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Some ancient Romans got to retire with a pension at 42, but retirement’s changed a bit over the centuries

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/anthony-asher-247115">Anthony Asher</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a></em></p> <p>Over the ages, there have been broadly three reasons why people have retired.</p> <p>Some are forced to by poor health – theirs or someone they care for. Others have alternative income sources, meaning they don’t rely on a regular pay cheque. And some are made to retire by an employer who wants to overhaul staffing.</p> <p>But where did the idea of retirement come from? And how was it handled in ancient times?</p> <h2>Origins of support</h2> <p>Retirement support – which these days comes in the form of superannuation or a government pension – dates back to ancient history in various forms.</p> <p>Some forms of retirement support were funded by local taxes or tithes, others by donations. Some systems were corrupt and the coverage was patchy.</p> <p>Records are not readily available from other cultures, but we know a little about ancient Rome and English history since then.</p> <p>Emperor Augustus, who ruled after Julius Caesar died, set up a <a href="https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2020/01/03Chap3.pdf">scheme</a> for Roman soldiers more than 2,000 years ago. The scheme aimed to ensure they retired while still strong and healthy, and would be less likely to cause trouble.</p> <p>The scheme paid a decent amount for soldiers after 25 years of service, so retirement age could be as young as 42.</p> <p>Pensions for older people in need also have ancient origins. The New Testament <a href="https://biblehub.com/1_timothy/5-9.htm">Bible</a> records the churches had schemes for needy widows right from the beginning.</p> <p>In the early Middle Ages, monasteries often provided for the needy, but Henry VIII famously <a href="https://en.wikipedia.org/wiki/Dissolution_of_the_monasteries">closed them</a> and took their assets. A fair share of their assets ended up with <a href="https://en.wikipedia.org/wiki/John_Russell,_1st_Earl_of_Bedford">high government officials</a> after the king’s takeover.</p> <p>Industry funds can also be seen to date back <a href="https://www.britannica.com/money/friendly-society">at least to the Middle Ages</a>, where the trade guilds provided for members and their families who fell on hard times.</p> <p>Retail funds mainly began as <a href="https://www.google.com/search?client=firefox-b-d&amp;q=history+of+life+insurance">mutual life insurance companies</a> that began more than 200 years ago.</p> <p>In the 18th century, the East India Company and the Bank of England began <a href="https://sas-space.sas.ac.uk/9224/1/McIlvenna%20PhD%20final.pdf">offering pensions</a>. These were at first discretionary based on need and loyalty, but later covered all employees. This idea then spread to other larger companies such railways and banks.</p> <p>As modern states developed the capacity to collect income taxes, it became feasible to provide comprehensive retirement benefits funded by central government.</p> <p>Beginning with <a href="https://www.ssa.gov/history/ottob.html">Germany in 1889</a>, developed countries began introducing universal national age pension arrangements.</p> <p>Unfortunately, a number of countries, such as <a href="https://www.uncdf.org/article/8799/governor-innovation-key-to-expanding-insurance-and-pension-coverage-in-png">Papua New Guinea</a>, still do not have the capacity to provide a universal safety net to cover older people.</p> <h2>Retirement in Australia</h2> <p>Three Australian states <a href="https://treasury.gov.au/publication/economic-roundup-centenary-edition-2001/article-3-towards-higher-retirement-incomes-for-australians-a-history-of-the-australian-retirement-income-system-since-federation">began schemes</a> in 1900, and the federal government provided a universal (but means tested) scheme from 1909.</p> <p>Most Australian retirees seem to enjoy a favourable standard of living. The <a href="https://grattan.edu.au/news/5-key-takeaways-from-the-retirement-income-review/">Grattan Institute</a> finds that the poorest 30% are, in fact, better off in retirement.</p> <p>Massive house price and rental inflation in the last 30 years, however, has gutted the living standards of those who don’t own their own homes. This gap in the safety net needs to be addressed.</p> <h2>Retirement ages</h2> <p>The Roman army model persists in some countries to this day: retirement from the US military is available <a href="https://sgp.fas.org/crs/misc/RL34751.pdf">after 20 years</a> of service.</p> <p>Retirement this early is obviously very expensive. The church scheme mentioned in the New Testament had a minimum age of 60, which is still the normal retirement age in many countries.</p> <p>The <a href="https://www.oecd.org/en/publications/2023/12/pensions-at-a-glance-2023_4757bf20.html">OECD</a> reports the average age of retirement in their 38 member countries is just under 64 for women, and just over 64 for men.</p> <p>Australians now qualify for the <a href="https://www.servicesaustralia.gov.au/who-can-get-age-pension?context=22526">age pension</a> at 67, which is slightly older than average.</p> <p>Retirement ages are, however, rising to allow for “population ageing”, a longer life expectancy and lower birth rates. Life expectancy at retirement age is the important number when calculating the cost of pensions.</p> <p>In ancient Rome it was about seven years and was <a href="https://www-cambridge-org.wwwproxy1.library.unsw.edu.au/core/services/aop-cambridge-core/content/view/30ED00A164475432670833C87D2F9E97/S2046164X00000405a.pdf/contributions_to_the_history_of_insurance_and_of_the_theory_of_life_contingencies_with_a_restoration_of_the_grand_pensionary_de_wits_treatise_on_life_annuities_concluded_from_no_vi.pdf">about the same</a> in Sweden in the middle of the 18th century.</p> <p>In Australia, the life expectancy of a 65 year old woman has risen from 12 years in 1895 to <a href="https://aga.gov.au/sites/aga.gov.au/files/2020-07/Australian%20Life%20Tables%202015-17%20v5.pdf">23 years on average</a>.</p> <h2>Earnings-related pensions</h2> <p>The <a href="https://www.ssa.gov/history/ottob.html">1889 German scheme</a> paid a minimum pension, plus an earnings-related component. Workers had a book for stamps for each week’s earnings.</p> <p>The Australian age pension has always just paid a minimum “liveable” amount. This has been subject to different means tests over time, but retirees have been able to supplement it with their own savings.</p> <p>Until 1987, only 40% of Australian employees were covered by employer sponsored schemes. Then in 1992, the <a href="https://www.apra.gov.au/superannuation-australia-a-timeline">Superannuation Guarantee Scheme</a> was introduced. Under this, employers were required to contribute 3% into all exployees’ super.</p> <p>The standard rate will rise to 12% in July next year.</p> <h2>The future</h2> <p>A growing ageing population will mean the Australian government and superannuation industry will need to adjust current support systems.</p> <p><a href="https://treasury.gov.au/consultation/c2023-441613">Over the next decade</a>, about 2.5 million Australians will move from accumulation (where you’re building up your super) to join the 1.6 million already receiving super benefits.</p> <p>We can expect more people to be living into their nineties and needing pensions for life.</p> <p>One government <a href="https://treasury.gov.au/sites/default/files/2023-12/c2023-441613-dp.docx">priority</a> is to make lifetime pensions as much part of the Australian system as they are in <a href="https://www.mercer.com/en-au/about/newsroom/mercer-cfa-institute-global-pension-index-2024/">the rest of the world</a></p> <p>And after 30 years of growing complexity in the rules covering superannuation, regulators are <a href="https://www.alrc.gov.au/publication/superannuation-and-the-legislative-framework-for-financial-services-fsl11/">counting the cost</a>, and <a href="https://www.brokernews.com.au/news/breaking-news/asic-targets-regulation-overhaul-286067.aspx">planning some simplification</a>.</p> <hr /> <p><em>This article is part of The Conversation’s retirement series, in which experts examine issues including how much money we need to retire, retiring with debt, the psychological impact of retiring and the benefits of getting financial advice. Read the rest of the series <a href="https://theconversation.com/au/topics/retirement-series-2024-168372">here</a>.<!-- 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/241121/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 --></em></p> <p><em><a href="https://theconversation.com/profiles/anthony-asher-247115">Anthony Asher</a>, Associate Professor in the UNSW Business School, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</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/some-ancient-romans-got-to-retire-with-a-pension-at-42-but-retirements-changed-a-bit-over-the-centuries-241121">original article</a>.</em></p> </div>

