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UK Supreme Court makes major ruling on definition of "woman"

In a landmark ruling that has stirred celebration and concern in equal measure, the UK Supreme Court has unanimously ruled that the legal definition of "woman" refers exclusively to someone born biologically female. The decision effectively excludes transgender women from being counted as women under the Equality Act, marking a decisive turn in a years-long legal battle over gender identity and women's rights in Scotland. The case, brought by the feminist campaign group For Women Scotland (FWS), challenged guidance issued by the Scottish government that included transgender women with gender recognition certificates in official gender quotas. The ruling has been hailed as a victory by women's rights advocates who argued that expanding the definition undermined protections for biologically female people. “Everyone knows what sex is and you can't change it,” said Susan Smith, co-director of FWS, celebrating the court’s decision outside the courthouse. “It’s basic common sense. People have tried to deny science and reality. Hopefully, this now brings us back to reality.” The Supreme Court’s five justices ruled unanimously that the Equality Act permits single-sex spaces – such as women-only changing rooms, shelters, and medical services – to exclude transgender women, even those who hold gender recognition certificates. In his written opinion, Justice Patrick Hodge said that the ruling does not strip transgender people of their broader protections under UK law but rather clarifies the scope of “sex” in certain legal contexts. “Interpreting ‘sex’ as certificated sex would cut across the definitions of ‘man’ and ‘woman’… and create heterogeneous groupings,” he wrote. The dispute originated from a 2018 Scottish law requiring that at least 50% of board members of public bodies be women. The inclusion of trans women in this target was central to the legal challenge, with FWS arguing that such a move effectively redefined the concept of womanhood without parliamentary authority. Aidan O’Neill, legal counsel for FWS, told the court that “sex” should be interpreted in the “ordinary, everyday” sense, based on biology from birth. “It is an expression of one’s bodily reality,” he said. “An immutable biological state.” The ruling has sparked celebration among gender-critical activists. Outside court, campaigners from several women’s groups opened champagne and chanted, “Women’s rights are human rights.” Maya Forstater, founder of the advocacy group Sex Matters, said: “The court has given us the right answer: the protected characteristic of sex refers to reality, not paperwork.” Author JK Rowling, a vocal supporter of FWS, praised the campaigners as “extraordinary” and “tenacious.” In a post on X, she said, “In winning, they've protected the rights of women and girls across the UK.” However, the judgment has drawn sharp criticism from trans rights organisations and human rights advocates. The campaign group Scottish Trans said it was “shocked and disappointed,” warning that the ruling risks eroding legal protections for trans people. Green Party Member of the Scottish Parliament Maggie Chapman called the decision “deeply concerning” and a “huge blow to some of the most marginalised people in our society.” “Trans people have been cynically targeted and demonised by politicians and large parts of the media for far too long,” Chapman said. “This has contributed to attacks on longstanding rights and attempts to erase their existence altogether.” Amnesty International also condemned the ruling, arguing that it clashes with broader human rights standards. “A blanket policy of barring trans women from single-sex services is not a proportionate means to achieve a legitimate aim,” the organisation stated. The UK government welcomed the Supreme Court's clarification, stating, “Single-sex spaces are protected in law and will always be protected by this government.” Scotland’s semi-autonomous government, which initially defended the inclusion of trans women in public board quotas, said it accepted the court's decision. “We will now engage on the implications of the ruling,” said First Minister John Swinney. “Protecting the rights of all will underpin our actions.” The ruling is expected to have wide-reaching implications for public policy, equalities law, and gender identity debates across the UK – a country increasingly at the centre of a global reckoning on the boundaries of sex, gender and rights. Images: For Women Scotland

