13 at the time and had a genuine chance at winning a medal. For them to forbid me from representing my country for behavioural reasons is something that I just can't forget," he said.</p> <p>He added that his "mentality has changed", and despite still having the desire to play for his country, his decision is final. </p> <p>Kyrgios has barely been on court after withdrawing from last year's Australian Open, but he has been commentating on the tournament for Eurosport, adding that his future may be in the box, rather than on the court.</p> <p><em>Image: Getty</em></p>

Retirement Life

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Meet the grandmothers pushing boundaries with their New Year's resolutions

<p>Each year, millions of people around the world decide it is their year to try new things and push boundaries. </p> <p>For many, these New Year's resolutions include getting fit and eating healthy, travelling, or saving money for a big purchase. </p> <p>But for these Aussie seniors, they are pushing their resolutions even further, taking part in activities that will keep them young. </p> <p>For Gold Coast great-grandmother Hilda Wren, she knew she wanted to make a change after she had never been on a plane before. </p> <p>So, naturally, she decided to make her first trip in a plane one to remember, by jumping out of the aircraft and skydiving over the coast. </p> <p>"I've done sort of kickboxing, tennis, dancing, everything and I thought skydiving would be something different," Hilda told <a href="https://9now.nine.com.au/today/rise-of-granfluencers-and-why-more-aussies-over-60-are-living-their-best-life/741432b9-4e3d-4831-a1c0-1134d66ac949" target="_blank" rel="noopener"><em>Today</em></a>.</p> <p>"The grandkids think I'm absolutely marvellous."</p> <p>The 90-year-old admitted her first skydive was a little nerve-wracking, but after going up in the plane and jumping out another two times, she admitted it gets easier each time. </p> <p>"If anybody wants to do something different, do it while you can," she said.</p> <p>"I mean, I'm 90 now, and I'm glad I've done it three times - if I could do it again, I would."</p> <p>Melbourne pensioners Carmen and Ginger took up interesting resolutions last year, and this year have decided to try out pole dancing. </p> <p>"Take the opportunity to embrace whatever you want to embrace, more of what you love," Carmen said. </p> <p><em>Image credits: Today </em></p>

Retirement Life

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Boss slammed for demanding "insane" farewell gift contribution

<p>A boss in London has been slammed after asking his employees to chip in almost $100 each for an expensive farewell gift for a co-worker. </p> <p>In a TikTok, London-resident Ben Askins read out the anonymous submission from one of the employees who was fed up after his manager “forced” everyone in the team to contribute because it was "compulsory". </p> <p>“Hey, noticed you hadn’t paid into the leaving present for Josh yet. Can you send me the £50 (AU$95) today? I want to put the purchase in by the end of the day,” the boss said in the text.</p> <p>Shocked by the "insane" amount of money, the employee replied: “Can I ask why it is so expensive?</p> <p>“Money is a little tight right now and to be asked to put in so much feels like a lot.”</p> <p>However, the manager didn't take his employee's financial situation into consideration, and said: “Josh has led the company for three years now and I think it’s nice gesture to show our appreciation.” </p> <p>The employee hit back: “I appreciate that but he makes so much more money than me and for me to be asked to put in so much feels weird especially as I never really worked with him”.</p> <p>But, the manager insisted that the employee needed to make a contribution. </p> <p>“This is compulsory I am afraid, it is not fair for me to ask some people and not others. Besides it isn’t that much all things considered," he said, and the employee conceded. </p> <p>It is unclear what happened after, but the texts have gone viral with over 2.2 million views thanks to Askins' <a href="https://www.tiktok.com/@ben.askins/video/7307322849407028513" target="_blank" rel="noopener">video</a>.</p> <p>Askins, who’s a managing director and co-founder of a digital agency, weighed in on the ordeal. </p> <p>“I don’t like this at all. I don’t mind leaving presents as a concept, right? But companies should pay it,” he said.</p> <p>“Companies should take responsibility, set a budget and they should pay for themselves. If you want to get something small for your best mate at work, that’s totally different, that’s well within your right.</p> <p>“But this sort of compulsory, ‘everyone’s got to chip in’, I absolutely hate," he added. </p> <p>He also said that the manager's actions are "really poor" and asking for that amount "is just ridiculous, it’s an insane amount". </p> <p>“It might not be much money for him but it is clearly a lot for this person so it’s just not fair what he’s doing,” he concluded. </p> <p><em>Images: TikTok</em></p>

