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Use it or lose it as historic super cap prepares to expire

<p>Australians could be sitting on a golden opportunity to spur their super savings this year — but if they don’t act fast, they will miss out. </p> <p>That’s because in July they will lose the entitlement to claim any unused superannuation tax concessions from 2019-20, known as the concessional cap. </p> <p>The concessional cap is the total annual amount that can be contributed into super by a person’s employer, through salary sacrifice or claimed as a tax deduction, before the person is charged at the ordinary taxable rate. </p> <p>In other words, for most Australians there is a gap between what they or their employer contribute each year and the total amount they could contribute, taking advantage of tax concessions. </p> <p>In 2019-20, that capped amount was $25,000, and unless people were making or receiving contributions above the superannuation guarantee, they would have needed to earn about $260,000 to hit the cap. </p> <p>If they didn’t, there may still be ‘available’ cap that has built up over the last five years and can be used to access the 15% tax rate on earnings — until July 1, when the cap expires. </p> <p>While this sounds technical, reviewing past superannuation contributions and checking to see that caps have been maxed out is one of the easiest ways to achieve a tax deduction. </p> <p>Of course, there are a few aspects to this strategy that bear consideration. </p> <p>The concession cap system is a use it or lose it play. Any gap between contributions and cap will expire after five years, so this is the last chance to retrospectively boost your superannuation using the 2019-20 cap.</p> <p>That said, as this is the first year we have seen the cap expire, it might have slipped the minds of many. </p> <p>Even if you have maxed out the cap for that year, you should take the opportunity to look at more recent years as well to see if you have been carrying forward an available pool of tax concessions. </p> <p>The second thing to note is that the vast majority of Australians will have a tax cap opportunity available. </p> <p>For anyone on an average salary, the cap gap can grow by $10,000 or more each year, unless additional contributions are made through salary sacrifice or as a tax deduction.</p> <p>The concession is also available for those who might have stopped work to have children or who are reducing their workload approaching retirement. </p> <p>Check with your accountant or your super fund — you might have tens of thousands of dollars in tax concessions available for use. </p> <p>Thirdly, consider your timing. </p> <p>If you know you will have tax capacity in coming years, try to time your use for those years where you have a significant tax event, such as realising capital gains. </p> <p>This can reduce your tax liability without disrupting your other plans. </p> <p>In this case, seeking strategic advice is extremely important to determine the optimal outcome for your circumstances. </p> <p>And finally, recognise there are exceptions.</p> <p>People whose superannuation balance is already over $500,000 are excluded from taking advantage of the cap rollover, but could still benefit from advice on how they should balance their tax liabilities while maximising their superannuation. </p> <p>Whatever your circumstance, speaking to a qualified, independent advisor is the first step to ensure you are working within the complex rules that govern super and taking best advantage of the tax concessions available.</p> <p>But if there is an opportunity to reduce your tax liability for limited effort, you would be mad not to explore your options. </p> <p><em>Image credits: Shutterstock</em></p>

Retirement Income

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"This ruined my life": Mum still seeking justice after horror e-bike crash

<p>Sarah was crossing on George Street in Sydney's CBD on February 2023 when she was brutally struck by a Lime e-bike rider. At the time of the accident, she was three months pregnant. </p> <p>Speaking to <em>Yahoo News</em>, Sarah explained she had been crossing the street when she heard someone yell "look out!" but before she could react, she was knocked down by the speeding vehicle. </p> <p>She claims that the bike user was illegally riding with a companion on the handle bars at the time, and fled the scene when she cried out "my baby!" </p> <p>Fortunately, Sarah's unborn daughter was unharmed during the incident, but she was left with lifelong injuries. </p> <p>"My foot was crushed, I had dislocations and many broken bones, and I needed 21 screws, two plates and two pins," Sarah said. </p> <p> "As a result of the injury, the skin on my foot began to die with fracture blisters, so I needed skin grafts as well.</p> <p>"I required six surgeries on my foot in total. One on my elbow, which was broken. One big plate and seven screws. Six weeks of non-weight bearing on my arm, and much longer on my foot. Around 12 weeks plus altogether."</p> <p>It took the mum six months after the accident to be able to walk again - three weeks before she gave birth. </p> <p>"The pain was unbelievable," she recalled. </p> <p>"The trauma was unbelievable. It was all just horrible, horrendous. It really was." </p> <p>Her family tried to seek compensation from Lime, but they deflected any blame saying that they would only take responsibility if the accident was caused by a faulty Lime bike, but not reckless riding. </p> <p>Since Lime e-bikes are rented by individuals, liability typically falls on the rider, not the company, they argued.</p> <p>The family's solicitor had also obtained CCTV footage of the incident, and had tried to get police to follow up but have been hit with multiple roadblocks since. </p> <p>"The police had their name, addresses, mobile and photos. [But] they only called one time, and went to the house one time. That's it. A high commissioner rang me to apologise, but then they still did nothing."</p> <p>Now, Sarah and her family are calling for the total ban of e-bikes in Australia. </p> <p>"They should be banned," Sarah said. "The government and Lime have just let loose motorised vehicles that can hurt riders and pedestrians, and have not covered anyone but themselves.</p> <p>"There is no policing how fast they are going. This ruined my body, my life and my first pregnancy. And nobody has been held accountable."</p> <p>While Sarah's baby was unharmed in the accident, nine months after her birth, the baby girl "was found to have tetralogy of Fallot" — a rare but serious heart defect that affects how blood flows through the heart.</p> <p>"She needed open heart surgery and will need it every 10 years. My injuries made everything a lot harder. But hopefully I can change things," Sarah said.</p> <p>"I'm certainly scarred for life."</p> <p><em>Image: Yahoo News</em></p>