Legal

Refinancing your home later in life – what you need to know

There are many reasons why you may look to refinance your home. The obvious one is to lower mortgage repayments with a better rate. However, other reasons people refinance later in life include: <ul> <li>unlocking equity to invest</li> <li>paying down other debts</li> <li>buying a holiday home</li> <li>funding extended travel</li> <li>launching a new business</li> <li>supporting children with a property deposit</li> </ul> Regardless of why you want to refinance, the points below will help you navigate your options. Changing lenders It may have been a while since you last revisited your mortgage, meaning you may not be aware of current lending options and traps. A common trick lenders use is the so-called “headline rate” to grab your attention. However, this interest rate is typically not what you end up paying. It may only be an introductory rate for the first few months, or hefty fees attached may wipe out any savings. Banks aren’t the only ones offering loans nowadays. Registered non-bank lenders, fintechs and online lenders can refinance your mortgage and provide other credit services the same as any bank; they just don’t take cash deposits. Alternatively, you could explore credit unions and mutual societies. Also consider any shareholder benefits you may have. Most banks have done away with them now but may still honour pre-existing ones. If you change lenders, you could lose this entitlement – permanently. Reverse mortgages Generally, only available to people aged 60-plus, a reverse mortgage effectively allows you to unlock equity in your home without you needing to make immediate repayments. However, they often have strict conditions including: <ul> <li>minimum borrowing amounts</li> <li>maximum borrowing ratios</li> <li>higher interest rates than standard mortgages</li> </ul> Crucially, the interest accrues over time and is repaid when you sell, move or pass away. As such, your debt liability grows over time – potentially impacting your future living arrangements and how much is left for beneficiaries in your will. The Govt has the “loan equity scheme” as another option to lenders. I just want to highlight the need to be careful with reverse mortgages. Changing homes Rather than selling, downsizing could involve making an investment property your primary residence and then renting out your existing home. This approach may require you to refinance both loans simultaneously. There will also be tax considerations to work through – including Capital Gains Tax liabilities when you do sell, negative gearing, depreciation, and changes to your income tax. Then there are the lifestyle factors to weigh up, especially if you are moving to a different area: <ul> <li>living expenses</li> <li>insurance and travel costs</li> <li>access to healthcare</li> <li>rental income</li> <li>property management expenses</li> </ul> Remember that if you have a Self Managed Super Fund (SMSF), it CANNOT own any property that you directly use yourself, including your home. Becoming Bank of Mum and Dad Refinancing can unlock equity to support adult children with their first property deposit. However, it isn’t without its risks. Ask yourself honestly: <ul> <li>Will this be a gift or loan?</li> <li>If a loan, under what terms? Will interest be applied? How and when will repayments be made? What if they default?</li> <li>What happens if their relationship breaks down, will you get your money back?</li> <li>How does going without that money affect your retirement?</li> <li>Do you have alternative assets to support you if your circumstances change?</li> <li>How does this affect inheritances or deposit contributions to your other children?</li> <li>Can you assist them another way without using your home equity?</li> </ul> Draw up a written agreement outlining all conditions and scenarios to avoid disagreements in the future. Pension impacts Don’t overlook how refinancing your home could impact your pension. While your home is exempt from the means test, any income or assets you generate from unlocking equity is not. You could inadvertently see your pension amount reduced or your eligibility voided altogether. This would come as a nasty shock if you haven’t pre-budgeted for such a change! Getting advice To ensure you get the best bang for your buck when refinancing, be sure to enlist the help of a good: <ul> <li>mortgage broker to source the best loans for your circumstances</li> <li>insurance broker to ensure your cover is right sized for your needs, risk and budget</li> <li>accountant to work through any tax implications</li> <li>estate planner to manage any changes</li> <li>financial adviser to keep your investments and financial strategy working for you</li> </ul> Ultimately, decisions – including about refinancing – are only as good the information you have at hand. So, make sure you have all the relevant facts before signing on the dotted line. Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a style="color: #467886;" title="http://www.onyourowntwofeet.com.au/" href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.

Money & Banking

The renting trap snaring retirees – and how to avoid it