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Brave pensioner fights off robber using a pair of jeans

<p>A 84-year-old man has been praised for his heroic actions as he fought off a robber with a pair of jeans. </p> <p>Ron Croker, from Yorkshire in the UK, was doing his washing at a laundromat when the would-be robber burst in and demanded, "Give me you f****** money now!" </p> <p>Mr Croker stood his ground and refused to give up his wallet, slowly walked towards the man and managed to force him out, all while holding a pair of his jeans in one hand.</p> <p>As he went to return to his washing, the robber reentered the laundromat for a second try, when Mr Croker jumped into action. </p> <p>The man screamed "get off!" and whipped him with the jeans as he again bundled him out the launderette.</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/DE2taf2IkXx/?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/DE2taf2IkXx/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by KTVU Channel 2 News (@ktvu2)</a></p> </div> </blockquote> <p>"I've worked all my life for my money. He's not having it," Mr Croker <a href="https://www.bbc.com/news/articles/ckgyzy6weqeo" target="_blank" rel="noopener">told the <em>BBC</em></a>.</p> <p>"I gave him an almighty shove and he went rolling into the road," he added.</p> <p>Despite his heroic actions, he admits the experience has left him "shaken" and "struggling to sleep", saying, "I do think about it when it's quiet at night. That's when the thoughts come. But I don't regret it."</p> <p>Police said a 42-year-old man had been charged with attempted robbery, and while Mr Croker sustained some bruises during the incident, a GoFundMe page has so far raised nearly £2,500 for him.</p> <p><em>Image credits: Coin-Op Launderette Maltby via Storyful / Instagram</em></p> <p style="box-sizing: content-box; font-size: 21.999962px; margin: 0px auto 1.5rem; max-width: var(--article-body-width-l); transition: padding 0s ease-in-out 0s; word-break: break-word; caret-color: #4a4a4a; color: #4a4a4a; font-family: 'Sky Text', sans-serif; padding: 0px var(--site-gutter) 0px var(--site-gutter);"> </p>

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

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

Retirement Income

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Elderly couple's pension predicament sparks heated debate

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

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Uber driver makes pensioner fork out thousands after minor accident

<p>In a distressing incident, 80-year-old pensioner Judy Libby has claimed that she was coerced into handing over $2,500 to an Uber driver following a minor car accident in Melbourne's CBD.</p> <p>Judy recounted her ordeal on Melbourne's 3AW Radio on Friday morning, describing the alarming sequence of events that unfolded after she accidentally hit the back of the Uber driver's car.</p> <p><a href="https://www.news.com.au/technology/motoring/motoring-news/an-absolute-nightmare-uber-drivers-sickening-act-to-80yo-pensioner/news-story/f77aa3e46c41532268a712cfc4764877" target="_blank" rel="noopener">According to News.com.au</a>, Judy explained that the driver was stationary when the accident occurred, causing a dent in the boot of his vehicle. The driver, claiming the damage had rendered him unable to work and support his family, demanded compensation. "He said, 'I’m an Uber driver, you’ve ruined the back of my car. I’ve got a wife and child to support; now I can’t work,'" Judy told the radio station.</p> <p>Initially, the driver demanded $4,000, allegedly stating he had obtained a quote from a friend who was a panel beater. When Judy expressed her inability to pay such a sum, the driver proposed a reduced amount of $2,500. They arranged to meet at her local bank, but when the teller grew suspicious and refused the transaction, the Uber driver reportedly drove her to another bank where she was made to withdraw the money.</p> <p>Judy described the driver's demeanour as very angry and the experience as a "nightmare". The situation took a further turn for the worse when she later received a legal letter demanding an additional $8,800 for the damage, with no mention of the $2,500 she had already handed over.</p> <p>Concerned and distressed, Judy informed her daughter, who then reported the incident to the police. The case is now being investigated by the fraud squad. "I wasn’t travelling at a speed to do huge damage. I had no damage on my car, just a few scratches," Judy said. "And he had an older car too, so $8,800; no. I didn’t write it off, I just hit his boot."</p> <p>3AW host Russel Howcroft condemned the incident as "disgraceful", particularly criticising the driver's actions of taking Judy to a bank against her will. "Fancy putting someone in their car and driving them to a bank branch," he remarked.</p> <p>The investigation by the fraud squad will hopefully bring clarity and justice to Judy Libby's troubling experience.</p> <p><em>Image: Lutsenko Oleksandr / Shutterstock</em></p>