Legal

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Eagles star announces retirement after shock health diagnosis

<p>Steuart Smith, the lead guitarist of iconic rock band <em>The Eagles</em> has announced his retirement. </p> <p>The 72-year-old musician, who joined the band back in 2001, shared that he would be leaving the band following a shock health diagnosis. </p> <p>"It is with profound regret that, due to performance issues associated with my recently diagnosed Parkinsonism, I find that I must bow out of my role with <em>The Eagle</em>s while I can still do so gracefully," Smith told <em>People</em> magazine. </p> <p>"It's been a great quarter of a century, and I had hoped to be able to finish out this year with the band, but I must now do what’s best for all concerned."</p> <p>According to<em> Parkinsons.org.uk</em>, parkinsonism is "an umbrella term used to cover a range of conditions that share similar symptoms to Parkinson's".</p> <p>Bandmate and founding member of <em>The Eagles, </em>Don Henley, also released a statement praising Smith's talents, adding that the group will "be forever grateful" for his contributions to the band and their tour. </p> <p>“Steuart Smith has retired from touring. <em>The Eagles </em>will be forever grateful for the extraordinary talents that he brought to both our recordings and live performances," he told the publication. </p> <p>"Steuart will be greatly missed, but he will always be a part of our musical family. We know our many fans join us in wishing him well."</p> <p><em>The Eagles, </em>were formed in 1972 with founding members Henley, Glenn Frey, Bernie Leadon and Randy Meisner. They are known for their hit songs like<em> Hotel California</em> and <em>Lyin Eyes</em>. </p> <p><em style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; color: #323338; font-family: Figtree, Roboto, 'Noto Sans Hebrew', 'Noto Kufi Arabic', 'Noto Sans JP', sans-serif; background-color: #ffffff; outline: none !important;">Image: SplashNews.com/ Shutterstock Editorial</em></p>

Caring

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Calls for life ban on Tony Jones over Djokovic coverage

<p>The Serbian Davis Cup captain has called for the Tony Jones to be banned for life from tennis commentary over his “disrespectful and disappointing” comments about Djokovic during the Australian Open. </p> <p>Viktor Troicki slammed the veteran Channel Nine reporter after Djokovic was forced to withdraw from Serbia’s tie against Denmark due to the injury he suffered in Melbourne, ending his campaign for an 11th title in the semi-final.</p> <p>Troicki ranted that Australia has been treating Djokovic “worse and worse” after he was deported before the 2022 Open when his visa was cancelled on “health and safety” grounds. </p> <p>“There was the situation around Channel 9, which I noticed as well. If I had hired that journalist (Tony Jones), I would have fired him straight away. He would never work in sports again,” Troicki said ahead of the tie.</p> <p>“I think they are treating Novak worse and worse. It is surprising and disappointing to see the greatest player of all time experiencing so many bad things happening in Australia again. After Covid and what they did to him a few years ago, it has never been the same."</p> <p>“To mock an athlete during the tournament is unacceptable. I don’t think an apology is enough. I think he should be banned for life from covering tennis.”</p> <p>Following Djokovic's semi-final clash with Alexander Zverev, the Serbian tennis champ was booed by the audience, which Troicki believes is a sign of his deteriorating relationship will Aussie tennis fans.</p> <p>“They were booing him after the injury, which I don’t think happens in any sport. Not even in football, where the crowd is normally more wild. When someone gets injured in football, even an opponent, they will applaud you and wish you to get better,” he said. </p> <p>“That’s why it was surprising to see, especially in a place where he has played his best tennis and has won 10 titles, that he got booed after the injury. It was really disrespectful and disappointing.”</p> <p>“They are booing him in the crowd, which was not happening before in Australia. I think they were admiring his results more and greeting the champion with more respect in the past.”</p> <p>Serbia’s ambassador to Australia, Rade Stefanovic, also expressed his “profound concern” to Nine, writing in a statement, “The Embassy of the Republic of Serbia considers that Mr Jones’ comments are totally inappropriate and disrespectful”.</p> <p>He went on to say: “There has never been in the history [sic] the case that [an] Australian athlete has been insulted and disrespected in such a way by the media or any public official in Serbia.”</p> <p>The Serbian Council of Australia has also lodged an official complaint with the Human Rights Commission, demanding for Jones be stood down from all sports broadcasting duties at Channel Nine.</p> <div> </div> <p><em>Image credits: Nine / Instagram  </em></p>

