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Retiring early can be bad for the brain

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/plamen-v-nikolov-1112610">Plamen V Nikolov</a>, <a href="https://theconversation.com/institutions/binghamton-university-state-university-of-new-york-2252">Binghamton University, State University of New York</a></em></p> <p><em>The <a href="https://theconversation.com/us/topics/research-brief-83231">Research Brief</a> is a short take about interesting academic work.</em></p> <h2>The big idea</h2> <p>People who retire early suffer from accelerated cognitive decline and may even encounter early onset of dementia, according to a I conducted with my doctoral student <a href="https://sites.google.com/binghamton.edu/alan-adelman/home">Alan Adelman</a>.</p> <p>To establish that finding, we examined the effects of a rural pension program China introduced in 2009 that provided people who participated with a stable income if they stopped working after the official retirement age of 60. We found that people who participated in the program and retired within one or two years experienced a cognitive decline equivalent to a drop in general intelligence of 1.7% relative to the general population. This drop is equivalent to about three IQ points and could make it harder for someone to <a href="https://doi.org/10.1017/S0033291700008412">adhere to a medication schedule</a> or <a href="https://doi.org/10.1111/j.1475-%205890.2007.00052.x">conduct financial planning</a>. The largest negative effect was in what is called “delayed recall,” which measures a person’s ability to remember something mentioned several minutes ago. Neurological research <a href="https://doi.org/10.1001/archneur.1991.00530150046016">links problems in this area to an early onset of dementia</a>.</p> <h2>Why it matters</h2> <p>Cognitive decline refers to when a person has trouble remembering, learning new things, concentrating or making decisions that affect their everyday life. Although some cognitive decline appears to be an inevitable byproduct of aging, faster decline can have profound adverse consequences on one’s life.</p> <p>Better understanding of the causes of this has powerful financial consequences. Cognitive skills – the mental processes of gathering and processing information to solve problems, adapt to situations and learn from experiences – are crucial for decision-making. They influence an individual’s ability to process information and <a href="https://www.jstor.org/stable/1818642">are connected to higher earnings</a> and a <a href="https://www.doi.org/10.1257/jep.25.1.159">better quality of life</a>.</p> <p>Retiring early and working less or not at all can generate large benefits, such as reduced stress, better diets and more sleep. But as we found, it also has unintended adverse effects, like fewer social activities and less time spent challenging the mind, that far outweighed the positives.</p> <p>While retirement schemes like the 401(k) and similar programs in other countries <a href="https://www.doi.org/10.1023/B:PUCH.0000035859.20258.e0">are typically introduced to ensure the welfare of aging adults</a>, our research suggests they need to be designed carefully to avoid unintended and significant adverse consequences. When people consider retirement, they should weigh the benefits with the significant downsides of a sudden lack of mental activity. A good way to ameliorate these effects is to stay engaged in social activities and continue to use your brains in the same way you did when you were working.</p> <p>In short, we show that if you rest, you rust.</p> <h2>What still isn’t known</h2> <p>Because we are using data and a program in China, the mechanisms of how retirement induces cognitive decline could be context-specific and may not necessarily apply to people in other countries. For example, cultural differences or other policies that can provide support to individuals in old age can buffer some of the negative effects that we see in rural China due to the increase in social isolation and reduced mental activities.</p> <p>Therefore, we can not definitively say that the findings will extrapolate to other countries. We are looking for data from other countries’ retirement programs, such as India’s, to see if the effects are similar or how they are different.</p> <h2>How I do my research</h2> <p>A big focus of the <a href="https://scholar.harvard.edu/pnikolov/my-research-group-1">economics research lab</a> I run is to <a href="http://www.nber.org/%7Enikolovp/research.html">better understand</a> the causes and consequences of changes in what economists call <a href="https://www.britannica.com/topic/human-capital">“human capital”</a> – especially cognitive skills – in the context of developing countries.</p> <p>Our lab’s mission is to generate research to inform economic policies and empower individuals in low-income countries to rise out of poverty. One of the main ways we do this is through the use of randomized controlled trials to measure the impact of a particular intervention, such as retiring early or access to microcredit, on education outcomes, productivity and health decisions.<!-- 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/plamen-v-nikolov-1112610"><em>Plamen V Nikolov</em></a><em>, Assistant Professor of Economics, <a href="https://theconversation.com/institutions/binghamton-university-state-university-of-new-york-2252">Binghamton University, State University of New York</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/retiring-early-can-be-bad-for-the-brain-145603">original article</a>.</em></p> </div>

Mind

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New report reveals huge amount of super needed to retire

<p>Australians will need nearly $600,000 in their superannuation to retire comfortably, according to a new report. </p> <p>The Association of Superannuation Funds (ASFA) Retirement Standard report found that home-owning singles would need $595,000 to retire at 67 with a “comfortable” lifestyle, while a home-owning couple in relatively good health would need $690,000.</p> <p>This means that home-owning couples would need $73,337 per year while home-owning singles would need  $52,085 for a comfortable lifestyle. </p> <p>Their analysis also found that for a more modest lifestyle, a superannuation balance of $100,000 is needed for both singles or couples. </p> <p>Both budgets assume the retirees own their homes and are relatively healthy. </p> <p>On Wednesday, financial commentator Betsy Westcott told <em>Sunrise</em> that Aussies needed to start thinking about retirement earlier to make the most of their savings. </p> <p>“The longer that you contribute to super and pay attention it to it, the less you have to do to create that really golden retirement because age is your superpower,” Westcott said.</p> <p>“If you’re not paying attention to your super, which, let’s be honest, most of us aren’t, you could be missing out on some really big gains (to the overall balance).”</p> <p>She added that most people retired closer to 65 than 67 and ended up with a lot less superannuation than the benchmark. </p> <p>While the ASFA retirement standard took into account  “everyday spending,” Wescott said it did not factor in expenses like helping children buy a home, or buying into a retirement village.</p> <p>She also stressed that these benchmarks were just a guide saying:  "Personal finance is just that, it is personal.”</p> <p>“Your idea of a golden retirement will look different to your neighbour’s, your cousin’s, your best friend’s."</p> <p><em>Image: Shutterstock</em></p>

Retirement Life

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Radio legend calls it quits

<p>Gus Worland has announced his departure from <em>Triple M</em> after 16 years with the network. </p> <p>The radio legend shared the news during <em>The Rush Hour </em>show he co-hosts with Jude Bolton each weekday afternoon on 104.9 in Sydney.</p> <p>"After 16 years, starting back in 2009, I'm leaving Triple M," he said on the show.</p> <p>He revealed that he would be focusing on his foundation Gotcha4Life, dedicated to teaching Aussies how to manage their mental health, with their Mental Fitness Gym program being rolled out in schools around the country. </p> <p>"I've decided to focus 100 per cent on Gotcha4Life which, of course, you blokes have been a part of and the station has been very supportive of me being away and doing that work.</p> <p>"I just feel it's right. It's at the stage now where it really needs critical leadership and critical energy ... just the passion, so forth, that goes behind Gotcha4Life."</p> <p>In an interview with <em>9Honey</em>, he revealed that moving on from the show will be difficult. </p> <p>"Especially when you've done it for more than a few years, you know what I mean? I feel like we've been through the trenches a bit together," he said. </p> <p>He also spoke about how his gig on <em>Triple M </em>has helped him cope with the intensity of the work he is doing for his foundation. </p> <p>"To give me the balance of fun and being able to come in here after horrific stories, and then to see everyone and have a laugh and have a cuddle and eat too much sugar," he said. </p> <p>"I've needed that. I don't know how well I'll go without it, to be honest with you."</p> <p>But despite the uncertainty, Worland said he felt it was "the right call."</p> <p>"It's going to take me probably, you know, a few months or maybe a year to work out whether or not I can just do that job without the balance of media, but I'll still do my Wide World of Sports on Channel 9 and I'll do my Weekend Today on Channel 9," he said. </p> <p>While he has been getting offers from other media organisations, he said that the majority of his energy will be focused on his foundation. </p> <p>"I've got to be strong in my convictions," he said. </p> <p>"Gotcha needs me every day, fully focused."</p> <p>He hopes that one day mental fitness will be a subject in schools. </p> <p>"We've just started a primary schools program and I want to really focus in on the little ones and making sure that they're learning that it's okay to show their emotions at a young age when a lot of us have our emotions turned off," he said. </p> <p>"And I will continue to speak to every pollie [politician] and tell me what's a more important subject than mental fitness."</p> <p>Worland will stay on the show until the end of the year, ahead of his replacement being announced. </p> <p><em>Images: Triple M/ The Rush Hour/ Instagram</em></p>