It has long been known that renting in retirement is associated with a lower quality of life. Understanding the causal factors can help you avoid a similar fate. There are many reasons why renting in retirement can be problematic. For a start, figures on how much income we need to retire comfortably usually assumes that you own your home – the cost of rent isn’t included. So, anyone using this as a guide falls well short, potentially by 20-40 per cent. Additionally: <ul> <li>Rent usually eats up a larger portion of retirement income than home ownership.</li> <li>Over time, rents typically keep rising while mortgage debts reduce.</li> <li>Home ownership provides equity to use for other investments, further boosting retirement income.</li> <li>Downsizing homeowners can make an additional superannuation contribution from the sale proceeds, which renters cannot.</li> <li>Homeowners can make accessibility modifications to meet their needs as they age, like installing ramps or rails.</li> <li>Homeowners have greater stability and aren’t subject to eviction (and moving costs) at short notice.</li> </ul> How big a problem is it? Numerous studies have highlighted the growing scale of the problem faced by renting retirees. <a style="color: #467886;" href="https://grattan.edu.au/report/renting-in-retirement-why-rent-assistance-needs-to-rise/" target="_blank" rel="noopener">The Grattan Institute</a> recently found that “two in three retirees who rent in the private market live in poverty,” and that “most older working Australians who rent do not have sufficient savings to keep paying rent in retirement.” The rental trap is also not exclusive to low-income earners. <a style="color: #467886;" href="https://everybodyshome.com.au/resources/priced-out-priced-out-an-index-of-affordable-rentals-for-australian-voters/" target="_blank" rel="noopener">Everybody’s Home</a> recently found Australians earning $100,000 per year – above the <a style="color: #467886;" href="https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release" target="_blank" rel="noopener">national median of $1,396 per week</a> ($72,592 per year) – are struggling to pay their rent. The end result is that homelessness is a growing problem for over 55s – particularly women. <a style="color: #467886;" href="https://www.mercyfoundation.com.au/our-focus/ending-homelessness/older-women-and-homelessness/" target="_blank" rel="noopener">The Mercy Foundation</a> notes that homelessness among these women grew 6.6 per cent in the 2021 Census, following a huge 31 per cent increase in the 2016 Census. What is causing it? Not owning your own home in retirement is obvious answer here. But there are various contributing factors that see people forced to rent later in life, including losing their home and being financially unable to replace it. These include: <ul> <li>Divorce/separation – court and legal fees, counselling costs, division of assets (including the family home).</li> <li>Pre-retirement chronic illness – time out of the workforce for both the patient and their partner to care for them, loss of income, less going into super, and higher healthcare costs.</li> <li>Death of a partner – up-front bills like funeral expenses, surviving partner suddenly on a single income.</li> <li>Elder abuse – an estimated <a style="color: #467886;" href="https://www.aihw.gov.au/family-domestic-and-sexual-violence/population-groups/older-people#abuse" target="_blank" rel="noopener">one in six older Australians experience elder abuse</a>, including 2.1 per cent facing financial abuse.</li> <li>Domestic violence – fleeing abusive relationships with little or no money and assets.</li> <li>Climate change – loss of uninsured home/other assets as storms, floods, cyclones, and fires increase in frequency and severity.</li> <li>Scams – <a style="color: #467886;" href="https://www.nasc.gov.au/news/australians-better-protected-as-reported-scam-losses-fell-by-almost-26-per-cent" target="_blank" rel="noopener">Australians lost $2 billion to scams</a> in 2024.</li> <li>Gambling – <a style="color: #467886;" href="https://aifs.gov.au/research/research-snapshots/gambling-participation-and-experience-harm-australia" target="_blank" rel="noopener">46 per cent of gamblers are at risk of harm</a>, including losing their home.</li> <li>Housing unaffordability – soaring prices (and stamp duty) push home ownership out of reach.</li> </ul> Women often face the brunt of these effects, disadvantaged by the gender pay gap, having less in superannuation, often having primary or sole custody of children, and having less secure employment. How can you protect yourself? Thankfully, there are steps we can all take to protect ourselves and our retirement: <ul> <li>Get your foundations right for a strong financial footing – emergency fund, spending and investment plan, insurances, superannuation, estate planning.</li> <li>Make decisions jointly – letting your partner control finances alone means more risk for you and less spending oversight.</li> <li>Have contingency plans – your own bank account, independent financial and retirement plans, insurances, and back-up plans just in case.</li> <li>Get into the market ASAP – even a cheap investment property far from where you live is a financial asset and a roof over your head if needed.</li> <li>Consider co-ownership – if you can’t afford to buy property alone, split the purchase and ongoing costs with an adult child, sibling, or close friend. Alternatively, sub-let a room to offset the costs.</li> <li>Don’t settle for less – avoid accepting an unreasonable separation settlement just to resolve things quickly.</li> <li>Be alert – know the warning signs of scams, elder abuse, gambling addiction and domestic violence to avoid losing everything.</li> <li>Get independent advice – professional legal, accounting, and financial advice can help you build financial independence, create safeguards, and recover faster if disaster does strike.</li> </ul> Overall, the best thing you can do is simply to act. By being proactive instead of burying your head in the sand, your future self stands a much better chance of enjoying a comfortable retirement! Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a style="color: #467886;" title="http://www.onyourowntwofeet.com.au/" href="http://www.onyourowntwofeet.com.au/" target="_blank" rel="noopener">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754. Image: Shutterstock