Legal

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"Almost cost me my life": Jelena Dokic on childhood trauma

<p>Jelena Dokic has shared more details of her traumatic childhood as she launches her new documentary series, <em>Unbreakable: The Jelena Dokic Story</em>, in hopes of changing the "shame and stigma" that victims of domestic violence and abuse may feel. </p> <p>At the height of her tennis career, she was ranked number four in the world, but behind the scenes she was battling a traumatic home life with an abusive father. </p> <p>Now, Dokic has become an advocate for body positivity and mental health awareness, candidly sharing how she has turned her pain into power. </p> <p>"People know me as a tennis player and I did alright on the tennis court, but I think my story is much bigger than that," she told <em>Today Extra</em>.</p> <p>"It's about hardship, adversity and child abuse and domestic violence and mental health and being a refugee and what that does and the consequences of it, we need to have more open conversations in order to be able to make change.</p> <p>"But also we need to change the perception around it and remove the shame and stigma, because I struggled with it and that almost cost me my life and silence is the biggest enemy of all of those things and victims and survivors, having another chance and just putting it on screen is another way to reach more people and to tell the story."</p> <p>During book tours and advanced screening at film festivals, Dokic admitted that most people who have seen her new documentary mentioned how confronting it was to watch. </p> <p>"But that's the whole point, because life is not sunshine and rainbows, it's universal and so many people go through a lot of these things that I talk about and that I've been through," she said. </p> <p>"It really resonates with them - there's been so much silence around it for a very long time and it's really creating change if me speaking up might help someone else realise what they're going through or help them in some way.</p> <p>"Ultimately, I do want people to look at this as a story of success, I'm a winner at the end of the day and you can come through it and maybe someone out there will say, 'you know what? She did it, I can do it too.'"</p> <p><em>Image: Today</em></p>

Caring

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Deborra-Lee Furness shares life update after divorce

<p>Deborra-Lee Furness has broken her silence for the first time since photos emerged of Hugh Jackman's new <a href="https://oversixty.com.au/lifestyle/relationships/deborra-lee-furness-reacts-to-hugh-jackman-s-new-relationship" target="_blank" rel="noopener">relationship</a> with his co-star Sutton Foster. </p> <p>Furness revealed that she feels as though she is now in “chapter three” of her life following her shock split from Jackman in 2023. </p> <p>Speaking about focusing on her career over her love life, she told the <em>Herald Sun</em>, “I’ve had a few offers for films back here so I’m still reading some scripts so if there’s something that’s great.”</p> <p>She went on to share that she’ll be taking more time for herself now she’s single and able to focus on herself first. </p> <p>“I’ve got some projects in New York. I’m in my chapter three. I’m a creative, I love being creative in a variety of areas and I think I’ll be doing more travelling.”</p> <p>This is the first time she has spoken publicly since her ex-husband debuted his new relationship, although a source allegedly close to Furness said she felt "a sense of relief" when Jackman and Foster's relationship was announced. </p> <p>The source told the <em>Daily Mail</em>, “She has been plagued with suspicions. She was told it wasn’t true, and that they were nothing more than close friends who worked together. But something in her heart told her that this was not true."</p> <p>“She trusted her intuition and her intuition was right. She finally feels at ease after getting confirmation that her fears and suspicions were warranted. She can now fully close this chapter and move on.”</p> <p>Jackman and Furness announced their separation after 27 years of marriage in September 2023.</p> <p>The former couple have two adult children, Oscar, 24, and Ava, 19.</p> <p><em>Image credits: Matt Baron/Shutterstock Editorial </em></p>

Relationships

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Readers response: What are your biggest regrets from your 20s?

<p>We asked our reader what they regret from their 20s, and the response was overwhelming. Here's what they said. </p> <p><strong>Lynne Fairbrother</strong> - No regrets, my 20's was great.</p> <p><strong>Graham Turnor</strong> - Listening to politicians!</p> <p><strong>Helen Dickenson</strong> - Travelling! As now travelling in my 70s is more difficult.</p> <p><strong>Maureen James Barlow</strong> - Not having the knowledge I have in my 70’s. Boy would I have done things differently.</p> <p><strong>Debra Walker</strong> - So many things. First was getting married! And not follow my dreams of travelling. If only you could turn back time.</p> <p><strong>Kathryn Bagust</strong> - Not speaking up for myself!</p> <p><strong>Karen Ambrose</strong> - Not being adventurous enough.</p> <p><strong>Ann Nicholls</strong> - Biggest regret is having no children, which has broken my heart. Also marrying the wrong man in my 20’s and stupidly staying with him until I had the courage to walk away and not look back at age 39.</p> <p><strong>Colleen Burgess</strong> - Spending every pay check! Should've saved!</p> <p><strong>Caroline Wilson</strong> - Never should have got married, should have just waited it out.</p> <p><strong>Dianne Roberts</strong> - Taking too much notice of what other people think I should be doing.</p> <p><strong>Denise Farrugia</strong> - Didn't travel enough. </p> <p><strong>Maureen Byrne</strong> - Not taking a job as a travel agent when offered to me with all the free travel back then.</p> <p><strong>Cat Duffy</strong> - Getting married. </p> <p><strong>Di Telf</strong> - Not going to Uni earlier.</p> <p><strong>Linda Craig</strong> - Not following my heart. </p> <p><strong>Judith Leoni</strong> - Maybe that I never got enough sleep!</p> <p><em>Image credits: Shutterstock</em></p> <p> </p>