Legal

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“What a legend”: Brave Aussie pensioner saves puppy from a snake

<p dir="ltr">An Aussie pensioner has gone the extra mile to save her terrified puppy from a carpet snake. </p> <p dir="ltr">Anne Murphy, a woman from NSW’s Lennox Head, captured the moment her 80-year-old mother went toe-to-toe with the slippery intruder who was terrorising her dog and shared the interaction on a Facebook page called Australian Country Memes. </p> <p dir="ltr">According to Anne, her mother bolted out the door one Monday evening when she heard her dog “screaming”, when she was confronted with the carpet snake. </p> <p dir="ltr">The non-venomous snake had wrapped around the small dog and bitten it on the chin, when the 80-year-old intervened. </p> <p dir="ltr">The woman was “bitten three times” by the snake, before she “caught the snake so it could be taken out to the bush and hopefully not make its way back to her place”. </p> <p dir="ltr">She then took her puppy to the vet, and got home three hours after the incident first happened.</p> <p dir="ltr">The post has since received over 2,000 likes and hundreds comments, hailing the 80-year-old as a “legend“, “gutsy” and a “wonderful woman.”</p> <p dir="ltr">“She is a true blue here. My hat is off to you, amazing lady,” one person wrote. </p> <p dir="ltr">Another added, “Way to go! That’s just what country people do. God love her, they don’t make them like that anymore.”</p> <p dir="ltr"><em>Image credits: Getty Images / Facebook</em></p>

Family & Pets

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"Stuff youse": Pensioner who's never owned a phone fights mobile detection camera fine

<p>A pensioner from New South Wales has disputed a fine he was issued for using his phone while driving, despite never owning a phone. </p> <p>Frank Singh, 77, was captured on a mobile phone detection camera while driving on the Pacific Motorway last September, and was issued a fine for $362. </p> <p>Mr Singh has refused to pay the fine, claiming that he was holding his wallet when the image was captured. </p> <p>He also claims to have never owned a mobile phone or a computer in his life, wondering how the camera made such a mistake. </p> <p>The senior man decided to appeal and take Revenue NSW to court, despite the risk of paying thousands in legal fees if he lost the case.</p> <p>"Looks like I'm guilty on it, but I'm not," he told <em>A Current Affair</em>. </p> <p>"I thought, what the bloody hell is this all about, I don't own a mobile phone. I've never used a mobile phone. What a load of s***."</p> <p>When questioned what the item could be, he said, "I think it could be my wallet."</p> <p>While Mr Singh admitted he can't specifically remember what he was doing at the time, he believes he was possibly placing his wallet on the passenger seat after paying for fuel. </p> <p>Unfortunately, the review of the fine was rejected and Frank was ordered to pay the $362, but he has not given up. </p> <p>"Then I thought stuff youse, I'm not guilty, I don't own a bloody phone," he said.</p> <p>While preparing to appeal the fine once more, Revenue NSW revoked the fine after issuing a letter to Mr Singh saying he would not be required in court following an investigation by the government body. </p> <p>"We have decided to cancel the fine," the letter read. </p> <p>"You little bloody beauty, how good's that," Mr Singh said on hearing the news, before planning to celebrate the win with a beer at his local pub. </p> <p><em>Image credits: A Current Affair </em></p>

Legal

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Carer allowance and disability pension set to increase

<p>Over 936,000 Aussies are set to see a cash boost in the new year, as indexation to government payments takes effect from January. </p> <p>Australians receiving youth, student or carer support will receive a 6 per cent boost to their payments, as additional support to help them navigate the rising cost of living. </p> <p>“Australia’s social security system is a safety net that is continually strengthened and improved to support all vulnerable Australians,” Minister for Social Services Amanda Rishworth said.</p> <p>“Through regular indexation, our payments are adjusted in line with changes in the cost of living to retain their purchasing power.”</p> <p>For over 600,000 carers, the Carer Allowance is set to increase to  $153.50 a fortnight, while the Disability Support Pension for Australians under 21 will increase by $31.10 to $44.90 a fortnight. </p> <p>Youth Allowance payments are also set to increase between $22.40 and $45.60 a fortnight, while Austudy payments will increase by between $36.20 and $45.60. </p> <p>The new year increases are being set into motion after a $40 a fortnight increase to youth and student payment rates, which was effective from September 20. </p> <p>A complete list of the new payment increases can be found on the <a href="https://www.dss.gov.au/about-the-department/benefits-payments/previous-indexation-rates" target="_blank" rel="noopener">Department of Social Services website</a>.</p> <p><em>Image: Getty</em></p>

Money & Banking

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Pensioner's epic 600-mile journey from England to Scotland on a pony