Money & Banking

Yes, it’s a terrible idea to pick up or interfere with wild animals – especially baby wombats. Here’s why

<div class="theconversation-article-body">It was hard to watch. In a now-deleted Instagram reel, American influencer Sam Jones is filmed <a href="https://www.abc.net.au/news/2025-03-12/us-influencer-removes-joey-wombat-from-mother/105041800">picking up</a> a young wombat, separating it from its mother, and running with it back to the car for a pose. In the background, the distressed mother tries to follow. At one point, Jones says: “Momma’s right there and she’s pissed. Let’s let him go.” We have spent our careers working with wildlife. Seeing a joey separated from her mother for social media content was unsettling. The encounter will have made stress levels soar for the baby and mother. Unfortunately, we are seeing a rise in people directly interacting with wildlife through <a href="https://conbio.onlinelibrary.wiley.com/doi/10.1111/csp2.12958">feeding them</a> or <a href="https://www.tandfonline.com/doi/pdf/10.1080/13683500.2020.1828312">taking risks</a> to get close to them, often driven by the pursuit of social media attention. These interactions can hurt wildlife in <a href="https://theconversation.com/liked-to-death-the-social-media-race-for-nature-photos-can-trash-ecosystems-or-trigger-rapid-extinction-235951">many different ways</a>. While there’s a natural tendency to want to connect with wildlife, wild animals often see humans as a threat. When we get too close, we can trigger fear responses such as increased heart rates and heightened stress hormones. Indeed, the consequences of interfering with wildlife can be <a href="https://doi.org/10.1016/j.scitotenv.2024.175106">far-reaching</a>. Jones was lucky not to have been injured – wombats weigh up to 40 kilograms and have teeth and claws they can use for defence. She could still come down with scabies – wombats often have mange, caused by the parasitic mite which gives us scabies. Others have been less lucky. People feeding dingoes on K'Gari <a href="https://www.theguardian.com/australia-news/2025/feb/02/more-and-more-tourists-are-being-attacked-by-dingoes-on-queenslands-kgari-can-it-be-stopped">has brought</a> these wild canines closer to people, leading to attacks. In response, authorities have occasionally opted to <a href="https://www.theguardian.com/australia-news/2024/jan/21/dingoes-pay-the-ultimate-price-on-kgari-but-some-believe-people-are-the-real-menace">kill</a> dingoes. Official approvals are required to capture and handle wildlife. Engaging in these activities without the necessary permits is typically illegal. These regulations are to safeguard wildlife from harm and protect humans as well. <figure><iframe src="https://www.youtube.com/embed/3PhLPCXPseo?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Instagram clip shows US influencer Sam Jones picking up a baby wombat.</figcaption></figure> <h2>What was wrong with the influencer’s behaviour?</h2> What many people found difficult to see in the clip was the clear distress seen in both joey and mother. Wombat joeys are fully dependent on their mothers for between 18 months and two years – one of the longest periods for any marsupial. Interfering with this bond stresses both animals. The incident also took place on a road, increasing their risk of being hit by a vehicle – one of the biggest <a href="https://theconversation.com/2-biggest-threats-to-wombats-revealed-in-new-data-gathered-by-citizen-scientists-215713">threats to wombats</a>. Wildlife are exactly that – wild life. When we interact with wild creatures, we interrupt what they are doing. This can <a href="https://doi.org/10.1016/j.scitotenv.2024.175106">harm</a> the individual – and often, the group – by inducing physical or psychological stress, and changes in behaviour. <h2>We want to connect – but it’s bad for the animals</h2> Many of us draw a mental line between our pets and wild animals. Our cats and dogs jump up for a pat and seek our affection. Wouldn’t wild creatures enjoy the same thing? It took thousands of years to domesticate dogs, cats and other animals. Wild animals, on the other hand, perceive us very differently – often as a potential threat. When we feed wildlife food they are not used to, <a href="https://theconversation.com/how-you-can-help-not-harm-wild-animals-recovering-from-bushfires-131385#:%7E:text=In%20urgent%20cases%2C%20such%20as,wildlife%20veterinary%20hospitals%20for%20care.">it can make</a> them sick, or contribute to long term metabolic issues. Visitors often feed chips to quokkas on Rottnest Island, but these salty snacks can sicken the animals, which should be eating <a href="https://www.publish.csiro.au/wr/wr03051">grasses, stems and leaves</a>. Tourists flock to areas with wild kangaroos and often offer them food. But as they become used to our presence, they can still lash out. People <a href="https://www.theguardian.com/australia-news/2018/may/02/kangaroo-attacks-on-tourists-prompt-warnings-to-stop-feeding-them-junk-food">have been injured</a>, some badly. <figure class="align-center zoomable">Touching animals comes with risks, from being scratched by koalas to being bitten by snakes. When a US wildlife expert was filmed touching a huge great white shark off Hawaii, dozens of people tried to <a href="https://www.abc.net.au/news/2019-01-18/conservationist-slammed-for-touching-huge-shark-off-hawaii/10725478">follow suit</a> – despite the risks.