Retirement Life

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How can I keep my cat happy? 5 tips from a vet to help your feline friend live their best life

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/anne-quain-12802">Anne Quain</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>Around <a href="https://animalmedicinesaustralia.org.au/report/pets-in-australia-a-national-survey-of-pets-and-people-2/">one third of Australian households live with at least one cat</a>, yet surveys tell us the cats’ <a href="https://journals.sagepub.com/doi/10.1177/1098612X19890189">needs are not being met</a>.</p> <p>Cats may <a href="https://www.sup.org/books/media-studies/unified-theory-cats-internet">rule the internet</a>, but humans often misconstrue feline behaviour. Earlier this year, the Washington Post boldly declared <a href="https://www.washingtonpost.com/home/2024/03/12/cats-behavior-misunderstood/">cat’s arent jerks – they’re just misunderstood</a>. This was prompted by research showing that, contrary to unhelpful stereotypes, <a href="https://www.sciencedirect.com/science/article/pii/S1090023323000795">cats are not antisocial</a>. They can and do bond closely with humans.</p> <p>The more we learn about cats, the more we realise they are complex individuals with unique <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8300181/">personalities</a> and preferences, capable of <a href="https://www.nature.com/articles/s41598-024-74006-2">learning</a>.</p> <p>From understanding your cat’s language to keeping them safe and healthy – here are science-backed tips to improve the lives of your feline flatmates.</p> <h2>1. Pay attention to body language</h2> <p>Cats communicate with humans using body language and vocalisation. However, while cats direct meows at humans, and the meows vary depending on the context, humans <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC7765146/">are not great at decoding them</a>. But we can read cat body language.</p> <p>For example, slow blinking is likely to indicate a <a href="https://www.nature.com/articles/s41598-020-73426-0">positive emotional state</a>. Cats who are not happy (for example, don’t want to be touched) will freeze, move away, flatten their ears, hiss, or – if they feel they have no other option – scratch or bite.</p> <p>It is better to allow cats to approach you on their terms, rather than pushing for social interaction. A cat approaching you with their tail up is giving a <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC8469685/">friendly signal</a>, while a tail swishing from side to side signals annoyance.</p> <p>Cats should always have the option to opt out of any interaction, like being touched. If you aren’t sure, just “<a href="https://www.companionanimalpsychology.com/p/purr-science-of-making-your-cat-happy.html">ask</a>”: stop patting them. If they walk away, they’re not keen. If they rub their head against you, they want to continue the interaction.</p> <h2>2. Provide a healthy environment</h2> <p>The American Association of Feline Practitioners and the International Society of Feline Medicine have agreed upon <a href="https://journals.sagepub.com/doi/full/10.1177/1098612X13477537">five pillars of a healthy feline environment</a>:</p> <ol> <li> <p>A safe space so that cats can retreat if frightened.</p> </li> <li> <p>Multiple, separated key resources (food, water, toileting areas, scratching areas, play areas and resting or sleeping areas) so that cats can comfortably conduct their daily activities.</p> </li> <li> <p>Opportunity for play and predatory behaviour, such as games with wand toys that simulate hunting.</p> </li> <li> <p>Positive, consistent and predictable human-cat interactions, respecting a cat’s choice about whether and how they interact.</p> </li> <li> <p>Respecting the importance of a cat’s senses by avoiding undesirable stimuli (strong smells and loud noises), and providing desirable sensory stimulation (for example, use of <a href="https://theconversation.com/are-catnip-and-treats-like-it-safe-for-cats-heres-how-they-affect-their-minds-and-moods-214947">catnip or silver vine</a>).</p> </li> </ol> <p>These pillars provide a useful checklist. If you read this and realise your cat’s food and water are right next to the litter tray, you can improve your cat’s environment (and their experiences of eating and toileting) by separating these resources right now.</p> <h2>3. Clean the litter tray!</h2> <p>A litter tray may represent an unpleasant chore to you, but the importance of a spacious litter tray to your cat cannot be overstated. Cats <a href="https://www.sciencedirect.com/science/article/pii/S0376635716302972">prefer using a clean litter tray</a>, even if they are the only cat in the household.</p> <p>Cats like to <a href="https://www.sciencedirect.com/science/article/pii/S016815911730151X">spend time in the tray</a> before, during and after toileting, and they generally <a href="https://www.sciencedirect.com/science/article/pii/S1558787814000033">prefer a large tray</a>.