<p>Jane Dotchin has completed an epic 600-mile (1000 km) journey from England to the Scottish Highlands with her pack pony Diamond, and disabled Jack Russell terrier Dinky.</p> <p>The 82-year-old has been making this seven-week trek every year since 1972, with nothing but her trusted pony, pet dog and a few belongings including a tent, food and water which she carries in a saddlebag.</p> <p>The pensioner travels between 15 and 20 miles a day from Hexham, Northumberland to Inverness in the Scottish Highlands. </p> <p>"I love camping and I love the countryside," she said, according to the <em><a href="https://www.dailymail.co.uk/travel/article-12735287/Pensioner-82-completes-600-mile-ride-England-Scotland-horse-Diamond-7-week-trip-shes-year-1972.html" target="_blank" rel="noopener">Daily Mail</a>.</em> </p> <p>Her dog Dinky, who deformed front legs,  is just as happy to go on the adventure, sitting comfortably in the saddlebag as the world passes by her. </p> <p>She lives on porridge, oatcakes and cheese, and carries an old mobile phone in case of emergencies. </p> <p>Dotchin does not let her eye-patch stop her either, as she is determined to continue the tradition for as long as possible.</p> <p>"I know the route so well, I don’t need to read maps. I can manage if I keep to the routes I know," she told the publication. </p> <p>Dotchin first started long-distance trekking 40 years ago when she rode to Somerset, which was around 300 miles from where she lived, to visit a friend. </p> <p>She has made the journey up north every autumn since, and is an inspiration to many, with those who have spotted her sharing photos and videos of the avid horse rider. </p> <p>"A personal hero passed by just now!" wrote one person, who spotted Dotchin riding her pony back in 2021. </p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">A personal hero passed by just now! <a href="https://t.co/vcwcdjxMOI">https://t.co/vcwcdjxMOI</a> <a href="https://twitter.com/hashtag/JaneDotchin?src=hash&amp;ref_src=twsrc%5Etfw">#JaneDotchin</a> <a href="https://twitter.com/BBCScotland?ref_src=twsrc%5Etfw">@BBCScotland</a> <a href="https://twitter.com/TheScotsman?ref_src=twsrc%5Etfw">@TheScotsman</a> <a href="https://t.co/8qegaOLA3P">pic.twitter.com/8qegaOLA3P</a></p> <p>— Robyn Woolston (@robynwoolston) <a href="https://twitter.com/robynwoolston/status/1441359649387671557?ref_src=twsrc%5Etfw">September 24, 2021</a></p></blockquote> <p>"Went to watch a bike race and instead discovered an amazing, adventurous and inspirational woman," wrote another person, who spotted Dotchin in 2022. </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-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CiLfMCVMOOy/?utm_source=ig_embed&amp;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/CiLfMCVMOOy/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Eiger X (@eiger.x)</a></p> </div> </blockquote> <p>"What an absolute inspiration on a beautiful morning," wrote another, who spotted her a week later. </p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">When you’re struggling on a morning run and meet the incredible <a href="https://twitter.com/hashtag/janedotchin?src=hash&amp;ref_src=twsrc%5Etfw">#janedotchin</a> on the path. This 82-year-old rides 600 miles across Scotland every autumn with her horse Diamond and disabled Jack Russell Dinky in her saddle bag. What an absolute inspiration on a beautiful morning. <a href="https://t.co/SuAvQug6dc">pic.twitter.com/SuAvQug6dc</a></p> <p>— 📚🕷Suzy A #CrowMoon 🖤❤️📚 (@writer_suzy) <a href="https://twitter.com/writer_suzy/status/1569965657629794306?ref_src=twsrc%5Etfw">September 14, 2022</a></p></blockquote> <p><em>Images: Twitter/ Instagram</em></p>

International Travel

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Millions of Aussies set for a pension boost

<p>Millions of Australians are set to receive a generous cash increase when an imminent welfare payment indexation comes into effect. </p> <p>Those on age pension payments from Centrelink will see a boost to their payment from Tuesday. </p> <p>According to figures from the Department of Social Services, single pensioners will receive an increase of $32.70, taking their payments to $1096.70 a fortnight.</p> <p>Couples on the adult pension will have their fortnightly payments increase by $24.70 to $826.70.</p> <p>Those on Jobseeker will also receive a boost to their payments, as payments will increase by $56.10 a fortnight to $749.20 for single people aged 22 or more with no children, and by $57.30 a fortnight for those with children to $802.50.</p> <p>Single people aged 55 or over will also have payments increased to $802.50 after nine months.</p> <p>Partnered people on Jobseeker will get a $54.80 increase to $686 a fortnight. </p> <p>Centrelink recipients on rent assistance, youth allowance and Austudy payments will also receive a boost to their fortnightly payments. </p> <p>Despite the increases across many welfare recipient groups, the Australian Council of Social Services says the increases are not enough.</p> <p>ACOSS said people almost three quarters of people they had surveyed on income support were eating less or skipping meals as the ongoing cost of living criss worsens. </p> <p>Half of the respondents said the incoming increase would not help at all, prompting the ACOSS to call for income support to at least match the pension rate.</p> <p><em>Image credits: Getty Images</em></p>

Money & Banking

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"Entitled" widow sparks outrage over age pension question