</figure> Then there’s the disease risk. Wombats suffer from <a href="https://theconversation.com/2-biggest-threats-to-wombats-revealed-in-new-data-gathered-by-citizen-scientists-215713">sarcoptic mange</a>, while other marsupials may have <a href="https://theconversation.com/toxoplasma-the-parasite-that-takes-over-our-brains-197100">toxoplasmosis</a>, which can trigger miscarriages and neurological issues. Handling wild birds can give us the dangerous disease <a href="https://en.wikipedia.org/wiki/Psittacosis">psittacosis</a>. If you don’t have a permit, you should stay at a safe distance and watch the animal. The goal is to avoid interfering, and respect the animal’s autonomy and what it’s trying to do, whether that’s finding food, finding a mate, sleeping, or just lounging about. <h2>Are more people trying to interact with animals?</h2> After the COVID pandemic, many of us have been seeking outdoor experiences. Camping is <a href="https://www.austrade.gov.au/en/news-and-analysis/news/the-rise-of-nature-based-tourism-in-australia">on the rise</a>, as is ecotourism. At the same time, some influencers are trying to interact with wildlife, perhaps mimicking famous figures such as the late Steve Irwin. Irwin’s father, Bob, recently <a href="https://www.theguardian.com/australia-news/2023/apr/06/queensland-urged-to-prosecute-would-be-influencers-who-enter-crocodile-habitat">called for</a> harsher penalties for influencers entering crocodile territory after many close calls. Watching trained wildlife handlers can give us false confidence. We might think: if they do it, why can’t I? The problem is, wildlife handling is risky. Bites are common, even for trained experts. When we undertake wildlife research, we use gloves, cages, hoods and so on to reduce the risk to us and the stress to the animal. Wildlife carers who take on the role of rearing wombat joeys have to be <a href="https://doi.org/10.1071/AM24025">well trained</a> – and dedicated. Joeys need to be fed special milk <a href="https://theconversation.com/wallaby-joeys-and-platypus-puggles-are-tiny-and-undeveloped-when-born-but-their-mothers-milk-is-near-magical-207726">suited to marsupials</a> – cow’s milk is no good. They have to be fed round the clock in the early months. In many cases we are aware of, untrained individuals have attempted to rescue wombats or kangaroo joeys only to discover they can’t meet their specific care needs. Unfortunately, this often results in the joeys being abandoned or handed over to wildlife carers in poor condition. This doesn’t mean that interactions with animals are off-limits. Zoos and wildlife sanctuaries provide opportunities to handle captive animals under expert supervision. Volunteering with wildlife carers or training to become a carer are viable ways to engage with animals responsibly. Influencers don’t have to grab an animal from the wild to show how amazing it is. You can show natural behaviour by following an animal from a safe distance or use existing footage. If you can’t captivate an audience with the wonders of wildlife without harassing a wild animal, then perhaps it’s time to rethink and refine your social media strategy. When we are out in the bush, it’s natural to be fascinated by the presence of wild creatures. But we must find ways of building our connection with nature without harming what we see – and without risking harm to ourselves.<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/252164/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/julie-old-186935">Julie Old</a>, Associate Professor in Biology, Zoology and Animal Science, <a href="https://theconversation.com/institutions/western-sydney-university-1092">Western Sydney University</a>; <a href="https://theconversation.com/profiles/dale-nimmo-15432">Dale Nimmo</a>, Professor in Ecology, <a href="https://theconversation.com/institutions/charles-sturt-university-849">Charles Sturt University</a>; <a href="https://theconversation.com/profiles/hayley-stannard-560761">Hayley Stannard</a>, Senior Lecturer in Animal Anatomy and Physiology, <a href="https://theconversation.com/institutions/charles-sturt-university-849">Charles Sturt University</a>, and <a href="https://theconversation.com/profiles/robert-davis-225195">Robert Davis</a>, Associate Professor in Wildlife Conservation, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> 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/yes-its-a-terrible-idea-to-pick-up-or-interfere-with-wild-animals-especially-baby-wombats-heres-why-252164">original article</a>. Image: WikiCommons </div>