Retirement Life

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It’s not just about accumulating super. Australians need to learn how to spend their retirement savings

<p><em><a href="https://theconversation.com/profiles/marc-olynyk-1493791">Marc Olynyk</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p>Australia’s superannuation and retirement income system is complex and difficult to navigate.</p> <p>Retirees need to make decisions on numerous issues where they have less than full information and understanding, both financial and non-financial. They also require access to retirement products to help them manage and balance income needs against longevity risk.</p> <p>Recognising these issues, the government released a <a href="https://treasury.gov.au/consultation/c2023-441613">discussion paper</a> this month seeking views on three key issues:</p> <ol> <li> <p>helping super fund members navigate the retirement income system</p> </li> <li> <p>supporting superannuation funds to deliver better services</p> </li> <li> <p>making retirement income products more accessible.</p> </li> </ol> <p>Australia has one of the largest and most sophisticated pension systems in the world. Valued at more than <a href="https://www.apra.gov.au/quarterly-superannuation-statistics">A$3.5 trillion</a> as at September 2023, and is the <a href="https://www.thinkingaheadinstitute.org/research-papers/global-pension-assets-study-2023/">5th largest pension scheme</a> in terms of asset size.</p> <p>It is also the <a href="https://www.mercer.com/insights/investments/market-outlook-and-trends/mercer-cfa-global-pension-index/">5th most highly rated retirement income system</a> internationally behind the Netherlands, Iceland, Denmark and Israel.</p> <h2>What is wrong with the super system?</h2> <p>But while the super system ranks highly in terms of integrity and sustainability, the numbers are not as flattering when it comes to “adequacy”.</p> <p>Adequacy is the level of income available to retirees depending on their different circumstances. According to a recent <a href="https://www.mercer.com/insights/investments/market-outlook-and-trends/mercer-cfa-global-pension-index/">study</a>, Australia is ranked 20th out of 47 worldwide on the adequacy index.</p> <p><a href="https://www.investmentmagazine.com.au/2023/02/purpose-of-super-law-to-herald-tax-reform/">Reform</a> in the <em>pre-retirement</em> phase of Australia’s retirement income scheme is ongoing and designed to support accumulating wealth for retirement.</p> <p>These ongoing reforms have been designed to make superannuation easier to understand and to reduce much of the decision making required. They’ve been needed because of an apparent lack of skills, interest and financial literacy among Australians.</p> <p>While the message that we need to save to be comfortable in retirement is getting through, the lack of information about how to manage these savings once we retire means many retirees are left to navigate the complex system as best they can.</p> <p>Given the complexity and volatility of Australia’s financial system, it’s hardly surprising many of the decisions made by retirees don’t produce the best financial results. For example, more than <a href="https://treasury.gov.au/consultation/c2023-441613">84%</a> of retirement savings are held in account-based pensions which, if not properly managed, can run out. This is despite government and community awareness that outliving your savings is a real possibility.</p> <p>About 50% of retirees currently withdraw at the minimum pension rate, which means many people experience a lower standard of living than what would normally be expected with the super they have accumulated. This can result in wealth not being used and instead being passed on to the next generation.</p> <h2>Help is needed now because the retiree sector is booming</h2> <p>Over the next decade there is going to be a big increase in the number of people retiring and transitioning from the accumulation phase of their super to the pension phase. It’s estimated <a href="https://treasury.gov.au/consultation/c2023-441613">2.5 million</a> Australians will move to the retirement phase in this period.</p> <p>Following the 2014 <a href="https://treasury.gov.au/publication/c2014-fsi-final-report">Financial System Inquiry</a>, the government introduced the <a href="http://www5.austlii.edu.au/au/legis/cth/consol_act/sia1993473/s52.html">Retirement Income Covenant</a> in 2022 to force super fund trustees to develop a strategy that would provide better retirement outcomes for their members.</p> <p>The strategy is based on retirees maximising their expected retirement income, managing expected risks to their retirement income and having flexible access to super funds during their retirement.</p> <p>A 2022-23 review conducted by <a href="https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-766-implementation-of-the-retirement-income-covenant-findings-from-the-apra-and-asic-thematic-review/">Australian Prudential Regulation Authority and the Australian Securities and Investments Commission</a> found while trustees were providing more help to retirees, overall there was a lack of progress and urgency among trustees to improve retirement outcomes.</p> <h2>How the system could be improved</h2> <p>Several proposals have been put forward to improve the experiences and decision-making of retirees. These have included:</p> <ul> <li> <p>improved support from and education by superannuation fund trustees</p> </li> <li> <p>changing how people view their super savings from an accumulation of wealth to a system that enables drawdown of retirement savings over time to fund expenses.</p> </li> <li> <p>providing an automatic rollover of retirement savings into an income-stream instead of allowing a lump sum withdrawal on retirement</p> </li> <li> <p>expanding existing income products (that are starting to be offered by several financial institutions) which combine providing investment choice with a pension for life</p> </li> <li> <p>setting up a MyRetire product that would run parallel to <a href="https://treasury.gov.au/programs-and-initiatives-superannuation/mysuper">MySuper</a> and provide a simple and cost-effective retirement income system for less engaged members. MySuper only applies to the accumulation phase. Once a member starts an income stream in retirement, their MySuper account ceases</p> </li> <li> <p>improving access to financial planning advice which is shown to play a significant role in preparing Australians for retirement.</p> </li> </ul> <p>The government, superannuation industry and the community all have a greater role to play in improving the financial outcomes and experiences of retirees.</p> <p>With Australia’s ageing population, the need to better support retirees to achieve a dignified retirement is becoming more urgent.</p> <p>All Australians expect and deserve a financially secure retirement.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/219217/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/marc-olynyk-1493791"><em>Marc Olynyk</em></a><em>, Director of Financial Planning, Deakin Business School, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/its-not-just-about-accumulating-super-australians-need-to-learn-how-to-spend-their-retirement-savings-219217">original article</a>.</em></p>