</p> <p>Poor litter hygiene is associated with a risk of urinary problems, which can be <a href="https://onlinelibrary.wiley.com/doi/10.1111/jvim.16389">life-threatening</a>. A <a href="https://doi.org/10.1177/1098612X19890189">survey of over 12,000 Australian cat owners</a> found that urinary problems were more common in households with a low number of litter trays per cat, less frequent removal of faeces from the trays, and the use of crystal-type cat litter.</p> <p>If you switch the type of litter you provide, a <a href="https://www.mdpi.com/2076-2615/12/8/946">slow transition</a> is recommended to allow cats to get used to the change.</p> <h2>4. Read the room</h2> <p>Do you have more than one cat? Tension between household cats is common but often overlooked, as it’s not always physical fighting. Signs of inter-cat tension can include prolonged staring, or even blocking the use of resources such as the litter tray or cat door, to prevent other cats from using them.</p> <p>In their <a href="https://journals.sagepub.com/doi/10.1177/1098612X241263465">2024 intercat-tension guidelines</a>, the American Association of Feline Practitioners note this can case chronic fear, anxiety and stress-related illnesses in cats.</p> <p>Learning to recognise and manage tension between household cats can improve the welfare of all parties.</p> <p>When you love your cat, it is tempting to seek to amplify the joy by adopting another. But many cats prefer to be the only cat in the household, and don’t cope well with a <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC10083434/">feline flatmate</a>. If they have positive interactions with familiar, trusted humans, they’re unlikely to be lonely.</p> <h2>5. Keep cats and other animals safe</h2> <p>Historically, domesticated cats earned their keep <a href="https://www.sciencedirect.com/science/article/pii/S0169534720300100">protecting grain stores</a> from rodents. But what constitutes responsible cat ownership has changed. Around 65% of Australia’s cat owners <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC10215893/">confine their cats</a> indoors always, while 24% keep their cats confined at night.</p> <p>A major driver for indoor-only housing of cats is their <a href="https://theconversation.com/one-cat-one-year-110-native-animals-lock-up-your-pet-its-a-killing-machine-138412">predation of wildlife</a>. Another is concerns about roaming-associated risks to cats, including cat fights, infectious diseases (such as <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC9546031/">feline immunodeficiency virus or FIV</a>), misadventure and motor vehicle trauma. But owners of cats kept entirely indoors were more likely to report <a href="https://www.sciencedirect.com/science/article/abs/pii/S0168159119301054?via%3Dihub">“problem” behaviours</a>.</p> <p>Ideally, cats shouldn’t be allowed to free-roam unsupervised where they can harm wildlife, even within the bounds of the property where you live. More than a third of local councils in Australia <a href="https://www.abc.net.au/news/2024-05-19/banning-pet-cats-roaming-native-animals-billions-dollars-council/103856000">now require</a> cats to be contained overnight or 24 hours a day.</p> <p>Outdoor access provides sensory stimulation, with different sights, sounds and smells. Alternatives to free roaming include providing access to a well-designed cat run, harness-training your cat, or supervising your cat.</p> <p>Cats who don’t leave home unless they’re moving house or being taken to the vet, quickly learn to associate the cat carrier with a trip to an unfamiliar environment. It doesn’t take a genius to work out that a vet visit is imminent when the carrier comes out.</p> <p>But that negative association can be changed. <a href="https://www.sciencedirect.com/science/article/pii/S0168159118302703">Cats who were rewarded with treats</a> when they approached, stepped inside or rested in the carrier for six weeks were much less stressed during veterinary visits.</p> <p>Cats are intelligent, and contrary to popular opinion, can be trained. The process can be enriching for cats and humans alike. With patience and commitment, <a href="http://www.smallanimaltalk.com/2017/04/book-review-trainable-cat-plus-that.html">you can train your cat</a> – from a simple “sit” to voluntarily stepping into the cat carrier.</p> <p>In short, give cats choice, respect their “cat-ness”, pay attention to their needs and try to see our world from their point of view. Your cat will be happier for it.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/242774/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em><a href="https://theconversation.com/profiles/anne-quain-12802">Anne Quain</a>, Senior Lecturer, Sydney School of Veterinary Science, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of 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/how-can-i-keep-my-cat-happy-5-tips-from-a-vet-to-help-your-feline-friend-live-their-best-life-242774">original article</a>.</em></p> </div>

Family & Pets

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Michael Clarke receive Cricket Australia's top honour