Family & Pets

Steve Smith's huge retirement news

Australian veteran cricketer Steve Smith has announced his retirement from One Day International cricket. The 35-year-old, who stepped in to fill Pat Cummins’ captaincy role during the ICC Champions Trophy tournament, has played his 170th and last match in the ODI format, losing to India by four wickets. After the epic showdown, Smith fronted the media to make the bombshell announcement that his time in the green and gold 50-over uniform had come to an end, effective immediately. He said, “Now is a great opportunity for people to start preparing for the 2027 World Cup so it feels like the right time to make way.” A two-time Australian ODI player of the year and a member of the ICC’s ODI Team of the Year in 2015, Smith plans to continue playing Test matches for some time yet. “Test cricket remains a priority and I am really looking forward to the World Test Championship Final, the West Indies in the winter and then England at home,” he added. “I feel I still have a lot to contribute on that stage.” Cricket Australia chief executive Todd Greenberg led the tributes to Smith, stating: “Congratulations to Steve on an amazing One-Day International career during which he has made a vast contribution to Australia’s performances in the 50-over format." “Right up until his final ODI innings Steve exhibited an incredible ability to accumulate runs in all conditions and his astute leadership has been crucial in the team’s ongoing success including the 2015 and 2023 ICC World Cup victories." “We’re fortunate Steve still has much to offer in the Test and T20 arenas and I look forward to witnessing the next stage of one of cricket’s great careers.” Image credits: RAHAT DAR/EPA-EFE/Shutterstock Editorial

Retirement Life

Young couple sold almost everything to live on a cruise ship

Two savvy US school teachers Monica Brzoska, 32, and Jorrell Conley, 36, have sold almost all of their possessions to live at sea. The couple fell in love with cruising after travelling to Mexico, Belize and Grand Cayman almost a decade ago. In 2023, after Monica's father fell ill, she was inspired to live the life she had always wanted. "Don’t wait for retirement to follow your dreams. Do it now," her mother had told her. That's when she and her husband made the life-changing decision. “Instead of coming back, why not keep booking consecutive cruises for as long as we could afford to?” Monica told The Sun. “It sounds mad, but the numbers made sense. Accommodation, food and entertainment would be included – we’d only need spending money. “And because we’d been on so many Carnival cruises, we’d earned access to some amazing offers. “If we chose the cheapest cabins, our savings from the pandemic would allow us to book eight months of cruising for $16,000 – some trips paid for in full, others with deposits. “We could then use the rent from our three-bedroom house in Memphis to make extra payments as needed. Many cruises start and end in the same ports, so we knew we’d be able to disembark and easily board our next ship, or otherwise fly to the port.” <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/DEQkivEJ0DS/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/DEQkivEJ0DS/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Monica Brzoska (@life_by_any_means)</a> </div> </blockquote> The pair quit their jobs, sold most of their possessions and rented out their three-bedroom home in Memphis, and have been cruising for almost two years now. Since making the move, the couple have completed 36 consecutive cruises and visited almost 50 countries. “I instantly felt free,” she said. “People are amazed when they hear we live on ships, and I’m always happy to share the tricks we’ve learned to save money. We’ve won excursion tickets, jewellery and spa treatments in onboard raffles, while on land, we do our own tours, using local transport to explore," she said. However, she admitted that there are a few challenges, including missing family, but regardless "it really is a dream come true". Image: Instagram

Retirement Life

"It's time": ABC legend announces retirement

ABC’s chief election analyst Antony Green has announced his plans to step down from the public broadcaster after 30 years in his distinguished role. Green announced that he would be retiring after the next federal election, which is rumoured to take place between March and May 2025. “By the time of the next election, I’ll be 68 and I know I’m not as sharp and quick as I was five years ago,” Green said, according to the ABC. “It gets harder and harder. It’s like a footballer, sometimes they play on a season too long, and I’m making sure I don’t do that.” Green, who has covered more than 90 Australian elections, said it was “time to retire” but he would “stay on” for a couple years “handing over work and doing other things”. “Essentially I’m deciding to retire and work less,” Green said. “I got this job as an election worker 36 years ago and I decided I enjoyed doing it – I’ve done a lot of development since. It’s been a long, fun journey.” Green’s final on-air appearances will be the West Australian state election on March 8th and the federal election, which is yet to be announced. Casey Briggs will step in as ABC’s chief election and data analyst after Green's departure, as she announced he would be missed. “For more than three decades Antony Green has set the bar for election analysis. He is sharp, fast and, even under the immense pressure of the night, manages to keep his sense of humour,” Briggs said. “For me, it has been such a privilege to have had a front-row seat to watch and learn from the master at work." “We will all miss him from our screens, but I’m thankful that at least we get a couple more chances to celebrate his monumental contribution to Australia and its democracy.” ABC journalist Annabel Crabb said covering four federal elections with him had been “one of the great pleasures of (her) professional life”. “What a gift it is to our democracy and to our national broadcaster that in 1989 this wee maths nerd saw the ad in the paper for a research position at the ABC and the late Ian Carroll recognised in him the sprouts of the Tree Of Wisdom he’d become!” Crabb wrote in a social media post. “A legendary figure. A migrant success story. A generous colleague.” Image credits: ABC

Retirement Life

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

Jordan Kennedy is a Partner at accounting and advisory firm Pitcher Partners Sydney. 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. 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. 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. 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. 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. 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. 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. Of course, there are a few aspects to this strategy that bear consideration. 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. That said, as this is the first year we have seen the cap expire, it might have slipped the minds of many. 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. The second thing to note is that the vast majority of Australians will have a tax cap opportunity available. 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. The concession is also available for those who might have stopped work to have children or who are reducing their workload approaching retirement. Check with your accountant or your super fund — you might have tens of thousands of dollars in tax concessions available for use. Thirdly, consider your timing. 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. This can reduce your tax liability without disrupting your other plans. In this case, seeking strategic advice is extremely important to determine the optimal outcome for your circumstances. And finally, recognise there are exceptions. 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. 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. But if there is an opportunity to reduce your tax liability for limited effort, you would be mad not to explore your options. Image credits: Shutterstock