<p>An elderly widow has been slammed for writing in to a financial column asking for advice, despite being very well-off.</p> <p>The 88-year-old (NOT pictured here) wrote in to Nine newspapers’ columnist Noel Whittaker asking for advice on how to access a pension after the death of her husband. </p> <p>“My husband and I received a part pension but he passed away and I now have all the assets but no pension,” she wrote to Whittaker’s <a title="www.smh.com.au" href="https://www.smh.com.au/money/super-and-retirement/i-lost-my-pension-when-my-husband-died-can-i-get-it-back-20230718-p5dp2g.html" target="_blank" rel="noopener">Ask Noel </a>column. </p> <p>“I am 88 and own my own home. I have $680,000 in savings and $180,000 in shares. My income is $25,000 p.a. is there anything I can do to get a part pension?”</p> <p>While the question seemed innocent enough, many Aussies were infuriated by the woman's query, sparking outrage on social media.</p> <p>One person pointed out how well off the woman was, mockingly saying, "We have $1m in assets. Can we get the age pension?”  </p> <p>Another person wrote, “Lady you’re 88, where are you getting 25k per year if not investments? You’ll be fine, Karen.”</p> <p>The pile-on continued, with plenty more slamming the woman for being “entitled”, greedy, and mocking her for wanting even more money than she already had to spend over her remaining years.</p> <p>One person added, “How much longer does this person think they’re going to live that they need more than $1 million …”</p> <p>Another person offered their own advice if the last needed more money, encouraging her to use her $680,000 savings, saying "That's what it's there for."</p> <p>Another person summed it up by writing, “The problem with old people these days is they’re too entitled. Back in my day, old people reused their tea bags and were grateful.”</p> <p>Many even commented that the question was the exact kind of “fake” submission dreamt up for columnists to “enrage readers”, and someone posed their own mock question to Whittaker to point out how ludicrous the woman's question was. </p> <p>“I own my own home, have 6 million ingots in assets, and my income is several gold bullion per month. I am 300 years old. I am a fire-breathing dragon. Can I claim the part pension?” they wrote.</p> <p><em>Image credits: Getty Images</em></p>

Retirement Income

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“A little bit unfair”: Hard-working tradies blast age pension increase

<p dir="ltr">A group of tired tradies have rallied against the “unfair” decision to increase the age of eligibility for the age pension.</p> <p dir="ltr">The tradesmen, all in their 60s, simply said their bodies “can’t handle” working in manual labour until they’re 70, which may be in their future if the eligibility age continues to rise.</p> <p dir="ltr">The age to qualify for the pension was raised from 66 years and six months to 67 on July 1st with the move impacting any Australian born after December 31st, 1956.</p> <p dir="ltr">Experts predict the age could rise even further to 70 by the year 2050 with the news sparking backlash among hardworking Aussies.</p> <p dir="ltr">One man, a concreter in his mid-60s named Steve, said working the manual labour job was already taking a toll on his body and that the new retirement age was “unfair” on those working physically demanding jobs.</p> <p dir="ltr">“Now I'm starting to feel it more in my knees, I've got arthritis in my hands, I've had two back surgeries,” he told <em><a href="https://9now.nine.com.au/a-current-affair/australian-tradies-outraged-over-decision-to-raise-pension-age-to-67/5b5c6dda-c995-44ad-bb29-98c625e9d276" target="_blank" rel="noopener">A Current Affair</a></em>.</p> <p dir="ltr">“It does seem a little bit unfair that you have to work all your life.”</p> <p dir="ltr">Peter, who cuts down trees in the Gold Coast for a living, compared the raising of the pension age to the harsh realities of his job.</p> <p dir="ltr">“It's just like climbing a tree,” he said. “The injuries are just climbing all the time, it's getting harder, worse, sorer all the time.”</p> <p dir="ltr">He described what was happening as “very scary”.</p> <p dir="ltr">“Unfortunately I thought 65 would be a nice time to retire and get on a pension but now we are talking 67,” he said.</p> <p dir="ltr">“Is it going to go up to 68, 69, 70?”</p> <p dir="ltr">Macquarie University Professor Hanlin Shang believes the pension age will need to rise to 70 or government spending will spiral out of control.</p> <p dir="ltr">He and other researchers estimate that the retirement age will rise to 68 by 2030, 69 in 2036 and 70 by 2050.</p> <p dir="ltr">“As Australians live longer than before, it presents a challenge to the government to fund retirees through a pension scheme,” Professor Shang said.</p> <p dir="ltr">Despite these challenges, Peter said politicians don't understand the burden that working physical jobs has on older bodies.</p> <p dir="ltr">“It would be nice to be a politician sitting on a nice comfortable chair all day in an air conditioned room or office,” he said.</p> <p dir="ltr">“They need to come out and see what it's like to do some physical work. That would make them change their mind in trying to stretch this pension out to 67, 68, 69, 70.”</p> <p dir="ltr"><em>Image credits: A Current Affair</em></p>

Retirement Income

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Tragic end for pensioner struck by royal motorcade

<p dir="ltr">Helen Holland, the 81-year-old woman who was struck by a police motorcade escorting the Duchess of Edinburgh, has died. </p> <p dir="ltr"><a href="https://www.oversixty.com.au/news/news/elderly-woman-hospitalised-by-royal-motorcycle-escort">Helen was hit on May 10 at the junction of West Cromwell Road and Warwick Road in west London’s Earl’s Court</a>, and was taken to hospital after receiving treatment from paramedics at the scene.</p> <p dir="ltr">Her family confirmed the news of her passing, telling the<em> BBC </em>that while she had fought "for her life for nearly two weeks”, tragically “irreversible damage to her brain finally ended the battle”.</p> <p dir="ltr">Helen had suffered “multiple broken bones and massive internal injuries” in the crash, despite using the “safe route of [a] pedestrian crossing”, according to her son, Martin Holland. </p> <p dir="ltr">In the wake of the devastating incident, her family had announced that Helen was in a coma, with the police later revealing that she remained in a critical condition. </p> <p dir="ltr">In a statement reportedly shared with <em>Sky News</em>, the family had described Helen as a "beautiful, loving, kind, and caring lady who would always put anyone before herself.</p> <p dir="ltr">"The family are deeply saddened and shocked at the news Helen was involved in such a tragic accident.”</p> <p dir="ltr">They went on to share that while she had been 81 years old, she was “sprightly for her age and nothing stopped her living life to the full, spending precious time with her family, muddy walks with the dogs and lunches with friends is what she enjoyed most”, before asking that everyone keep her in their thoughts and prayers. </p> <p dir="ltr">Meanwhile, Buckingham Palace had announced that Sophie - the Duchess of Edinburgh - had offered her “heartfelt thoughts and prayers” to “the injured lady and her family”, and that she was “grateful for the swift response of emergency services and will keep abreast of developments".</p> <p dir="ltr">An investigation was launched by The Independent Office for Police Conduct soon after the event, and it remains ongoing, with the police watchdog assuring Helen’s family that they would keep them “regularly updated as the investigation progresses".</p> <p dir="ltr">That investigation involved examining footage from neary CCTV as well as footage from police body cameras. Additionally, officers who were present at the scene were to be interviewed, while the organisation sought other witnesses to come forward with any more information they might have.</p> <p dir="ltr">While the family waits for answers, they are also coming to terms with their difficult loss, with Helen’s grandson - Joe Strutter Holland - sharing on Facebook, “rest in peace Nanny (Helen) Holland. One of the kindest and most joyful souls you'll ever of had the pleasure of meeting. Taken before her time.”</p> <p dir="ltr">He went on to note that he was glad his grandmother and his son had gotten the chance to meet, writing 'I'll ensure he knows who you are, till we meet again”. </p> <p dir="ltr"><em>Images: Facebook, Getty</em></p>