<p>Michael Clarke will be the 64th player to be inducted into the Australian Cricket Hall of Fame. </p> <p>The champion batter was unveiled as the latest inductee on Thursday, joining other former Test captains who have received the top honour. </p> <p>It's been a decade since Clarke hung up the bat with 8643 Test runs, and 7981 one-day international runs.</p> <p>Clarke who made his first ODI debut as a teen prodigy at Adelaide Oval in 2003, had established himself in the Test side within a year, scoring a memorable debut century against India in Bangalore.</p> <p>In 2011 he was appointed as skipper of the Test team, a position he held until his retirement from professional cricket in 2015. </p> <p>He is among the most decorated players in the 21st century, with two World Cups, the Ashes and several other individual honours. </p> <p>Australian Cricket Hall of Fame chairman Peter King congratulated  the player "who defined his generation."</p> <p>“On behalf of the Australian Cricket Hall of Fame Committee, it is my great pleasure to announce Michael Clarke AO as the first inductee to the Australian Cricket Hall of Fame for the 2024/25 season.</p> <p>“In selecting Michael as one of the three Australian Cricket Hall of Fame inductees for this season, the selection committee was met with statistics of a player who defined his generation and at his peak was ranked the best Test batter in the world.</p> <p>“More than that, Michael was an exceptional leader of our men’s Test and ODI teams who had a sustained period of success under his captaincy.</p> <p>“Michael’s extraordinary first-class playing career started at just 17 at the SCG – the place where many of his highlights occurred, including a Test triple century against India in 2012.</p> <p>“While often lauded for his batting prowess, Michael also excelled with ball in hand having helped Australia secure victory in the 2008 Border-Gavaskar Trophy with a spell of 3 for 5 in 1.5 overs with just seven balls remaining in the match.</p> <p>“Michael’s career will forever be remembered fondly by the Australian public and his standing held alongside those at the upper echelon of our game. On behalf of the selection committee, we congratulate Michael on his very deserved induction into the Australian Cricket Hall of Fame.”</p> <p>Cricket Australia CEO Nick Hockley also praised the cricket champion, saying: “I’m delighted Michael has taken his place in the Australian Cricket Hall of Fame as one of Australia’s best and most prolific batters and as captain of highly successful Test and limited overs teams.</p> <p>“Michael’s elegant stroke play was a feature of Australian teams for over a decade. His application, temperament and leadership were exemplified throughout the many significant innings he played for his country, including leading Australia to World Cup victory on home soil in 2015," he added. </p> <p>“On behalf of everyone in Australian Cricket, I would like to thank Michael for his enormous contribution to Australian Cricket and congratulate him on this latest achievement.”</p> <p><em>Image: Andrew Cowie/ Shutterstock Editorial</em></p>

Retirement Life

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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>

Retirement Income

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Superannuation is complicated. A guaranteed government income in retirement would be simpler