Retirement Life

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"Absolute honour": Federer's stirring words as Nadal hangs up his racquet

<p>Roger Federer and Novak Djokovic have led a wave of tributes after Rafael Nadal announced he would be retiring from playing professional tennis. </p> <p>Nadal announced the news in an emotional Instagram video, where he thanked his family, team, friends and loyal fans for their support, while announcing that the David Cup Finals in November would be his last competition. </p> <p>In his video, the Spanish tennis champion also thanked his "greatest rivals" for giving him fierce competition throughout his stellar career. </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/reel/DA8EpTsg3iV/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/DA8EpTsg3iV/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Rafa Nadal (@rafaelnadal)</a></p> </div> </blockquote> <p>Those great rivals were the first to honour Nadal after his shock announcement, with Roger Federer sharing a photo of their pair sitting side by side, both in tears, as the Swiss great announced his own retirement two years ago. </p> <p>He wrote, “What a career, Rafa! I always hoped this day would never come. Thank you for the unforgettable memories and all your incredible achievements in the game we love. It’s been an absolute honour.”</p> <p>Novak Djokovic also shared a message for Nadal, posting a photo collage of their friendship behind the scenes. </p> <p>“Rafa, one post is not enough to express the respect I have for you and what you have done for our sport,” the 24-time Grand Slam title winner wrote.</p> <p>“You have inspired millions of children to start playing tennis and I think that’s probably the greatest achievement anyone can wish for. Your tenacity, dedication, fighting spirit is going to be taught for decades. Your legacy will live forever."</p> <p>“Only you know what you had to endure to become an icon of tennis and sport in general. Thank you for pushing me to the limit so many times in our rivalry.”</p> <p><em>Image credits: Daniel Irungu/EPA-EFE/Shutterstock Editorial </em></p>

Retirement Life

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"Time for a rest": John Laws retires from radio

<p>Radio veteran John Laws has announced his plans to retire from radio in the coming weeks. </p> <p>The radio host, 89, shocked his loyal listeners on his 2SM show on Tuesday morning, after reading out a letter from a fan who wrote how much they enjoy listening to the show each day. </p> <p>“You’re not going to be hearing it for long, mate,” Laws said in response to the email. “I think it’s time for a rest.</p> <p>“I’ve done it for a very, very, very, very long time,” Laws said about his broadcasting career. “And I think that I’ll just call it a day, and call it a day pretty soon.”</p> <p>Laws said that he will “probably” hang up his headphones at the beginning of November when he celebrates 71 years on air.</p> <p>“I don’t want to be greedy,” he said. “I’ve had 71 fantastic years … and loved almost every minute of it.”</p> <p>He also made clear that after his final show, he will not be returning to radio. </p> <p>“I’m not going to go away and then come back again and say, ‘oh, it was all a mistake,’” he said on 2SM. “It may well be a mistake, but there’ll be no return. That’s it.”</p> <p>Laws then outlined his plans for his long-awaited retirement, saying, “I’ll travel, I’ll sit about, I’ll read more… and I’ll catch up with things that I should have caught up with a long time ago”.</p> <p>The retirement announcement came as a shock to many loyal viewers, as Laws said in an interview in 2023 that he can't picture himself ever stepping back from the coveted radio role. </p> <p>Just last year he told <em><a href="https://www.dailytelegraph.com.au/entertainment/sydney-confidential/john-laws-reveals-he-doesnt-think-about-retirement-as-he-notches-up-70-years-in-radio/news-story/9ed6d8dad7af5523e6c70bca45f8516d" target="_blank" rel="noopener" data-tgev="event119" data-tgev-container="bodylink" data-tgev-order="9ed6d8dad7af5523e6c70bca45f8516d" data-tgev-label="entertainment" data-tgev-metric="ev">The Daily Telegraph</a></em>, “I don’t think about retirement. I suppose I will have to one day but no, I don’t want to stop, I’d like to be doing it when I am 100.”</p> <p><em>Image credits: 9News / 2SM </em></p>

Retirement Life

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How to keep doing good once you’re gone

<p>Most of us like to think that once we are no longer walking the Earth, we can still leave a legacy to mark our time here and contribute positively to those left behind.</p> <p>Doing so is not only possible but, as you’ll see below, fairly straightforward – providing you do some basic preparation beforehand.</p> <p>Seek the help of professional advice to ensure your plans can be enacted in full and deliver the best possible outcomes for everyone involved.</p> <p><strong>Have your affairs in order</strong></p> <p>Make things simpler for your grieving loved ones by having your wishes clearly outlined in writing, with specific instructions that leave no room for misinterpretation. Doing so makes your wishes easier to implement, faster to enact and reduces fights among your beneficiaries.</p> <p>Keep your will and other affairs updated as circumstances change too, so that everyone you want is included (such as kids and grandkids) and those you don’t, aren’t given an unexpected windfall (such as your ex or an adult child’s ex).</p> <p><strong>Provide for everyone</strong></p> <p>Providing for everyone is not necessarily straight forward, especially if you have a blended family. </p> <p>For instance, leaving your share of your home to your children from a previous relationship could lead to disagreements if your partner doesn’t want to leave.</p> <p>Instead, think about how your assets can be divided fairly without disadvantaging anyone. Children could be nominated beneficiaries of your superannuation and/or life insurance, leaving your home for your partner. </p> <p><strong>Keep wealth flowing</strong></p> <p>Certain structures can allow you to keep giving to your descendants long after you’re gone – offsetting their income and providing far greater wealth over time than any lump sum could achieve.</p> <p>A family or testamentary trust allows ongoing wealth creation through shared assets, with regular dividends paid out, creating a family legacy that can last for generations. Or a family company can allow a commercial entity to continue trading and growing as an asset.</p> <p><strong>Manage tax impacts</strong></p> <p>Implement tax-effective strategies that maximise how much your beneficiaries actually receive and minimise what the tax man pockets. </p> <p>While there isn’t an inheritance tax per se, beneficiaries can be hit with Capital Gains Tax (CGT) on asset sales plus transfer costs to put an asset into their own name – not to mention the ongoing maintenance and compliance costs of asset ownership.</p> <p>In some instances, your loved ones may benefit more if you sell assets now and leave them the proceeds, rather than leave them the asset – and its associated tax bill – once you’re gone.</p> <p><strong>Ensure loved ones are home and housed</strong></p> <p>Property is perhaps the biggest of all sources of wealth, yet it is increasingly difficult for younger people and singles to get (and stay) on the property ladder.</p> <p>Ensure everyone can reap the benefits of property ownership over their own lifetime, either by transferring ownership of properties in your name or contributing chunks of cash towards a deposit. </p> <p>However, it’s important to do so sustainably – gifting grandkids a large property they can’t afford to maintain isn’t going to work.</p> <p><strong>Charitable donations</strong></p> <p>Many people like to support charities and social causes once they are gone. Consider the end user here and what they stand to benefit from your donation – whether it be people, planet or both.</p> <p>It could be leaving a lump sum on your death, or regular ongoing donations from your estate. You may wish to do so anonymously, or include a message with your donation outlining your reasons why that particular charity/cause is important to you and what you hope the money will go towards.</p> <p>Donations may not necessarily be financial either – perhaps you have a valuable historic artefact that others could enjoy if donated to a museum? </p> <p><strong>Organ donation</strong></p> <p>The greatest gift of all is not money but life itself. So, consider whether organ donation is something you wish to do.</p> <p>While not suitable for everyone, and dependent on a range of factors including your age, health and religious beliefs, a single organ donor can save up to seven lives, as well as improve the quality of life of numerous others through eye and tissue donation.</p> <p>That is a lot of life you can give to others – and all without costing your own loved ones a cent!</p> <p><em><strong>Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a></strong></em></p> <p><em><strong>Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.</strong></em></p> <p><em><strong>Image credits: Shutterstock </strong></em></p> <p><strong><em> </em></strong></p>