Retirement Income

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90-year-old grandma's secrets, regrets and brutal "advice"

<p>An amazingly sprightly 90-year-old grandmother has appeared on TikTok to share her deepest regrets in life, leaving viewers both amused and contemplative with her surprising take on being a nonagenarian.</p> <p>The video, which has garnered a whopping 70,000 views, features the wise words of wisdom from a woman who has seen it all, or at least enough to make her wish she hadn't seen quite so much.</p> <p>The nanna, who spilled the beans to her inquisitive granddaughter <a href="https://www.tiktok.com/@racheljdillon?lang=en" target="_blank" rel="noopener">Rachel Dillon</a> – an online fitness coach –  began by revealing what she wishes she did less of in her life.</p> <p>"Probably less of nothing," she admits. "I mean I never worked after I was married or anything like that. I wish I had probably done more mixing with people with that. More socialising." </p> <p>It's then that the truth bombs really start to drop. When Rachel asks, "Do you have any regrets", a cloud of laughter fills the room, before the answer comes.</p> <p>"Yes, I do regret marrying too young," she says emphatically. "I met my husband when I was 13 and he was 15. We got married at 17 and 19. I met him at the library. He used to ride me up on the bicycle when I was going to the library."</p> <p>Then, when asked about the secret to turning 90, Rachel's grandma confesses not only that there isn't one, but that she regrets having made it this far at all.</p> <p>"I didn't really want to get to 90," she declares with the nonchalance of someone choosing between tea and coffee. "I've had enough. I've had all I wanted out of the world. I am quite happy to go and meet my little puppy dog waiting there for me."</p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">When asked about her secret to looking so young, Rachel's grandma almost brushes the question aside, laying the blame simply in the quality of her genes for having "always been a fox", according to Rachel.</span></p> <p>The final question, and the final brutally honest response – which may have made Rachel regret asking about regrets – was simply: "Do you have any advice for us?"</p> <p>"Oh God no," comes the world-weary answer. "Not the way the world's going. No, I'm just glad I'll be gone. I don't want to be part of anything that I can see going on."      </p> <p>TikTok users were quick to commend the grandmother, not just for her unexpected revelations but also for her timeless beauty. "She looks absolutely amazing," gushed one admirer, proving that age is just a number – albeit one that sometimes takes us by surprise.</p> <p>In the end, this nonagenarian nanna has become an unexpected sensation, leaving us all to ponder life's mysteries, library love stories, and the prospect of meeting puppy dogs in the great beyond.</p> <p>If her story has taught us anything, it's that life is unpredictable, love can blossom in the unlikeliest of places (like a library), and sometimes it's OK to regret that hasty decision to say "I do" before you even knew how to do your taxes.