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/joey-moloney-1334959">Joey Moloney</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a></em></p> <p>Having compulsory super should help create a comfortable and stress-free retirement. But Australia’s super system is too complex for retirees to navigate.</p> <p>This can leave them stressed and lacking the confidence to spend their super savings.</p> <p>Our latest report, <a href="https://grattan.edu.au/report/simpler-s%5Buper/">Simpler super: taking the stress out of retirement</a>, recommends the federal government offer all Australians a lifetime <a href="https://moneysmart.gov.au/retirement-income/annuities">annuity</a> - a financial product that pays a guaranteed income for the rest of their lives.</p> <p>This would help retirees stress less, spend more, and enjoy their retirement years.</p> <h2>Stress prompts many to underspend super</h2> <p>For the first time, many Australians are entering retirement with significant super balances: Australians are retiring with an average super balance of more than A$200,000, and couples with about $300,000.</p> <p><a href="https://grattan.edu.au/news/balancing-act/">Despite having saved enough to be comfortable</a>, four in five people say planning for retirement is complicated, and 60% don’t think their retirements will be financially stress-free.</p> <p>Few retirees draw down on their retirement savings as intended. In fact, many are actually net savers – their savings continue to grow for decades after they retire.</p> <p><a href="https://grattan.edu.au/report/simpler-super/">Our analysis</a> of the <a href="https://www.abs.gov.au/participate-survey/household-survey/survey-income-and-housing">ABS Survey of Income and Housing</a> shows for those aged 60-64 in 2003-04, average super balances had grown by 37% in real terms by the time they were aged 76-80 in 2019-20.</p> <p>And their average net wealth, which excludes the equity in their home, grew by 14% over the same period.</p> <p>Australia’s <a href="https://www.apra.gov.au/quarterly-superannuation-performance-statistics-highlights-september-2024">$4 trillion</a> compulsory superannuation system is turning into a massive inheritance scheme. That’s not how super was supposed to work.</p> <h2>Retirees are given too little guidance</h2> <p>The super system makes most big decisions for working Australians, such as how much to contribute or how it’s invested. But once we retire there is little guidance about how to use our funds.</p> <p>More than four in five retirees are steered into account-based pensions. But partly because they’re anxious not to outlive their savings, this group manages their spending very cautiously.</p> <p>While on average, an Australian woman aged 65 today can expect to live until 88, they also have a one-in-five chance of either dying before age 81 or of making it to 94.</p> <p>Half of those retirees who use an account-based pension draw their super at legislated minimum rates, which if followed, leave 65% of super balances unspent by average life expectancy.</p> <p>This widespread use of account-based pensions makes Australia a global outlier. Retirees in most rich countries are automatically given – or otherwise strongly encouraged to choose – <a href="https://www.oecd.org/en/publications/2023/12/pensions-at-a-glance-2023_4757bf20.html">an income guaranteed to last their entire lives</a>.</p> <p>Research suggests having an income that is guaranteed to last until death <a href="https://www.researchgate.net/profile/Keith-Bender/publication/23647866_What_Makes_Retirees_Happy/links/0046353578c678a403000000/What-Makes-Retirees-Happy.pdf">can reduce stress</a> and <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3875802">boost retirees’ spending</a>.</p> <h2>Government could steer retirees into annuities</h2> <p>Our report argues retirees should be encouraged to use 80% of their super balance above $250,000 to purchase an annuity.</p> <p>The government could embed this pre-set guidance throughout the retirement income system. It could be included in all relevant communications with retirees from super funds, and especially at the point of retirement.</p> <p><a href="https://researchportalplus.anu.edu.au/en/publications/default-and-naive-diversification-heuristics-in-annuity-choice">Research shows</a> that retirees tend to choose the option put in front of them.</p> <p>The remaining super balance – $250,000, plus the remaining 20% of any savings above that level – would continue to be drawn down via an account-based pension. Retirees would still have to access their super for large purchases if needed.</p> <p>Using some super to buy an annuity could boost expected retirement incomes by up to 25%, compared to solely drawing on an account-based pension at legislated minimum rates.</p> <p>And it would ensure that the bulk of retirees’ incomes, irrespective of their super balances, would be guaranteed to last the rest of their lives.</p> <hr /> <p><iframe id="TYMjG" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/TYMjG/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <hr /> <h2>Annuities should be provided by government, not super funds</h2> <p>But steering retirees into annuities offered via super funds is unlikely to work.</p> <p>Super funds <a href="https://www.superreview.com.au/news/superannuation/asfa-urges-against-cipr-longevity-component">have resisted</a> previous attempts by government to <a href="https://consult.treasury.gov.au/development-of-the-framework-for-comprehensive-income-products-for-retirement">require them to offer annuities to retirees</a>.</p> <p>Many people also struggle to understand and compare annuities. They often find it difficult to switch to a better deal later even if they can spot one.</p> <p>Recent <a href="https://www.fca.org.uk/publications/market-studies/retirement-income-market-study">experience in the UK</a> showed when required to purchase an annuity, most people simply took what their fund was offering and often got a poor deal.</p> <p>Designing a regulatory regime that overcomes these issues is a huge challenge. The best option, therefore, is for the government to directly offer annuities. It should offer all retirees a simple lifetime annuity as the baseline option.</p> <p>The government could also offer alternatives including investment-linked annuities, where payments are guaranteed for life, but payments could vary based on investment returns.</p> <p>Priced fairly, and managed by an independent agency, a government annuity would encourage there take-up. Retirees would be more confident that they’re getting a good deal.</p> <p>Annuity payments would be made from the pool of capital created by annuity purchases, with these investments managed by the Future Fund.</p> <p>Under reasonable assumptions we project the government annuity provider could be managing assets totalling 2.5% of GDP by 2040.</p> <p>Superannuation offers Australians the promise of a more comfortable and stress-free retirement. Government-offered annuities can help turn that dream into reality.</p> <p><em>Esther Suckling made substantial contributions to the research underpinning this article.</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/247383/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/brendan-coates-154644"><em>Brendan Coates</em></a><em>, Program Director, Housing and Economic Security, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/joey-moloney-1334959">Joey Moloney</a>, Deputy Program Director, Housing and Economic Security, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a></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/superannuation-is-complicated-a-guaranteed-government-income-in-retirement-would-be-simpler-247383">original article</a>.</em></p> </div>

Money & Banking

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"29-year-old child": Footy great slams Nick Kyrgios