Retirement Income

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Tony Armstrong jokes about "moonlighting" controversy on last ABC show

<p>Tony Armstrong has made a joke about the recent "<a href="https://oversixty.com.au/finance/legal/tony-armstrong-called-out-by-media-watch-for-moonlighting" target="_blank" rel="noopener">moonlighting</a>" controversy on his final show with <em>ABC News Breakfast</em>. </p> <p>On Monday, Armstrong was called out by <em>Media Watch</em> host Janine Perrett who said she was "stunned" that he failed to get the all-clear from network bosses before he became the voice of NRMA Insurance. </p> <p>Perrett launched into a blistering tirade over Armstrong's advertising gig with the insurance company, claiming the job was "strongly discouraged" by the public broadcaster. </p> <p>On Friday, Armstrong made light of the claims on his final show with <em>ABC News Breakfast</em>, after announcing he would be leaving the show after three years. </p> <p>While farewelling his co-hosts, the <em>News Breakfast</em> team gave him flowers and a big tin of coffee during his final broadcast, with Armstrong joking he wouldn’t name the coffee brand before back pedalling.</p> <p>“We won’t name the brand … Actually I don’t care, I’ve already been done by <em>Media Watch</em> — Nescafe!” Armstrong laughed.</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/reel/DArqPr_SrrX/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/DArqPr_SrrX/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by PEDESTRIAN.TV (@pedestriantv)</a></p> </div> </blockquote> <p>Armstrong went on to thank the <em>ABC News Breakfast</em> team in his final goodbye, saying “it takes a village” to get the show on air.</p> <p>“Look at this team around me. This is everyone that makes this show work. We are just the lucky presenters that get to go out there and present all of the hard work,” Armstrong said.</p> <p>“It takes a village. We do it understaffed and under resourced, and every day everybody rocks up with a smile on their face doing the work of four or five people. </p> <p>“So yes, I’m just an instrument that is part of a team.”</p> <p><em>Image credits: ABC News Breakfast</em></p>

Retirement Life

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Offering end of life support as part of home care is important – but may face some challenges

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/jennifer-tieman-378102">Jennifer Tieman</a>, <a href="https://theconversation.com/institutions/flinders-university-972">Flinders University</a></em></p> <p>Earlier this month, the government announced <a href="https://theconversation.com/the-government-has-a-new-plan-for-residential-aged-care-heres-whats-changing-238765">major changes</a> to aged care in Australia, including a A$4.3 billion <a href="https://theconversation.com/what-the-governments-home-care-changes-mean-for-ageing-australians-238890">investment in home care</a>.</p> <p>Alongside a shake up of home care packages, the Support at Home program will include an important addition – an <a href="https://www.health.gov.au/sites/default/files/2024-09/support-at-home-fact-sheet.pdf">end of life pathway</a> for older Australians.</p> <p>This pathway will allow access to a <a href="https://www.health.gov.au/our-work/support-at-home/features">higher level</a> of in-home aged care services to help Australians stay at home as they come to the end of their life. Specifically, it will provide an extra A$25,000 for palliative support when a person has three months or less left to live.</p> <p>This is a positive change. But there may be some challenges to implementing it.</p> <h2>Why is this important?</h2> <p>Older people have made clear their preference to remain in their homes as they age. For <a href="https://journals.sagepub.com/doi/10.1177/0269216313487940">most people</a>, home is where they would like to be during their last months of life. The space is personal, familiar and comforting.</p> <p>However, data from the <a href="https://www.abs.gov.au/statistics/research/classifying-place-death-australian-mortality-statistics">Australian Bureau of Statistics</a> shows most people who die between the ages of 65 and 84 die in hospital, while most people aged 85 and older die in residential aged care.</p> <p>This apparent gap may reflect a lack of appropriate services. Both palliative care services and GPs have an important role in providing medical care to people living at home with a terminal illness. However, being able to <a href="https://grattan.edu.au/wp-content/uploads/2014/09/815-dying-well.pdf">die at home</a> relies on the availability of ongoing support including hands-on care and assistance with daily living.</p> <p>Family members and friends often provide this support, but this is not always possible. Even when it is, carers may <a href="https://pubmed.ncbi.nlm.nih.gov/38533612/">lack confidence and skills</a> to provide the necessary care, and may not have enough support for and respite from their carer role.</p> <p>The palliative care funding offered within Support at Home should help an older person to remain at home and die at home, if that is their preference.</p> <p>Unless someone dies suddenly, care needs are likely to increase at the end of a person’s life. Supports at home may involve help with showering and toileting, assessing and addressing symptoms, developing care plans, managing medications, wound dressing, domestic tasks, preparing meals, and communicating with the person’s family.</p> <p>Occupational therapists and physiotherapists can assist with equipment requirements and suggest home modifications.</p> <p>End of life supports may also involve clarifying goals of care, contacting services such as pharmacists for medications or equipment, liaising with organisations about financial matters, respite care or funeral planning, as well as acknowledging grief and offering spiritual care.</p> <p>But we don’t know yet exactly what services the $25,000 will go towards.</p> <h2>What do we know about the scheme so far?</h2> <p>The Support at Home program, including the end of life pathway, is scheduled to start from <a href="https://www.health.gov.au/sites/default/files/2024-09/support-at-home-fact-sheet.pdf">July 1 2025</a>.</p> <p>We know the funding is linked to a prognosis of three months or less to live, which will be determined <a href="https://www.abc.net.au/news/2024-09-15/new-payment-aims-to-make-it-easier-for-people-to-die-at-home/104347984">by a doctor</a>.</p> <p>Further information has indicated that an older person can be referred to a <a href="https://www.health.gov.au/our-work/support-at-home/features">high-priority assessment</a> to access the end of life pathway. We don’t know yet what this means, however they don’t need to be an existing Support at Home participant to be eligible.</p> <p>The pathway will allow 16 weeks to use the funds, possibly to provide some leeway around the three-month timeline.</p> <p>Although more details are coming to light, there are still some things which remain unclear.</p> <p>Home care providers will be looking for details on what can be covered by this funding and how they will work alongside primary care providers and health-care services.</p> <p>Older people and their families will want to know the processes to apply for this funding and how long applications will take to be reviewed.</p> <p>Everyone will want to know what happens if the person doesn’t die within three months.</p> <h2>Some challenges</h2> <p>Ready availability of appropriate supports and services will be crucial for older people accessing this pathway. Home care providers will therefore need to assess how an end of life pathway fits into their operational activities and how they can build the necessary skills and capacity.</p> <p>Demand for nurses with palliative care skills and allied health professionals is likely to increase. Providing end of life care can be <a href="https://pubmed.ncbi.nlm.nih.gov/33096682/">especially taxing</a> so strategies will be needed to prevent staff burnout and encourage self-care.</p> <p>How pathways are implemented in rural and remote areas and in different cultural and community groups will need to be monitored to ensure all older people benefit.</p> <p>Effective coordination and communication between home care, primary care and specialist palliative providers care will be key. Digital health systems that connect the sectors could be helpful. Family engagement will also be very important.</p> <p>Escalation pathways and referral pathways should be established to enable appropriate responses to emergencies, unexpected deterioration, and family distress.</p> <p>Finally, <a href="https://bmcpalliatcare.biomedcentral.com/articles/10.1186/s12904-023-01155-y">accurately determining</a> when someone will die can be difficult. Knowing when the last three months of life starts may not be easy, particularly where frailty, cognitive issues and multiple health concerns may be present.</p> <p>This might mean some people are not seen as being ready for this pathway. Others may not be willing to accept this prognosis. An older person may also be expected to live with a terminal illness for many months or years. Their palliative care needs would not be met under this pathway.</p> <p>Despite these challenges, the announcement of an end of life pathway within the home care program is timely and welcome. As a population we are living longer and dying older. More details will help us be better prepared to implement this scheme.<!-- 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/239296/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/jennifer-tieman-378102">Jennifer Tieman</a>, Matthew Flinders Professor and Director of the Research Centre for Palliative Care, Death and Dying, <a href="https://theconversation.com/institutions/flinders-university-972">Flinders University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/offering-end-of-life-support-as-part-of-home-care-is-important-but-may-face-some-challenges-239296">original article</a>.</em></p> </div>

Retirement Life

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Is it worth selling my house if I’m going into aged care?