Caring

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"Get a grip": Retirees roasted over tone-deaf pension question

<p>A pair of retirees - and their significant others - have found themselves at the centre of a new online debate, all because of their submission to one financial advice column, and its circulation on social media.</p> <p>Both retirees - each with millions of dollars to their names - submitted their concerns to the <em>Sun Herald</em>’s George Cochrane, hoping for financial advice and a solid strategy moving forward with their respective retirements.</p> <p>The first request saw a 78-year-old man and his 79-year-old wife ask if they should look into selling some of their shares in order to stay below a threshold. </p> <p>The couple were receiving an account-based pension from their self-managed super fund, with a combined total of nearly $2.3 million - he had $1,5999,956 and she had $675,590 as of July 2017.</p> <p>Their combined funds were invested in Australian shares, they noted, and gave them a “healthy return which includes imputation credits”. They went on to share that since 2017, some of their shareholdings had “more than doubled in value”, and that the husband’s contribution to their fund had exceeded “the $3 million limit which the government intends to bring in.”</p> <p>“What will be the tax implications if my SMSF reaches $4 million and my wife’s $1.8 million?” they asked. “Should we sell some of our shares to stay below the $3 million threshold?”</p> <p>The second request came from a 60-year-old woman on behalf of herself and her 50-year-old husband, in which she revealed they had property valued at $4 million, and that they’d accessed her super to pay their $300,000 mortgage. His super, meanwhile, still contained half a million. </p> <p>Additionally, the two had plans to relocate to Europe to a “less expensive property” in order for them to spend more time - and have more funds to put towards - travelling. </p> <p>“We prefer not to work,” she shared, “have no children and intend to spend all our money. What would be a good strategy?”</p> <p>Advice was given, but the column’s wave of response came when The Guardian’s deputy news editor Josephine Tovey shared it to her Twitter, sharing her thoughts on the “generational inequality” it represented, and closing her take with the line “what problems to have”.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">Honestly if you want to get your blood up about generational inequality in Australia may I recommended the letters on the Money page of the Sun Herald? What problems to have. <a href="https://t.co/uka3EpbOOj">pic.twitter.com/uka3EpbOOj</a></p> <p>— Josephine Tovey (@Jo_Tovey) <a href="https://twitter.com/Jo_Tovey/status/1660073911944638464?ref_src=twsrc%5Etfw">May 21, 2023</a></p></blockquote> <p>Many - mostly those from younger generations, primarily millennials - were quick to side with Tovey, unable to wrap their heads around the idea that the couples’ problems were valid ones. </p> <p>“Oh no. I have TOO MUCH MONEY. What to do, what to do,” one user wrote.</p> <p>“‘I have more money than I know what to do with. Please help’,” another contributed. </p> <p>“I'd ‘prefer not to work’ too but here I am,” one quipped. </p> <p>And as someone else put it, “more than $4 million in assets but too cheap to pay for professional advice. Nothing could be more boomer than this.”</p> <p>“I think that there is huge inequity and variance among Boomers - often depending on the presence or absence of intergenerational wealth,” another user noted. “Ditto with millennials cos of [the] same reason”.</p> <p>However, for every person who was condemning them, another was prepped and ready to come to their defence. </p> <p>“Dear oh dear. Tall poppy syndrome strikes again - Australians are so good at trying to tear down the successful,” one said. “Seriously, get a grip everyone. Good luck to them and I hope they enjoy their respective retirements.”</p> <p>“My partner and I don’t have kids, we live in a modest house and save as much as we can so that we can retire early and travel, we are not landlords, we didn’t inherit any money but we should have about $2 million to retire on, we are working class,” one shared, “doesn’t seem wrong to me.”</p> <p>“They obviously worked hard and earnt it!! Haters going to hate - but good on them - I hope in 20 years when I retire, I have problems like this too,” another wrote. </p> <p>“So they have worked hard all their lives, they don’t have children and they want to travel - why is this an issue?” someone wanted to know, before adding that “they deserve to spend their twilight years in comfort.”</p> <p><em>Images: Twitter</em></p>

Money & Banking

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Elderly woman hospitalised by royal motorcycle escort