Retirement Income

Being carers costs women more than $500,000 over a lifetime, leaving them with less in retirement than men

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/myra-hamilton-8638">Myra Hamilton</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> By the time they retire, women typically have about <a href="https://link.springer.com/book/10.1007/978-981-97-5461-8">one third</a> less superannuation than men. This can amount to more than <a href="https://www.carersaustralia.com.au/wp-content/uploads/2024/03/Final-Economic-impact-income-and-retirement-Evaluate-Report-March-2022_2024EDIT.pdf">$500,000</a> when wages and super are combined over their lifetime. The gendered super gap has narrowed over the last few decades, as women have joined the workforce <a href="https://www.abs.gov.au/articles/changing-female-employment-over-time#:%7E:text=Women's%20participation%20in%20paid%20work,women%20are%20also%20working%20longer.">in increasing numbers</a> and the superannuation system has matured. But progress is too slow. If we keep tracking as we are, we can’t expect parity until <a href="https://www.womeninsuper.com.au/application/files/3816/8782/3898/7._Not_up_for_discussion.pdf">2070</a>. So why is the gap so persistent? <h2>Making super compulsory</h2> For most of the 20th century, Australia’s retirement incomes system produced more equal outcomes because the age pension is not linked to a person’s lifetime earnings. But the introduction of <a href="https://www.australianretirementtrust.com.au/learn/education-hub/superannuation-history-australia">compulsory super</a> in 1992 linked lifetime earnings and retirement income. The gender super gap arises because women and men have different patterns of paid work and earning over their lifetimes. Women have <a href="https://www.wgea.gov.au/the-gender-pay-gap#:%7E:text=conscious%20and%20unconscious%20discrimination%20and,responsibilities%2C%20especially%20in%20senior%20roles">14% lower</a> average weekly earnings than men. This is due to <a href="https://www.wgea.gov.au/the-gender-pay-gap#:%7E:text=conscious%20and%20unconscious%20discrimination%20and,responsibilities%2C%20especially%20in%20senior%20roles">three factors</a>: <ul> <li> women are much more likely to have unpaid care responsibilities. As a result, they take career breaks, work fewer hours, or work in jobs incommensurate with their skills </li> <li> discrimination, bias and lack of workplace flexibility mean better pay and career outcomes for men and fewer opportunities for people to combine work and career with care responsibilities </li> <li> occupational segregation means women are concentrated in female-dominated industries, which tend to attract lower wages than male-dominated ones. </li> </ul> Over a lifetime, these factors limit women’s capacity to earn and to accumulate super. On average, a woman in full-time permanent employment accumulates <a href="https://www.wgea.gov.au/sites/default/files/documents/Women%27s%20economic%20security%20in%20retirement.pdf">17.7% less</a> superannuation per year than a man in an equivalent role. That amounts to A$1,540 less per year. This annual shortfall compounds over time resulting in a wide gender super gap by the time women retire. <h2>How does this work in practice?</h2> The interruptions to work caused by providing unpaid care reduces people’s opportunities for accumulating superannuation. For example, having a child leads to substantial reductions in mothers’ workforce participation and earnings. Women’s earnings <a href="https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdf">fall</a> by an average of 55% in the first five years after entry into parenthood. In contrast, research suggests men’s earnings are <a href="https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdf">unchanged</a>, or even <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5340267/#:%7E:text=Over%20time%2C%20unmarried%20but%20coresident,support%20for%20egalitarian%20gender%20roles.">increase</a>, after they become parents. So parenthood has a much greater impact on a mothers’ super than a fathers’. One <a href="https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/hilda-conference-papers/2007/Parr,-Nicholas_final-paper.pdf">estimate</a> suggests having a child reduces a woman’s superannuation balance at age 60 by about $50,000 and a man’s by $5,000. It’s not just parenthood. <a href="https://www.aihw.gov.au/reports/australias-welfare/informal-carers">One in 10</a> Australians provide care for an ageing relative or person with a disability or chronic illness. Women do most of this unpaid care. Unpaid carers <a href="https://bristoluniversitypressdigital.com/view/journals/ijcc/6/3/article-p318.xml">often</a> reduce their working hours, withdraw from work, or put their careers on hold. Among primary carers <a href="https://www.wgea.gov.au/gender-equality-and-caring#:%7E:text=Primary%20carers%20are%20carers%20who,carers">only 58%</a> are in paid work. According to a <a href="https://www.carersaustralia.com.au/wp-content/uploads/2024/03/Final-Economic-impact-income-and-retirement-Evaluate-Report-March-2022_2024EDIT.pdf">recent study</a>, on average, by age 67, primary carers have lost $392,500 in lifetime earnings and $175,000 in super. Some older workers, especially women, also care for their grandchildren. More than a <a href="https://aifs.gov.au/sites/default/files/2022-07/Grandparents%20and%20child%20care%20in%20Australia_0.pdf">quarter</a> of grandparents of a child aged 13 or under provide care for the child in a typical week, usually while the parents work. In a <a href="https://nationalseniors.com.au/uploads/09151356PAC_GrandparentsChildcareLabourForceParticipation_Report_FINAL_Web_0.pdf">recent</a> study, 70% of grandparents, mostly grandmothers, providing regular childcare reported they adjusted their work to accommodate it. One in three reported it had negative impacts on their financial security as they aged. These factors compound over a lifetime. Many Australians provide care for multiple family members simultaneously, or at different times throughout their lives. Women in employment are more likely to be in lower paid positions, and lower paid industries and occupations. Employees in feminised industries such as community services (including paid care workers) and retail have among the <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/01/2311_An_update_on_superannuation_account_balances_Paper_V2.pdf">lowest</a> median super balances, less than half of those of managers and professionals. <h2>What is the solution?</h2> The gender super gap reflects deep inequalities in the distribution of work, incomes and care responsibilities between women and men across their lives. How do we fix it? Policy and public debate has focused on boosting women’s workforce participation. More women in work, means higher incomes and more saving, reducing the gender super gap, right? Yes, up to a point and rates of <a href="https://www.abs.gov.au/articles/changing-female-employment-over-time">women’s workforce participation</a> are increasing. But we also know in Australia, we have a <a href="https://nationalseniors.com.au/uploads/09151356PAC_GrandparentsChildcareLabourForceParticipation_Report_FINAL_Web_0.pdf">preference</a> for some family care of young children, and for care of adults with disability and older people in the <a href="https://www.aihw.gov.au/reports/australias-welfare/australias-welfare-2017-in-brief/contents/ageing-aged-care">community</a>. This means many parents and carers will continue to have at least some interruptions to paid work, reducing their super contributions. We also know when women are encouraged to enter paid work, care responsibilities are often “redistributed” to other women. When mothers enter or re-enter paid work it’s often <a href="https://theconversation.com/caught-in-an-intergenerational-squeeze-grandparents-juggle-work-and-childcare-47939">grandmothers</a> who step in, frequently reducing their incomes and super. For care of ageing <a href="https://www.cambridge.org/core/journals/ageing-and-society/article/abs/an-integrative-analysis-of-sibling-influences-on-adult-childrens-caregiving-for-parents/038C6F299E62380F9C954A9A586A28CD">parents</a> it is often non-working female siblings that step in. As the savings potential of one group of women increases, the savings potential of another decreases. Where care can’t be redistributed to other women within the family, it is redistributed to paid early childhood education and care, disability support, and aged care services. All of these services are dominated by women. As a highly feminised industry, the caring roles are <a href="https://www.abc.net.au/news/2024-08-14/why-are-nurses-and-childcare-workers-so-poorly-paid/104218868">poorly remunerated</a>, so those doing the care, while paid, are themselves limited to save enough super. Boosting women’s workforce participation is an important step. But another is to pay super contributions to parents during the time they are off work providing childcare, as <a href="https://ministers.pmc.gov.au/gallagher/2024/super-boost-new-parents#:%7E:text=It%20means%20that%20eligible%20parents,to%20their%20nominated%20superannuation%20fund.">recently</a> agreed by the federal government. But we need an <a href="https://www.unsw.edu.au/newsroom/news/2015/04/carers-deserve-more-credit-in-the-retirement-incomes-debate">equivalent</a> for other kinds of unpaid carers. Even so, as long as care continues to circulate between different groups of women – older women, low paid women – and as long as care isn’t valued for the large social and economic contribution it makes, the gender super gap will persist. To close the persistent gender gap, we need to go further, encouraging greater men’s involvement in care, and providing better recognition and remuneration of unpaid and paid care. <hr /> 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>.<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/240323/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/myra-hamilton-8638">Myra Hamilton</a>, Associate Professor, gender, ageing and care, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/being-carers-costs-women-more-than-500-000-over-a-lifetime-leaving-them-with-less-in-retirement-than-men-240323">original article</a>. </div>