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/colin-zhang-1234147">Colin Zhang</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p>For senior Australians who cannot live independently at home, residential aged care can provide accommodation, personal care and general health care.</p> <p>People usually think this is expensive. And many assume they need to sell their home to pay for a lump-sum deposit.</p> <p>But that’s not necessarily the case. Here’s what you need to consider.</p> <h2>You may get some financial support</h2> <p>Fees for residential aged care are complex and can be confusing. Some are for your daily care, some are means-tested, some are for your accommodation and some pay for extras, such as cable TV.</p> <p>But it’s easier to think of these fees as falling into two categories:</p> <ul> <li> <p>an “entry deposit”, which is usually more than <a href="https://www.health.gov.au/sites/default/files/documents/2020/06/eighth-report-on-the-funding-and-financing-of-the-aged-care-industry-july-2020-eighth-report-on-the-funding-and-financing-of-the-aged-care-industry-may-2020.pdf">$A300,000</a>, and is refunded when you leave aged care</p> </li> <li> <p>daily “<a href="https://www.myagedcare.gov.au/aged-care-home-costs-and-fees">ongoing fees</a>”, which are $52.71-$300 a day, or more. These cover the basic daily fee, which everyone pays, and the means-tested care fee.</p> </li> </ul> <p>To find out how much government support you’ll receive for both these categories, you will have a “<a href="https://www.myagedcare.gov.au/income-and-means-assessments/#aged-care-home">means test</a>” to assess your income and assets. This means test is similar (but different) to the means test for the aged pension.</p> <p>Generally speaking, the lower your aged-care means test amount, the more government support you’ll receive for aged care.</p> <p>With full support, you don’t need to pay an “entry deposit”. But you still need to pay the basic daily fee (currently, <a href="https://www.myagedcare.gov.au/aged-care-home-costs-and-fees">$52.71</a> a day), equivalent to 85% of your aged pension. If you get partial support, you pay less for your “entry deposit” and ongoing fees.</p> <h2>You don’t need a lump sum</h2> <p>You don’t have to pay for your “entry deposit” as a lump sum. You can choose to pay a rental-style daily cost instead.</p> <p>This is calculated as follows: you multiply the amount of the required “entry deposit” by the maximum permissible interest rate. This rate is set by government and is currently at <a href="https://www.health.gov.au/sites/default/files/documents/2021/03/schedule-of-fees-and-charges-for-residential-and-home-care-schedule-from-20-march-2021_0.pdf">4.01%</a> per year for new residents. Then you divide that sum by 365 to give a daily rate. This option is like borrowing money to pay for your “entry deposit” via an interest-only loan.</p> <p>You can also pay for your “entry deposit” with a combination of a lump sum and a daily rental cost.</p> <p>As it’s not compulsory to pay a lump sum for your “entry deposit”, you have different options for dealing with your family home.</p> <h2>Option 1: keep your house and rent it out</h2> <p>This allows you to use the rental-style daily cost to finance your “entry deposit”.</p> <p><strong>Pros</strong></p> <ul> <li> <p>you could have more income from rent. This can help pay for the rental-style daily cost and “ongoing fees” of aged care</p> </li> <li> <p>you might have a special sentimental attachment to your family house. So keeping it might be a less confronting option</p> </li> <li> <p>keeping an expensive family house will not heavily impact your residential aged care cost. That’s because any value of your family house above <a href="https://www.health.gov.au/sites/default/files/documents/2021/03/schedule-of-fees-and-charges-for-residential-and-home-care-schedule-from-20-march-2021_0.pdf">$173,075.20</a> will be excluded from your <a href="https://www.servicesaustralia.gov.au/organisations/health-professionals/services/aged-care-entry-requirements-providers/residential-care/residential-aged-care-means-assessment">means test</a></p> </li> <li> <p>you can still access the capital gains of your house, as house prices rise.</p> </li> </ul> <p><strong>Cons</strong></p> <ul> <li> <p>your rental income needs to be included in the means test for your aged pension. So you might get less aged pension</p> </li> <li> <p>you might need to pay income tax on the rental income</p> </li> <li> <p>compared to the lump sum payment, choosing the rental-style daily cost means you will end up <a href="https://www.smh.com.au/money/super-and-retirement/seek-help-when-weighing-up-how-to-pay-for-your-aged-care-20191202-p53g16.html">paying more</a></p> </li> <li> <p>you are subject to a changing rental market.</p> </li> </ul> <h2>Option 2: keep your house and rent it out, with a twist</h2> <p>If you have some savings, you can use a combination of a lump sum and daily rental cost to pay for your “entry deposit”.</p> <p><strong>Pros</strong></p> <ul> <li> <p>like option 1, you can keep your house and have a steady income</p> </li> <li> <p>the amount of lump sum deposit will not be counted as an asset in the pension means test.</p> </li> </ul> <p><strong>Cons</strong></p> <ul> <li> <p>like option 1, you could have less pension income, higher age-care costs and need to pay more income tax</p> </li> <li> <p>you have less liquid assets (assets you could quickly sell or access), which could be handy in an emergency.</p> </li> </ul> <h2>Option 3: sell your house</h2> <p>If you sell your house, you can use all or part of the proceeds to pay for your “entry deposit”.</p> <p><strong>Pros</strong></p> <ul> <li> <p>if you have any money left over after selling your house and paying for your “entry deposit”, you can invest the rest</p> </li> <li> <p>as your “entry deposit” is exempt from your aged pension means test, it means more pension income.</p> </li> </ul> <p><strong>Cons</strong></p> <ul> <li>if you have money left over after selling your house, this will be included in the aged-care means test. So you can end up with less financial support for aged care.</li> </ul> <h2>In a nutshell</h2> <p>Keeping your house and renting it out (option 1 or 2) can give you a better income stream, which you can use to cover other living costs. And if you’re not concerned about having access to liquid assets in an emergency, option 2 can be better for you than option 1.</p> <p>But selling your house (option 3) avoids you being exposed to a changing rental market, particularly if the economy is going into recession. It also gives you more capital, and you don’t need to pay a rental-style daily cost.</p> <hr /> <p><em>This article is general in nature, and should not be considered financial advice. For advice tailored to your individual situation and your personal finances, please see a qualified financial planner.</em></p> <p><em>Correction: this article previously stated the amount of lump sum deposit will not be counted as an asset in the aged-care means test, as a pro of option 2. In fact, the amount of lump sum deposit will not be counted as an asset in the pension means test.</em><!-- 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/161674/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/colin-zhang-1234147"><em>Colin Zhang</em></a><em>, Lecturer, Department of Actuarial Studies and Business Analytics, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/is-it-worth-selling-my-house-if-im-going-into-aged-care-161674">original article</a>.</em></p> </div>

Retirement Income

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Tony Armstrong announces his "retirement" live on air

<p>After three years on the <em>ABC News Breakfast</em> couch, Tony Armstrong is leaving the show. </p> <p>Sharing the news on-air on Tuesday, he announced his last day on the program would be Friday October 4th. </p> <p>“I’ve been pretty nervous about doing this,” Armstrong began, before going on to say he had “retired from News Breakfast.”</p> <p>“I just want to thank Brekky and the broader ABC News team for welcoming me in with open arms and helping me grow over the past few years,” he added. “[It] feels like I’ve been on a bit of a rocket ship.”</p> <p>Armstrong continued, “I’m going to miss the couch. Not the alarm, but I’ll miss the couch. And, yeah, I’ve had such a ball. I’m going to miss everyone but, um, yeah. You’ll still see me around.”</p> <p>Co-host Michael Rowland paid tribute to Armstrong, saying, “I am so sorry three years of talking sport and swapping gags with Tony is about to end.”</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/DARo4oeTuZC/?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/DARo4oeTuZC/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Tony Armstrong (@tonaaayy)</a></p> </div> </blockquote> <p>“He is an engaging colleague and a good friend. In fact, there’s no one I would rather sit through an earthquake with. We did. Google it.”</p> <p>Armstrong also shared the news to his Instagram followers, writing, "Plenty more people to thank and I’ll do that next week, but that’s it for me at NBK. Looking forward to whatever comes next! Thanks to these amazing on-air teammates for making the mornings SOMEWHAT bearable."</p> <p>Armstrong, a proud Gamilaroi man, will remain with the public broadcaster, where he’s set to host a new series which will air next year, while his replacement on the News Breakfast program has yet to be announced. </p> <p><em>Image credits ABC</em></p>