</p> <div class="post_body_wrapper" style="font-size: 16px; box-sizing: border-box; margin: 0px; padding: 8px 0px 0px; border: 0px; vertical-align: baseline; caret-color: #323338; color: #323338; font-family: Figtree, Roboto, 'Noto Sans Hebrew', 'Noto Kufi Arabic', 'Noto Sans JP', sans-serif;"> <div class="post-body-container" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline;"> <div class="post-body-renderer-component post_body" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: top; position: relative; transition: max-height 0.14s ease 0s; overflow: hidden; color: var(--primary-text-color); max-height: none;"> <div class="post-body-content" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; width: 630px; overflow: auto hidden;"> <div class="body_text redactor-styles redactor-in" style="box-sizing: border-box; margin: 0px; padding: 0px 15px 15px; border: 0px; vertical-align: baseline; position: relative; overflow: auto; color: var(--primary-text-color); font-family: var(--font-family); line-height: 1.5; word-break: break-word;"> <div class="embed" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; vertical-align: baseline; outline: none !important;"><iframe class="embedly-embed" style="box-sizing: inherit; margin: 0px; padding: 0px; border-width: 0px; vertical-align: baseline; width: 600px; max-width: 100%; outline: none !important;" title="tiktok embed" src="https://cdn.embedly.com/widgets/media.html?src=https%3A%2F%2Fwww.tiktok.com%2Fembed%2Fv2%2F7311465610821651720&display_name=tiktok&url=https%3A%2F%2Fwww.tiktok.com%2F%40racheljdillon%2Fvideo%2F7311465610821651720&image=https%3A%2F%2Fp16-sign-sg.tiktokcdn.com%2Fobj%2Ftos-alisg-p-0037%2Fo49EYZFdsEDJhfBAiE2gfGE8l3IAR2qBQx14iB%3Fx-expires%3D1702681200%26x-signature%3DL%252FvO6dLXwqFOi09XENAbVmG4tgs%253D&key=5b465a7e134d4f09b4e6901220de11f0&type=text%2Fhtml&schema=tiktok" width="340" height="700" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen"></iframe></div> </div> </div> </div> </div> </div> <div> <div> <div> <div> <div><em>Images: TikTok / @racheljdillon</em></div> </div> </div> </div> </div>

Retirement Life

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"The time's right": Neil Mitchell signs off

<p>After 34 years on the air, 3AW radio veteran Neil Mitchell is signing off. </p> <p>Neil Mitchell has been a staple of Australian radio for decades, growing a reputation for being fair, decent, honest and sometimes "a bit grumpy".</p> <p><em>A Current Affair</em>'s Ally Langdon joined the 3AW veteran to reflect on a stellar career that earned him a legion of loyal listeners.</p> <p>"I've always wanted to be a journalist from about age 14," he told Langdon.</p> <p>"But not for a moment did I think that I would end up doing something such as I have, editing a newspaper and doing this."</p> <p>His passion as a radio presenter lies in the "real people" who call in each morning, saying, "You can go from a person laughing and telling you jokes and carrying on to great stories."</p> <p>"And then a couple of calls later there's somebody in tears that you need to help. It is real people."</p> <p>"I regularly shed tears on air ... And if we can make a difference, I shed tears again because we've had success."</p> <p>Over his decades on air, Mitchell clashed with many Aussie politicians, sharing how he took it upon himself to be a spokesperson for everyday Australians. </p> <p>"They've established a system where they don't have to be accountable," he said.</p> <p>"And [if] anybody attempts to make them accountable ... they resented it. Accountability is disappearing I'm afraid."</p> <p>While he is stepping back from his flagship show, he has assured listeners he isn't signing off forever. </p> <p>"I'll still be here. I'll be doing podcasts and all sorts of things. I'm really looking forward to it. It's going to be an interesting change."</p> <p>"I'm going to miss it, stepping away. But the time's right."</p> <p><em>Image credits: Nine </em></p>

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