<p>AFL Premiership winner Kane Cornes has slammed Nick Kyrgios after the tennis superstar has been making headlines for his Australian Open exit. </p> <p>There have been plenty of stories about the tennis player's fitness and his future in the sport, and Cornes, who is now one of the most outspoken members of the sporting media has had enough of the Kyrgios drama.</p> <p>“I just feel we talk about this guy too much,” Cornes began on SEN 1116 radio.</p> <p>“I understand why, but he’s absolutely dominated the headlines in the last two-to-three weeks in the lead-up to the Australian Open.</p> <p>“That’s not unusual, that happens, and we’re not going to hear the last of him.</p> <p>“I feel like his role in the game will be significant whether he’s playing or not because he is box office.</p> <p>“And despite him being our most disappointing Australian athlete ever, he will still have a role to play because people are interested in him.”</p> <p>“This is a guy who sits there and criticises everyone else,” Cornes continued.</p> <p>“He sits on his high horse and criticises everyone, be that ball kids, line judges, other opponents.</p> <p>“Look at the class which Roger Federer or other players with a similar level of talent as Nick carried themselves.</p> <p>“He’s a child. He’s a 29-year-old child. The way that he carries himself, the ambassador that he’s been, put all that in the mix, I think no one has disappointed more.</p> <p>“No one has been spoken about more with less results than this guy over a long period of time.</p> <p>“Yet still, here we are, and I get it and it’s a credit to him that people are interested in him, that we’re still talking about him.”</p> <p>Kyrgios has hit back at the comments on X, saying that Cornes' criticism was unfounded. </p> <p>"Gotta love comments from an athlete who didn't play a global sport," he posted. </p> <p>Social media users were quick to share their own opinions on disappointing athletes in response to Cornes' comments, with one person writing: “He’s not even the most disappointing tennis player. Tomic has him well covered.”</p> <p>Another sports fan said:  “Cmon guys... Nick is Nick but that Raygun could not even be defined as an athlete so she leads the list of ‘international disgraces’ and its daylight to second, whoever that may be.”</p> <p>However others backed Kyrgios, with one writing: “Nick has played in an era where there are 3 absolute legends of the game who have dominated and he’s beaten all 3 something no one else has managed to do!! Wake up you clowns comparing Nick to Raygun, Ben Simmons, Tomic, Jarryd Hayne etc absolute disgrace you guys are!”</p> <p><em>Image: Channel 7/ </em><em>Rachel Bach/Shutterstock Editorial </em></p>

Retirement Life

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“That is a real hustler!”: Retiree's savings stun Aussies

<p>An 84-year-old retiree has stunned Aussies after revealing just how much money he has saved. </p> <p>As part of property app Copoist's latest social media series, where they ask people of all ages how much they have in savings, one senior revealed that he had $2.3 million in savings "at the moment". </p> <p>While he didn't go into detail about how he amassed his wealth or whether he owns multiple properties, people online were blown away by his savings. </p> <p>“This is crazy! Who has the means to save?” One asked.</p> <p>"Must be nice", another commented. </p> <p>"That is a real hustler!" a third complimented. </p> <p>However, the video also highlighted the huge wealth divide, especially among men and women, with one 73-year-old woman revealing that she had  over $100,000. </p> <p>Another 75-year-old woman said she had had over $70,000, and a 64-year-old said she had $61,000, while another man around the same age as them had $2 million saved up.</p> <p> </p> <div class="embed" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none !important;"><iframe class="embedly-embed" style="box-sizing: inherit; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; outline: none !important; width: 535px;" title="tiktok embed" src="https://cdn.embedly.com/widgets/media.html?src=https%3A%2F%2Fwww.tiktok.com%2Fembed%2Fv2%2F7458541912367189254&amp;display_name=tiktok&amp;url=https%3A%2F%2Fwww.tiktok.com%2F%40coposit_street%2Fvideo%2F7458541912367189254&amp;image=https%3A%2F%2Fp16-sign-va.tiktokcdn.com%2Fobj%2Ftos-maliva-p-85c255%2FoMB0ABiGEwgQrCMnqhJFEBSgIBjfmpeEIQDIwT%3Flk3s%3Db59d6b55%26x-expires%3D1737151200%26x-signature%3DczaQ96WizT%252FTVSaqXDyvNBgw7to%253D%26shp%3Db59d6b55%26shcp%3D-&amp;type=text%2Fhtml&amp;schema=tiktok" width="340" height="700" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen"></iframe></div> <p>The savings disparity in the clip sparked a huge online conversation, with one writing: “How come men have millions and women cannot even have half a million? Mind blowing." </p> <p>“My first thought was okay so all the men have more savings than woman funny that. If life has shown me anything, it is that women take 10 years off raising their children, so his saving is hers,” another added. </p> <p>“It is all the men with a lot more,” a third pointed out.</p> <p>Financial comparison website Finder has found that generally still have more money than women in Australia, with the average woman having $42,664 in cash savings, compared to $50,479 for men.</p> <p>Finder’s Equal Pay Day Report 2024 found the main hurdles to women’s earning capacity have been having a baby, choosing a flexible job that allows them to take care of family, and the industry or career that they are in. </p> <p>They also found that the average Aussie had $40,000 in savings in December 2024, but 43 per cent of people had less than $1,000.</p> <p><em>Image: TikTok/coposit_street</em></p>

Money & Banking

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Nick Kyrgios makes retirement announcement after Aus Open comeback

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

Retirement Life

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

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

Retirement Income

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Tourists reveal dream retirement destination

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

International Travel

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

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

Money & Banking

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Paralympian Dylan Alcott's unexpected career choice

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

Retirement Income

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