TV

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The good, the bad and the awful – how businesses reacts to online reviews

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/mina-tajvidi-1192090">Mina Tajvidi</a>, <a href="https://theconversation.com/institutions/queen-mary-university-of-london-1745">Queen Mary University of London</a>; <a href="https://theconversation.com/profiles/nick-hajli-1426223">Nick Hajli</a>, <a href="https://theconversation.com/institutions/loughborough-university-1336">Loughborough University</a>, and <a href="https://theconversation.com/profiles/tahir-m-nisar-1050021">Tahir M. Nisar</a>, <a href="https://theconversation.com/institutions/university-of-southampton-1093">University of Southampton</a></em></p> <p>Every day travellers across the globe are flocking to popular destinations, eager to relax and create memories.</p> <p>Alongside packing and planning, many turn to online reviews to choose the perfect hotel, restaurant, or activity. These reviews, often shared enthusiastically or with a hint of frustration, play a key role in shaping our experiences. But what happens to these reviews once they are posted? Do businesses truly read them, and if so, do they make changes based on customer feedback?</p> <p>The short answer is yes, businesses do read reviews and often act on them. In fact, for many, it’s a crucial part of their <a href="https://www.sciencedirect.com/science/article/abs/pii/S004016252100384X">customer engagement strategy</a>. Reviews offer a treasure trove of insights, from customer satisfaction and service quality to product usability and pricing perceptions. But beyond the numbers and star ratings, reviews provide a story of the customer experience that can highlight strengths and reveal weaknesses.</p> <p>Businesses, particularly in competitive industries like hospitality, often have dedicated teams or <a href="https://broadly.com/blog/reputation-management-tools/">software tools</a> to monitor reviews across platforms like Tripadvisor, Google, and Yelp. These tools can aggregate reviews, analyse sentiments, and even benchmark against competitors.</p> <p>For example, a hotel chain may use these insights to identify common themes in guest feedback, such as complaints about check-in delays or praises for room cleanliness. By doing so, they can prioritise issues and respond effectively.</p> <p>However, reading reviews is just the beginning. The real value lies in how businesses respond to them, and whether they take actionable steps to address the feedback. In many cases, customer reviews have become catalysts for change. For instance, a recurring complaint about outdated decor might prompt a hotel to refurbish its rooms. Similarly, consistent praise for a friendly staff member can lead to rewards or recognition programmes, boosting employee morale and enhancing the overall guest experience.</p> <p><a href="https://ieeexplore.ieee.org/document/10614398">Some businesses</a> go a step further by engaging directly with reviewers. This engagement can take various forms, from public responses thanking customers for their feedback to private messages addressing specific concerns. <a href="https://www.emerald.com/insight/content/doi/10.1108/ITP-09-2018-0415/full/html">Such interactions</a> not only show that a business values its customers, but also humanises the brand, fostering trust and loyalty. A well-handled response to a negative review can even turn a dissatisfied customer into a loyal advocate.</p> <h2>The role of negative reviews</h2> <p>Negative reviews, while often dreaded by businesses, are an essential component of the feedback process. They provide honest, often blunt insights into what went wrong and where improvements are needed. For instance, during the holiday season, a restaurant might receive complaints about long wait times or underwhelming festive menus. Instead of viewing these reviews as setbacks, savvy businesses see them as opportunities to refine their offerings and enhance customer satisfaction.</p> <p>In some cases, businesses have <a href="https://ieeexplore.ieee.org/document/10614398">used negative reviews</a> as a springboard for innovation. A restaurant receiving feedback about limited vegetarian options might introduce new menu items, attracting a broader clientele and boosting sales. Similarly, a hotel criticised for lack of amenities might invest in additional facilities, improving its appeal and competitiveness.</p> <p>As technology evolves, the landscape of customer reviews and business responses is also changing. The rise of artificial intelligence and machine learning that uses algorithms has made it easier for businesses to analyse vast amounts of feedback and identify trends quickly. This capability allows for more proactive responses, with businesses anticipating issues before they become widespread problems.</p> <p>Moreover, the increasing use of video and photo reviews adds a new dimension to customer feedback. <a href="https://www.emerald.com/insight/content/doi/10.1108/JPBM-01-2019-2194/full/html?casa_token=adZDhhc3f0IAAAAA:7jPn1_y31gfB4BjJjLdl8QnnFixO3XCEOKbtemd0N2vhh_UCEHa1vjisRj3X3K1iw7UIRL1yylJGN6CCqPbW1Bs4CoSto1x0M1ntb_RtD7z-ZXHzj7Q">Visual reviews</a> can provide a more vivid portrayal of experiences, from showcasing a beautifully plated dish to highlighting a less-than-sparkling pool.</p> <p>Businesses are adapting to this trend by incorporating user-generated content into their marketing strategies, showcasing real-life customer experiences to attract new clients.</p> <p>However, the rise of fake reviews is a growing concern. In 2023, the popular travel website Tripadvisor <a href="https://www.tripadvisor.com/TransparencyReport2023#group-section-Fake-Reviews-HZjJZOxSZ4">saw an overwhelming influx</a> of user-generated content, with over 30 million reviews, however, amid this vast pool of feedback, 1.3 million reviews were flagged as fraudulent and subsequently removed.</p> <p>In the end, customer reviews are not just fleeting opinions left in the digital atmosphere. They are valuable conversations between businesses and their customers. For businesses, reviews offer an opportunity to understand their clients’ needs, address concerns, and celebrate successes. That is why businesses like <a href="https://www.aboutamazon.com/news/policy-news-views/how-ai-spots-fake-reviews-amazon">Amazon are using AI</a> to manage the reviews.</p> <p>By reading, responding, and, most importantly, acting on reviews, businesses can foster a loyal customer base and continually improve their offerings. So, the next time you leave a review, remember that someone is listening, and your words may just be the catalyst for positive change.<!-- 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/236194/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/mina-tajvidi-1192090">Mina Tajvidi</a>, Lecturer in Digital Marketing, <a href="https://theconversation.com/institutions/queen-mary-university-of-london-1745">Queen Mary University of London</a>; <a href="https://theconversation.com/profiles/nick-hajli-1426223">Nick Hajli</a>, AI Strategist and Professor of Digital Strategy, <a href="https://theconversation.com/institutions/loughborough-university-1336">Loughborough University</a>, and <a href="https://theconversation.com/profiles/tahir-m-nisar-1050021">Tahir M. Nisar</a>, Professor of Strategy and Economic Organisation, <a href="https://theconversation.com/institutions/university-of-southampton-1093">University of Southampton</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/the-good-the-bad-and-the-awful-how-business-reacts-to-online-reviews-236194">original article</a>.</em></p> </div>

Travel Trouble

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The psychology of retirement: why do so many athletes struggle to call time?