<p dir="ltr">A pensioner in her 80s is in critical condition after a collision with a police motorcycle that was escorting Sophie, Duchess of Edinburgh.</p> <p dir="ltr">The rolling motorcade, manned by motorcycle outriders, was escorting the Duchess when the collision happened.</p> <p dir="ltr">The Duchess was being escorted by the Met Police‘s Special Escort Group, who provide armed escorts for Royal Family members, VIPs, protected members of the Government, visiting royals, heads of state and other visiting dignitaries.</p> <p dir="ltr">Met Police released a <a href="https://news.met.police.uk/news/woman-injured-following-collision-with-police-motorcycle-in-west-london-466651#:~:text=A%20woman%20has%20been%20injured,Road%2C%20Earls%20Court%2C%20SW5." target="_blank" rel="noopener">statement</a> that said: “A woman has been injured after being involved in a collision with a police motorcycle in west London.</p> <p dir="ltr">“At approximately 15:21hrs on Wednesday, 10 May a police motorcycle on escort duties was involved in a collision with a member of the public on West Cromwell Road, Earls Court, SW5.</p> <p dir="ltr">“Paramedics from the London Ambulance Service and London's Air Ambulance attended and a woman, aged in her 80s, was taken to hospital.</p> <p dir="ltr">“She remains there in a critical condition. Her family have been informed”.</p> <p dir="ltr">Road closures were in place and two bikes – one with King Charles‘ cypher – were seen inside the cordon after the collision happened.</p> <p dir="ltr">A spokesperson for Buckingham Palace has said: “The Duchess’s heartfelt thoughts and prayers are with the injured lady and her family.</p> <p dir="ltr">“She is grateful for the swift response by the emergency services and will keep abreast of developments.</p> <p dir="ltr">“Further comment at this time would not be appropriate while the incident is being investigated.”</p> <p dir="ltr"><em>Image: Getty</em></p>

News

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Major boost to pension and allowance just days away

<p>The federal government has announced big changes to government allowance, with nearly 5 million Aussies set to benefit from an increase to their pension payments. Read more:</p> <p>Almost 5 million Aussies will receive a major increase to their pension payments as they are indexed to inflation.</p> <p>Recipients of the Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.</p> <p>The maximum fortnightly rate of the pension is set to increase to $1,064 for singles and $1,604 for couples,  including the pension and energy supplements.</p> <p>Single, childless JobSeeker and ABSTUDY recipients over 22 will receive an extra $24.70 per fortnight.</p> <p>Each half of a couple receiving payments will receive a $22.50 increase per fortnight.</p> <p>Single parents receiving the parenting payment will benefit from an extra $33.90 a fortnight.</p> <p>Single parents on the parenting payment will also receive an additional $33.90 per fortnight, with the rate increasing to $967.90, including the Pension Supplement, Energy Supplement, and Pharmaceutical Allowance.</p> <p>Single, childless recipients of the maximum rate Common Rent Assistance will see an increase of $5.60, receiving $157.20 per fortnight.</p> <p>People who receive the maximum rate and have one or two children will see an increase of $6.58 to $184.94 per fortnight, while those with three or more children will receive an increase of $7.42 to $208.74 per fortnight.</p> <p>According to the federal government, the indexation of social security payments will bring cost-of-living relief for 4.7 million people.</p> <p>Social Services Minister Amanda Rishworth said the government was supporting Australians most in need.</p> <p>"Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch," she said.</p> <p>"Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.</p> <p>"The increase is an important part of the system and helps those doing it toughest.”</p> <p>The indexation of payments begins on March 20.</p> <p><em>Image credit: Getty</em></p>

Money & Banking

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"I had better make sure I don’t have a heart attack!": Allison Langdon stuns pensioners on the verge of bankruptcy

<p>Left with a $25,000 legal bill after taking their retirement village to court over a broken air conditioning unit and losing the case, pensioners Walter and Carola Sadlo were on the verge of bankruptcy.</p> <p>In a heartwarming segment, Allison Langdon told the Sadlo’s that A Current Affair viewers had banded together to bail them out of their financial debt.</p> <p>Walter and Carola’s legal battle began in 2018 when their air conditioning unit broke. The couple had paid an extra $1,375 for air conditioning but maintenance wasn’t covered by the retirement village. Walter said he believed it would be covered, so he tried to fight it in the New South Wales Civil and Administrative Tribunal (NCAT).</p> <p>After taking the retirement village to court and losing the case, the couple were issued with a bankruptcy notice just two days before Christmas. “I could not believe that somebody could be so vicious and cruel,” Walter said.</p> <p>The couple had also sacrificed their savings to fight the case; $15,000 that Carola inherited from her mother. With this gone, they feared losing their home.</p> <p>Langdon then stunned the couple by telling them, “our viewers have paid your debt.”</p> <p>"I normally don't get emotional. I had better make sure I don't have a heart attack!" Walter said. </p> <p>Not only was their $25,000 legal bill covered, but viewers chipped in almost enough to cover the $15,000 they had to put toward their bill. </p> <p>"Hopefully, there will be village operators who see this story and will show a bit more heart," Walter said.</p> <p><em>Image: A Current Affair</em></p>

Money & Banking

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Detective steals thousands from elderly woman

<p>An elderly woman who was scammed out of $30,000 in an online scam has once again been stolen from, after the police officer helping her recover the money stole her bank details. </p> <p>In May 2021, 74-year-old Sonia was robbed by fraudsters pretending to be NBN workers after they convinced her to transfer the hefty five-figure sum.</p> <p>After discovering it was a scam, Sonia then reported the crime to NSW Police, who sent a detective to her home to investigate.</p> <p>The officer was supposed to be helping Sonia recover her stolen money, but instead tried to use her credit card and banking details and purchase almost $20,000 worth of goods.</p> <p>The police officer fronted Liverpool Local Court on Wednesday where his barrister tried to explain his client's behaviour saying he had gone "off the rails" and fallen into a depression due to the nature of his work.</p> <p>In June 2021, the detective, who cannot be named, attended Sonia's home several times to investigate what happened, often wearing his full police uniform.  </p> <p>To gain her sympathy, he said he had a brain aneurysm and had not yet told his girlfriend or work. </p> <p>According to police documents tendered to the court, Sonia trusted him and he told her she "reminded him of his own grandmother", the <a href="https://www.dailytelegraph.com.au/truecrimeaustralia/police-courts-nsw/detective-investigating-30k-fraud-on-74yo-woman-steals-her-credit-card-for-16k-shopping-spree/news-story/1823067b8a55dc184f1278ce6a933b69" target="_blank" rel="nofollow noopener">Daily Telegraph</a> reported.</p> <p>When he asked to see her online banking details, credit cards and passwords, Sonia gave them to him willingly, assuming they were needed for his ­investigation.</p> <p>The detective tried to buy close to $20,000 worth of items from JB Hi Fi, Big W and Myer, including iPhones, GoPro cameras and Apple Watches.</p> <p>Thankfully for Sonia, none of the attempted purchases went through, as they were all rejected by Sonia's bank as suspicious activity.</p> <p>When Sonia was notified of the attempted transactions, she immediately suspected the detective who had been supposed to be helping her. </p> <p>In court this week, the now former detective pleaded guilty to stealing Sonia's bank details, and will will face Downing Centre District Court in Sydney on May 12th when he will be sentenced.</p> <p>More than 18 months after the events, Sonia is still very troubled by what happened and blames herself.  </p> <p>"I can't switch off a feeling that I was stupid in the first place ... I trusted this guy and then he did that," she said.</p> <p><em>Image credits: Getty Images</em></p>