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/sarah-tillott-1462234">Sarah Tillott</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/diarmuid-hurley-1462235">Diarmuid Hurley</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a></em></p> <p>Think back to when you met someone for the first time. One of the first questions you asked, or were asked, was likely: “what do you do for work?”</p> <p>It’s a polite, innocuous and socially ingrained way of getting to know more about a person. But it also demonstrates the central role of our professional lives as part of our personal identities.</p> <p>For professional athletes, their careers, exploits and recognition can become the defining aspect of their identity.</p> <p>So what happens when sporting careers end?</p> <p>The transition to retirement, across professions and countries, can be extremely tough to navigate.</p> <p>It can be especially difficult for elite sportspeople, who can experience retirement as a <a href="https://www.sciencedirect.com/science/article/pii/S1469029221001679?casa_token=L4g3UTN8T78AAAAA:VHqcgJN7jIpW82cp32TXq9gIcKFzD2jtf6Jc_OX-3fjpHVnowlp0p8fcqE01BVF3Qjx0bmiRz4T1">loss of identity</a>, connected to their sense of achievement, meaning and control in life.</p> <h2>How retirement impacts athletes</h2> <p>A common saying with many sportspeople is “<a href="https://www.forbes.com/sites/jannfreed/2024/06/29/athletes-die-twice-retirement-as-a-death/">athletes die twice</a>” – once when they retire and again at their death.</p> <p>Former Wallaby Brendan Cannon <a href="https://www.impact.acu.edu.au/lifestyle/after-the-final-siren-helping-athletes-to-adapt-to-life-after-sport">has spoken of</a> this difficulty:</p> <blockquote> <p>[People] want to talk to you about what you used to be, and all you want to focus on is what you want to become.</p> </blockquote> <p>During the transition to retirement, elite athletes can be affected by how they got into their chosen sport, how long they stayed in the system and the variables that either accelerated or ended their careers.</p> <p>Other factors include whether they played a team or individual sport, male vs female pathways, whether their exit from sport was voluntary or involuntary and their age when retiring.</p> <p>My (Sarah) interviews with former professional athletes demonstrate the complexity of retiring from elite sport.</p> <p>To the public, William Zillman, former NRL star turned vet, seems to have it all together. But it didn’t come without hardship, pain and struggles in navigating the harsh terrain of retirement.</p> <p>When asked about his retirement, Zillman said: “[Being an NRL player was] all I knew.”</p> <blockquote> <p>I turned up to work each day, I was told what to do, how to do it and when to do it […] but when I left the system, I think I lost the ability to think for myself. I went from having all the help in the world to very little – it was tough.</p> </blockquote> <p>Retiring from high-performance sport can have profound effects on an athlete’s <a href="https://journals.lww.com/acsm-csmr/fulltext/2020/10000/the_psychological_burden_of_retirement_from_sport.11.aspx/1000">physical and mental health</a>, as well as their social and professional development.</p> <p>While “regular people” usually retire in their 60s or 70s, an athlete’s retirement often occurs earlier, coinciding with crucial phases of career development and <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10513329/">family planning</a>.</p> <p>Some have to adjust from being highly paid and highly managed to surviving on minimum wages with very little support.</p> <p>“It’s a recipe for disaster,” Ryan James, who considers himself one of the lucky ones, said.</p> <p>A former forward for the Gold Coast Titans, James has been working closely with the Rugby League Players Association (RLPA) with the aim to address some of the complex issues with the transition experience.</p> <p>James knows only too well the struggles some people in the system face as their careers begin to wind down:</p> <blockquote> <p>Many of our players come into the system from disadvantaged and vulnerable backgrounds and while we have made a start, there is more we can be doing. Financial literacy and management is just one avenue we need to tackle. I’ve known too many retired, vulnerable players who were homeless, sleeping in cars with their young families. It’s devastating.</p> </blockquote> <p>It took former English captain turned NRL superstar James Graham a good part of 18 months to re-configure his identity:</p> <blockquote> <p>You come out feeling so lost and alone. Most of your life is spent training, connecting with mates, having a lot of routine and structure to almost nothing. It’s strange and confronting.</p> </blockquote> <h2>What are the major codes doing?</h2> <p>Across various sporting codes there are programs that aim to assist athletes to prepare for retirement.</p> <p>For example, <a href="https://www.rlpa.com.au/past-player-and-transition-program">the RLPA has a program</a> to support athletes who are transitioning.</p> <p>Other major professional Australian codes have similar programs, including <a href="https://www.aflplayers.com.au/app/uploads/2021/10/Player-Retirement-Scheme_Booklet_A5_4.pdf">the AFL</a>, <a href="https://www.thepfa.com/players/union-support/pension-scheme">Professional Footballers Association</a> (soccer) and <a href="https://auscricket.com.au/programs-community/past-player-programs/">cricket</a>.</p> <p>However, whether or not athletes choose to participate in these programs is usually at the discretion of the players.</p> <h2>The importance of planning, preparation and support</h2> <p>One of the key factors influencing how an athlete transitions into life after sport is how much they have <a href="https://theconversation.com/its-not-just-retiring-athletes-who-need-mental-health-support-young-sportspeople-need-it-too-230296">prepared for it</a>.</p> <p>Research with elite athletes from <a href="https://elevateaus.com.au/wp-content/uploads/2021/09/The-end-of-a-professional-sport-career-ensuring-a-positive-transition.pdf">the AFL, NRL and A-League</a> shows those who planned and prepared for life after sport and who had goals, direction and identities beyond sport, experienced more acceptance, autonomy (control) and optimism about the future.</p> <p>On the other hand, those who were unprepared or did not plan ahead experienced negative emotional and psychological states, and struggled to move on. This negative effect is even more pronounced for those who were forced to <a href="https://journals.lww.com/acsm-csmr/fulltext/2020/10000/the_psychological_burden_of_retirement_from_sport.11.aspx/1000">end their career due to injury</a>.</p> <hr /> <p><iframe id="lQixA" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/lQixA/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <hr /> <h2>How to improve the situation</h2> <p>A recent <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10513329/">scoping review</a> explored the notion of retirement for professional athletes and their ability to adapt to life after sport.</p> <p>It summarised many areas that need more attention:</p> <p><strong>Make athletes aware of what’s ahead</strong></p> <p>Expect that when you leave, it may be hard. Reach out to your club, coach and support services and surround yourself with people who you can talk to and who may be able to help.</p> <p>Athletes should expect that it will take time to adjust, and this adjustment period is crucial for mitigating the adverse effects of retirement. This adjustment period can also significantly reduce the initial negative impacts on their mental and physical health.</p> <p><strong>Tailored support programs</strong></p> <p>Developing tailored support programs that address the specific needs of different sports and athlete sub-groups can help mitigate the challenges associated with retirement.</p> <p>These programs might include career counselling, mental health support and opportunities for continuous involvement in the sports community.</p> <p><strong>A need for further research</strong></p> <p>There is a pressing need for more research to identify effective support mechanisms for retiring athletes. Understanding the types of support that facilitate a smoother transition can help in designing programs and interventions tailored to the unique needs of elite athletes.</p> <p>Additionally, mapping out the factors that aid or hinder the transition across different sports and athlete sub-groups would provide valuable insights.<!-- 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/234559/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/sarah-tillott-1462234">Sarah Tillott</a>, Senior Lecturer, Faculty of Health, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/diarmuid-hurley-1462235">Diarmuid Hurley</a>, Lecturer, Faculty of Health, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-psychology-of-retirement-why-do-so-many-athletes-struggle-to-call-time-234559">original article</a>.</em></p> </div>

Retirement Life

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Supreme Court Justice killed just three weeks after retiring

<p>Former South Australian Supreme Court Justice Malcolm Blue has tragically died, just three weeks after retiring. </p> <p>The 70-year-old had been looking forward to spending quality time with his friends and family after retiring, when he was involved in a tractor accident at a vineyard in Willunga South on Saturday morning.</p> <p>South Australian Police were called to the scene after the accident, where police said he died at the scene from his injuries. </p> <p>After his 13-year role as a Supreme Court judge where he earned the respect of politicians and legal professionals, Blue retired in August, as his family said he had been looking forward to spending more time with his family during his retirement.</p> <p>“We are devastated by Malcolm’s loss. He was a much-loved and loving father, partner and brother, and cherished his family,” his family said in a statement <a href="https://www.adelaidenow.com.au/news/south-australia/justice-malcolm-blue-remembered-as-a-great-south-australian-after-death-in-farming-tragedy/news-story/49330193603000f8a0cbf7933b5b7eea?amp" target="_blank" rel="noopener" data-link-type="article-inline">to <em>News Corp</em>.</a></p> <p>“Malcolm was always kind, funny, smart and wonderfully supportive for family, friends and legal colleagues. He was both gentle and brilliant and will be missed terribly."</p> <p>“Having achieved so much during a long and distinguished legal career, Malcolm was looking forward to spending more time with his family on the property."</p> <p>“Malcolm will be deeply missed by his partner Angela, daughters Charlotte, Victoria and Alex, three sisters, along with his extended family, many friends, and colleagues in the legal fraternity.”</p> <p>SA Premier Peter Malinauskas praised Blue’s service to the state at a press conference on Sunday.</p> <p>“Mr Blue was a great South Australian who served his community exceptionally well over a very long period of time,” Malinauskas said.</p> <p>“I’m sure that South Australia will appropriately honour him as someone who’s made a major contribution.”</p> <p>Chief Justice of South Australia Chris Kourakis said Blue’s death was felt across Australia’s judiciary and legal profession, saying, “Justice Blue was a pre-eminent intellect and jurist who selflessly devoted his energy to the work of the court and making justice more accessible to the people of South Australia.”</p> <p><em>Image credits: 7News</em></p>

Caring

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The biggest faux pas for self-funded retirees

<p>Whether you have been retired for some time or are still looking forward to the time you can step back, chances are there are important considerations you may have overlooked.</p> <p>From planning and pensions to family and housing, these are the biggest self-funded retirement mistakes I come across, and some insights into how to avoid repeating them:</p> <ol> <li><strong>Lack of a plan</strong></li> </ol> <p>Not having a retirement plan is perhaps the most basic faux pas, but often the most costly.</p> <p>A detailed plan should cover things like:</p> <ul> <li>When you AND your partner will retire </li> <li>Where you will live (you may want to downsize, relocate, seek assisted living)</li> <li>Anticipated living costs (living situation, health, lifestyle)</li> <li>How you will spend your time (hobbies, travel, volunteering, time with family)</li> <li>Strategies to maximise investments and superannuation</li> <li>Tax minimisation strategies</li> </ul> <p>Remember: failing to plan = planning to fail.</p> <ol start="2"> <li><strong>Poor planning</strong></li> </ol> <p>Having a plan is the starting point, but it won’t get you far if it’s incomplete, not updated as circumstances change, or omits critical factors.</p> <p>For couples, not considering age differences is a big mistake. One partner retiring before the other can have big shifts on financial and tax dynamics and even the relationship itself. Then there is end-of-life care, particularly if the younger partner is still working.</p> <p>Not building in a safety buffer is another no-no. Too many retirees have been caught out by the high inflation of recent years, having calculated their anticipated income needs on much lower living costs.</p> <p>Balance short-term and long-term goals: being overly conservative early on can limit your financial situation down the track.</p> <p>And no plan is complete without contingencies for worst case scenarios – insurances, protections, back-up options.</p> <ol start="3"> <li><strong>Insecure housing </strong></li> </ol> <p>Government data has long shown major differences in quality of life for retirees who own their home versus those who don’t. </p> <p>Homelessness or insecure housing, the mercy of the rental market, and inability to customise your home as you age or if you need specialised support with disability or health issues are some of the challenges renters face.</p> <p>Furthermore, public estimates of how much the average Australian needs to retire typically assume home ownership – meaning rent is not part of that calculation. That’s a huge living cost you may not have factored into your retirement planning. </p> <ol start="4"> <li><strong>Unclaimed pensions</strong></li> </ol> <p>Contrary to popular belief, self-funded retirement and claiming a pension are not mutually exclusive. </p> <p>You may be eligible for a part-pension, calculated pro-rata according to the value of your assets and other income. Claiming a part-pension, no matter how small it may be, reduces how much income you need to draw down from super – making it last longer. </p> <p>Don’t fall into another common trap when applying – overestimating your assets. It’s easy to assume your non-monetary assets are worth more than what they really are, reducing how much pension you receive or negating your eligibility altogether.</p> <ol start="5"> <li><strong>Depleted Bank of Mum and Dad</strong></li> </ol> <p>With home ownership increasingly out of reach for younger adults, the Bank of Mum and Dad is often sought to bridge the gap. How you do so will impact your own situation.</p> <p>Giving more than you can afford can leave you overstretched. Missed loan repayments could see you fall behind on your own bills. Not putting agreements in writing can lead to disputes down the track. Having a loan guarantee called in could see you homeless.</p> <p>Be wise about decisions you make here and don’t let heartstrings cloud your judgement.</p> <ol start="6"> <li><strong>Suffering in silence</strong></li> </ol> <p>Elder abuse is a sad but significant problem. Given they have money in the bank, self-funded retirees are often the most vulnerable.</p> <p>Its effects can be far-reaching, impacting your mental and physical health, financial wellbeing, social interactions, and quality of life.</p> <p>Be aware of <a href="https://www.oversixty.com.au/finance/retirement-income/are-you-a-victim-of-elder-abuse-without-even-realising-it">the signs that something isn’t right</a>. If you recognise it happening to you – or someone you know – speak up and seek help. </p> <ol start="7"> <li><strong>Forgoing professional advice</strong></li> </ol> <p>How much of the above details did you already know? Chances are, not all of them. And that’s just the tip of the iceberg.</p> <p>Money is a complicated business and you simply don’t know what you don’t know, which is why seeking independent, tailored advice from a professional is so important. </p> <p>A good financial advisor can help you identify new opportunities and manage risks you may not have considered, limit expenses and also work with your accountant to minimise your tax.</p> <p><strong><em>Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a></em></strong></p> <p><strong><em> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.</em></strong></p> <p><strong><em>Image credits: Shutterstock </em></strong></p>

Retirement Income

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Retirement doesn’t just raise financial concerns – it can also mean feeling unmoored and irrelevant

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a></em></p> <p>Most discussions of retirement focus on the financial aspects of leaving the workforce: “<a href="https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf">How to save enough for retirement</a>” or “<a href="https://www.businessinsider.com/personal-finance/investing/when-can-i-retire">How do you know if you have enough money for retirement</a>?”</p> <p>But this might not be the biggest problem that potential retirees face. The deeper issues of meaning, relevance and identity that retirement can bring to the fore are more significant to some workers.</p> <p>Work has <a href="https://www.theatlantic.com/ideas/archive/2023/03/work-revolution-ai-wfh-new-book/673572/">become central to the modern American identity</a>, as <a href="https://www.theatlantic.com/atlantic-editions/">journalist Derek Thompson bemoans</a> in The Atlantic. And some theorists have argued that work shapes what we are. For most people, as business ethicist <a href="https://www.luc.edu/quinlan/faculty/algini.shtml#:%7E:text=About,the%20Society%20for%20Business%20Ethics.">Al Gini</a> argues, one’s work – which is usually also one’s job – <a href="https://doi.org/10.4324/9780203950555">means more than a paycheck</a>. Work can structure our friendships, our understandings of ourselves and others, our ideas about free time, our forms of entertainment – indeed our lives.</p> <p>I <a href="https://www.hamilton.edu/academics/our-faculty/directory/faculty-detail/marianne-janack">teach a philosophy course about the self</a>, and I find that most of my students think of the problems of identity without thinking about how a job will make them into a particular kind of person. They think mostly about the prestige and pay that come with certain jobs, or about where jobs are located. But when we get to <a href="https://plato.stanford.edu/entries/existentialism/">existentialist philosophers</a> such as <a href="https://plato.stanford.edu/entries/sartre/">Jean-Paul Sartre</a> and <a href="https://plato.stanford.edu/entries/beauvoir/">Simone de Beauvoir</a>, I often urge them to think about what it means to say, as the existentialists do, <a href="https://philosophynow.org/issues/115/On_Being_An_Existentialist">that “you are what you do</a>.”</p> <p>How you spend 40 years of your life, I tell them, for at least 40 hours each week – the time many people spend at their jobs – is not just a financial decision. And I have come to see that retirement isn’t just a financial decision, either, as I consider that next phase of my life.</p> <h2>Usefulness, tools and freedom</h2> <p>For Greek and Roman philosophers, <a href="https://search.worldcat.org/title/Work-what-it-has-meant-to-men-through-the-ages/oclc/780872063">leisure was more noble than work</a>. The life of the craftsperson, artisan – or even that of the university professor or the lawyer – was to be avoided if wealth made that possible.</p> <p>The good life was a life not driven by the necessity of producing goods or making money. Work, Aristotle thought, was an obstacle to the achievement of the particular forms of excellence characteristic of human life, like thought, contemplation and study – <a href="https://classics.mit.edu/Aristotle/nicomachaen.7.vii.html">activities that express</a> the <a href="https://classics.mit.edu/Aristotle/nicomachaen.8.viii.html">particular character of human beings</a> and are done for their own sake.</p> <p>And so, one might surmise, retirement would be something that would allow people the kind of leisure that is essential to human excellence. But contemporary retirement does not seem to encourage leisure devoted to developing human excellence, partly because it follows a long period of making oneself into an object – something that is not free.</p> <p>German philosopher Immanuel Kant distinguished between the value of objects and of subjects by the idea of “use.” Objects are not free: They are meant to be used, like tools – their value is tied to their usefulness. But rational beings like humans, who are subjects, are more than their use value – <a href="https://search.worldcat.org/title/5796114">they are valuable in their own right</a>, unlike tools.</p> <p>And yet, much of contemporary work culture encourages workers to think of themselves and their value <a href="https://www.simonandschuster.com/books/Bullshit-Jobs/David-Graeber/9781501143335">in terms of their use value</a>, a change that would have made both Kant and the ancient Greek and Roman philosophers wonder why people didn’t retire as soon as they could.</p> <h2>‘What we do is what we are’</h2> <p>But as one of my colleagues said when I asked him about retirement: “If I’m not a college professor, then what am I?” Another friend, who retired at 59, told me that she does not like to describe herself as retired, even though she is. “Retired implies useless,” she said.</p> <p>So retiring is not just giving up a way of making money; it is a deeply existential issue, one that challenges one’s idea of oneself, one’s place in the world, and one’s usefulness.</p> <p>One might want to say, with Kant and the ancients, that those of us who have tangled up our identities with our jobs have made ourselves into tools, and we should throw off our shackles by retiring as soon as possible. And perhaps from the outside perspective, that’s true.</p> <p>But from the participant perspective, it’s harder to resist the ways in which what we have done has made us what we are. Rather than worry about our finances, we should worry, as we think about retirement, more about what the good life for creatures like us – those who are now free from our jobs – should be.<!-- 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/233963/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/marianne-janack-681018">Marianne Janack</a>, John Stewart Kennedy Professor of Philosophy, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a></em></p> <p><em>Image </em><em>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/retirement-doesnt-just-raise-financial-concerns-it-can-also-mean-feeling-unmoored-and-irrelevant-233963">original article</a>.</em></p> </div>