Legal

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"Sheer terror": Pensioner slapped with five-figure government fine

<p>Pensioner Rosemary Gay opened up about the “sheer terror” she faced upon receiving a letter from the government demanding she pay back the $65,000 Robodebt bill they claimed she had been overpaid. </p> <p>Rosemary’s nightmare began on September 19, 2016, when the letter arrived, an event that Rosemary confesses “turned my life upside down and created an enormous emotional and mental strain on me."</p> <p>The letter detailed that she was required to pay the total of $64,999.17 in overpaid welfare benefits. Centrelink claimed this was because her declared amounts did not reflect what she actually earned during the period of July 9, 2010, to 6 October, 2016.</p> <p>“It turned my life upside down,” Rosemary told the Robodebt Royal Commission on Monday, “I’ve never earned that much money, how could I owe that much money? And the fact I was to come up with it within a matter of three or four weeks, it was sheer terror.”</p> <p>The emotional 76-year-old admitted that she feared she would have to sell her home to cover the debt, and detailed the bleak path she saw before her, “all I could see was that I may be faced with selling my home and losing everything that I had worked for in my 70 years, and I just saw it all going away instantly.”</p> <p>After contacting Centrelink, Rosemary confirmed that what she had reported was the same as what was on the paperwork. She admitted to assuming that would “be the end of it.”</p> <p>Officials at Centrelink eventually told Rosemary that it came down to a “glitch”, and after a review, the total of her debt was reduced to $6,600. </p> <p>Of her Robodebt experience, Rosemary said, “it was a very dark period of time for me and one that is very difficult to re-live. My mental health and physical health, at that stage, were at a very low ebb.”</p> <p>A second review brought a new letter to Rosemary in December 2016, this time stating that her debt had been reduced to $120. </p> <p>Finally in 2020, Rosemary was informed by Centrelink that she would be refunded the $120, with the Coalition government winding up the unlawful scheme - ruled as such by the Federal Court in 2019. It is suspected that more than 381,000 people were affected, and that over $750m was wrongfully recovered from the victims. </p> <p>“I was shocked and angry by this time to think they could initially cause such a traumatic experience to anybody accessing support from a pension,” Rosemary told the Royal Commission, “it will continue to remain with me forever. It’s just something I will never get over and it has had a huge impact on my physical and mental wellbeing … </p> <p>“That they could turn someone’s life upside down and still get it so wrong over and over again.”</p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Disability pensioner calls himself the "unluckiest" lotto winner

<p>When a disability pensioner struck gold playing the lotto, he thought his luck was starting to turn, until a harsh ruling from Centrelink put a swift end to his celebrations. </p> <p>Craig Hill had never won anything playing the lotto, until his numbers finally came up last month. </p> <p>While it wasn't "the big prize", Hill claimed the second division win in The Lott's "Set for Life" draw.</p> <p>"The main prize is $20,000 a month for 20 years. But this was second division, which is $5000 a month, for 12 months," Hill said.</p> <p>It was a tidy sum of $60,000 to help pay off the mortgage.</p> <p>"It's probably the dream of every Australian to win," Hill told <em>A Current Affair</em>.</p> <p>"I'm very disappointed. I mean, you only ever win the lottery once. It's not a big prize."</p> <p>After he was notified of his winnings, he thought he would do the right thing and tell Centrelink of the money he was soon coming in to. </p> <p>"Initially, they said 'it's a lottery win, so therefore it doesn't affect your pension'," he recalled.</p> <p>"I rang back later and (they) said, 'because you're a professional gambler now, you're getting paid monthly, it does affect your pension'."</p> <p>If The Lott had paid Hill his winnings as one lump sum, it wouldn't have affected his fortnightly pension payments.</p> <p> </p> <p>But because his winnings are being paid over 12 months, Centrelink considers it an income from professional gambling.</p> <p>As a result, his pension has now been slashed from around $820 a fortnight to just $328, with his wife's carer's payment has been affected too.</p> <p>"When I said I wanted it reviewed, they said are 'we going to apply the $5000 to your wife's carers allowance … because that's welfare as well'," Hill said.</p> <p>Because of the lotto win, the couple is losing around $2000 a month.</p> <p>The pensioner tried to ask The Lott to pay the money as a lump sum, but was told it didn't meet its criteria for an exceptional circumstance.</p> <p>Now he's hoping for changes to be made to the rules.</p> <p>"It has taken me 40 years to win a prize of the lottery … apart from $8 last week," Hill said.</p> <p>"At 61 I really haven't got another 40 years to wait to win another one."</p> <p>Craig's message to Centrelink is, "I'm not your enemy."</p> <p>"I'm just a bloke that's struggling to make a living," he said.</p> <p><em>Image credits: A Current Affair</em></p>

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