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"Ridiculous": Debate erupts over whether grandparents should be paid to babysit

<p>Any parent knows how difficult it is to get your child into daycare or preschool. With limited spaces across the country and rising costs, many are turning to their families for help.</p> <p>Many rely on grandma and grandpa to help out with the kids, and while some say they'd happily do it for free, others think it's time to put a price on it.</p> <p>According to a<em> Nine.com.au</em> poll 42 per cent of Aussies believe that grandparents should be paid for babysitting, while 58 per cent of them believe there's no need to pay grandparents for their services. </p> <p>However, the question is more complicated than a simple yes or no, with many explaining that it depends on the circumstance. </p> <p>"If grandparents are babysitting for special occasions or at their request then I don't think they should be paid. Most would do it for love and time with grandkids. If grandparents are providing child minding then that's different. If it's a regular occurrence then yes they should be paid,"  explained one person.</p> <p>"Grandparents should be paid to babysit if they are required for more than two full days a week," echoed another. </p> <p>"Grandparents should be paid, it is cheaper than creche and the kids won't be as sick mixing with a batch of others," a third wrote. </p> <p>For many there's a big difference between babysitting on a weekend or a one-off day versus during the week. </p> <p>"Being paid as a grandparent to babysit in my opinion is ridiculous, however if a grandparent is enlisted to provide child care more than two days a week so that parents can work, I think a payment in some form isn't unreasonable, even if it's a surprise gift intermittently," one wrote. </p> <p>"I babysit my grandchildren while my daughter works she pays me $20 for petrol, but if they want to go out and I babysit then she doesn't pay me which I'm OK with," added another person. </p> <p>The parents and grandparents' financial position was also a big factor. </p> <p>"I think the grandparent babysitting for payment is a personal thing. Some parents can really afford it, some are struggling and the grandparents do it to help out," one explained. </p> <p><em>Image: Shutterstock</em></p>

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The hidden epidemic: How ageism affects Australians over 60

<p>Ageism, the stereotyping and discrimination against individuals or groups based on their age, is a pervasive issue that significantly impacts the daily lives of Australians over 60. While often overlooked, this form of prejudice can have far-reaching consequences on various aspects of life for older Australians. </p> <p><strong>Employment discrimination: barriers to work</strong></p> <p>One of the most prominent ways ageism impacts older Australians is through employment discrimination. Approximately 35% of individuals aged 55-64 report experiencing age-related discrimination in the workplace. This often manifests as difficulty in finding new jobs or securing additional work hours. Many qualified and experienced seniors find themselves overlooked for positions or passed over for promotions simply due to their age, despite their wealth of knowledge and skills.</p> <p><strong>Financial insecurity: a growing concern</strong></p> <p>The repercussions of employment discrimination often lead to financial insecurity among older Australians. Alarmingly, about 80% of Australians aged 65 and over rely at least partially on the Age Pension for their income. Even more concerning is that more than one in four older Australians live in poverty. This financial strain can severely impact quality of life, limiting access to healthcare, social activities, and basic necessities.</p> <p><strong>Negative stereotypes: the invisible senior</strong></p> <p>Society often views older people as frail onlookers rather than active participants. This perception can lead to patronising treatment and exclusion from various aspects of public life. Seniors may find themselves ignored in conversations, their opinions dismissed, or their capabilities underestimated. Such treatment can erode self-esteem and lead to a sense of worthlessness among older Australians.</p> <p><strong>Mental health: the psychological toll</strong></p> <p>The constant barrage of ageist attitudes and behaviours takes a significant toll on the mental health of older adults. Research has shown that ageism is associated with increased stress, anxiety and depression among seniors. It can also lead to lower life satisfaction, impacting overall well-being and quality of life. The psychological impact of feeling devalued or irrelevant in society should not be underestimated.</p> <p><strong>Healthcare discrimination: unequal access to treatment</strong></p> <p>Perhaps one of the most alarming manifestations of ageism is in healthcare. Some older Australians report being denied health services or treatment because of their age. This discrimination is particularly pronounced among those 90 and over, with 20% having experienced such treatment. This not only violates the principle of equal access to healthcare but can also have severe consequences for the health and well-being of older Australians.</p> <p><strong>Loss of independence: unwanted assistance</strong></p> <p>Many older Australians find their independence undermined by well-meaning but misguided attempts to help. About 21% of those over 50 report people insisting on doing things for them that they are capable of doing themselves. This can lead to a loss of confidence and a sense of helplessness, even when seniors are fully capable of managing their own affairs.</p> <p><strong>Social isolation: going it alone</strong></p> <p>Ageism can lead to social isolation, with 28% of those over 50 saying they have been ignored or made to feel invisible due to their age. This invisibility can occur in social settings, public spaces or even within families. Social isolation not only impacts mental health but can also lead to physical health issues and a decreased quality of life.</p> <p><strong>Technological exclusion: the digital divide</strong></p> <p>In our increasingly digital world, ageism manifests in assumptions about older adults' ability to use technology. About 36% of those over 50 say people have assumed they cannot understand or learn new technology. This stereotype can lead to exclusion from digital services, information and social connections, further isolating older Australians in a tech-driven society.</p> <p><strong>Workplace issues: feeling out of place</strong></p> <p>Even for those who remain in the workforce, ageism can create a hostile environment. A quarter of Australians in their 50s and 60s report feeling too old for their work. This sentiment can lead to decreased job satisfaction, lower productivity, and even early retirement, depriving workplaces of valuable experience and knowledge.</p> <p><strong>What to do about it</strong></p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">To combat ageism in Australia, a multi-faceted approach is necessary. This includes launching education and awareness campaigns to challenge stereotypes, implementing intergenerational programs to foster positive interactions between age groups, and introducing workplace initiatives to promote age-inclusive practices. </span></p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Policy and legislative changes are crucial to strengthen anti-discrimination laws, while improved media representation can help shift societal perceptions. </span></p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Empowering older adults through self-advocacy and promoting active ageing can showcase the valuable contributions of seniors. In healthcare, training professionals to avoid ageist practices is essential. </span></p> <p><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Ongoing research and data collection will inform evidence-based interventions, and promoting positive self-perceptions of ageing can help individuals challenge their own ageist beliefs. </span></p> <p>Addressing these issues requires a societal shift in attitudes towards ageing, policy changes to protect older Australians, and increased awareness of the valuable contributions seniors make to our communities. By implementing these strategies across various sectors, Australia can work towards creating a more age-inclusive society that values and respects individuals of all ages.</p> <p>Only by combatting ageism can we ensure that all Australians, regardless of age, can live with dignity, respect and full participation in society.</p> <p><em>Image: Shutterstock</em></p>

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