Money & Banking

Beloved radio star dies one week after retiring

Melbourne radio host Philip Brady OAM has died at the age of 85, just one week after he announced he was retiring from radio after nearly 67 years. The 3AW star was diagnosed with cancer on December 5, sharing his diagnosis with close friends and keeping it private from the public. On Tuesday morning, 3AW host Tom Elliott announced Brady's passing and revealed he had been informed of his cancer diagnosis late last year. “Very early this morning, Philip Brady died." “He said he was riddled with cancer and didn’t expect to last too long, so for me, this isn’t a surprise,” he said. “But it is very sad because I don’t think we’ll see the likes of Philip Brady again.” Brady's career 3AW began in the 1970s where he was the weekend music man and in 1990 he began hosting Remember When with Bruce Mansfield. He hosted his final episode of the Remember When radio show on 3AW on January 12, before announcing his retirement from the network on February 2. 3AW station manager Stephen Beers has paid tribute to Brady, saying that he was a “great friend to many, truly loving his work on air and helping so many listeners and colleagues with advice, companionship and friendship”. “Phil will be greatly missed by all at 3AW,” he added. Image: 3AW

Caring

Should you use your retirement savings to pay off debt? Three things to keep in mind

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/jasmine-kinsman-1438670">Jasmine Kinsman</a>, <a href="https://theconversation.com/institutions/nelson-mandela-university-1946">Nelson Mandela University</a> A host of countries have taken steps to reform the terms under which people can access their retirement benefits. South Africa is the most recent. In 2024 it <a href="https://theconversation.com/south-africa-has-changed-its-retirement-rules-to-help-boost-country-savings-how-it-will-work-233287">introduced changes</a> that allow access to some retirement savings while ensuring that most of the money is still preserved for later. Other countries that have changed the rules to allow members to dip into their savings before retirement include Australia, Chile, India and Portugal. Changes were introduced to ease the financial strain caused by COVID-19 pandemic lockdowns. People across the world are grappling with debt and the cost of living. <a href="https://www.treasury.gov.za/comm_media/press/2024/2024%20Two-pot%20System%20Updated%20%20FAQ%20August%202024.pdf">Policymakers</a> have considered this an avenue that offers financially distressed fund members the flexibility to access their retirement funds while still supporting long-term retirement savings. Retirement funds are also often the only sizeable savings that fund members have. A recent report by South Africa’s <a href="https://www.discovery.co.za/portal/business/top-reasons-for-two-pot-withdrawal-requests">Discovery Corporate and Employee Benefits</a>, which represents 3,000 employers that provide pension and provident funds for just over one million employees, found that people aged between 35 and 45 made the most claims to access the savings component of their retirement. When asked what they used the funds for, 24% of members said their withdrawals were for financing home or car expenses. Another 21% of members were using their funds to pay off short-term debt. The majority of members who withdrew their retirement savings were low-income earners (earning up to R125,000 or US$7,000 a year). On the other hand, withdrawals were lowest among high-income earners (earning more than R1 million or US$56,000 a year). This data provides evidence that most low- to middle-income South African consumers are grappling with the trade-off between preserving their capital for retirement and meeting their monthly financial obligations. Given that everyone’s financial situation, goals and needs are different, it’s always best to speak to a financial advisor to assess whether using your retirement savings to pay off debt will be a sound move. But, as academics who have focused on financial planning, we offer three pointers to consider: <ul> <li> understand what you owe, to whom, and what it’s costing you </li> <li> plan beyond paying off debt </li> <li> weigh the pros and cons carefully. </li> </ul> <h2>Know which debt to settle first</h2> Debt with a high interest rate often takes longer to repay, because at the start of the loan repayment period, most of the repayments are going towards interest payments – not reducing the capital amount. If you use your retirement proceeds towards this, it could shorten the period that it would take to settle the loan and reduce the interest repayments, which are compounded according to the outstanding loan balance. Short-term loans, such as those with a repayment term of up to 18 months, tend to have higher interest rates. Unsecured debt, which is debt that is not tied to an asset, also attracts high interest rates because they have little to no collateral requirements. Collateral provides the lender with a guarantee of compensation in the event of default. When there is no collateral, the cost of debt becomes more expensive. Using your retirement proceeds towards settling these short-term loans can free up cash that can be used towards settling other debt and will improve your credit score. <h2>Understanding borrowing behaviour</h2> Using your retirement savings to settle debt should be a priority if you have a plan in place to ensure that your overall financial position will improve. Once the debt is cleared, consider how you can use your free cash in your favour. This could mean boosting your savings or acquiring assets and investments. But if retirement savings are being used to pay off debt while you accumulate more debt, this indicates on ongoing cycle of debt. For example, paying off the minimum amount due on a loan but also consuming the balance that becomes available on the same loan is a sign of poor borrowing behaviour. A more extreme example is taking on more debt to service existing debt. Without a change in borrowing behaviour, using your retirement savings to pay off debt will leave you worse off. You will have missed out on the opportunity to grow your retirement savings and you will have got into more debt. <h2>Debt repayments vs retirement returns</h2> When considering withdrawing from your retirement savings to pay down debt, it’s also important remember this will be at the expense of building your retirement nest egg. For instance, if a 35-year-old were to draw down R30,000 from their retirement fund, that same amount could have grown their retirement capital by over R200,000 by the time they reached 55 years old (assuming an investment return of 10%). Withdrawing your retirement savings on a frequent basis could also mean you may need to work longer and past your intended retirement age to compensate for the withdrawals. Or you may need to find ways to supplement your retirement savings through other investments, or consider reducing your standard of living at retirement. <h2>Is this a sound move?</h2> Remember, withdrawal from retirement savings is subject to tax. While retirement may seem far off when there are more pressing financial needs, using your savings to pay down debt has its advantages and drawbacks. Since withdrawals are being used to pay for expenses and service debt, it’s also important to reflect on borrowing behaviours that may need to be corrected. Otherwise, using retirement savings could become a financial crutch that could make your retirement income less secure. Settling debt using your retirement savings should be done after careful consideration and planning. If in doubt, speak to a financial advisor.<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/244837/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Associate Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/jasmine-kinsman-1438670">Jasmine Kinsman</a>, Senior Lecturer in Financial Planning and Certified Financial Planner, <a href="https://theconversation.com/institutions/nelson-mandela-university-1946">Nelson Mandela University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/should-you-use-your-retirement-savings-to-pay-off-debt-three-things-to-keep-in-mind-244837">original article</a>. </div>

Money & Banking

Readers response: What’s something unexpected that’s brought you happiness or peace in this phase of life?

We asked our readers what unexpected thing has brought then happiness or peace in this phase of life, and the response was overwhelming. Here's what they said. Mary Michelon - Meeting the man meant for me. Last thing on my mind also. Jo Bolland - Finding living on my own to be such a joy. Mandy OConnor - The bird life where I moved to has been a game changer for me. Joanna Tyler - Moving to a regional area to chill for the rest on our lives. Kris Peterson - My Greenhouse, my happy place. Mary Paffas - Moving to a small beachside community. Dale Hunter - Wine! Ralph G Smith - My grandchildren. Julia Flavel - Meeting my partner when it was the last thing on my mind. Image credits: Shutterstock

Mind

Anthony Albanese's rental income revealed

Anthony Albanese has rented out his luxury home on the NSW Central Coast that he bought for $4 million last year. The Prime Minister updated his official register of interests in January to list for the first time unspecified “rental income” for the clifftop Copacabana retirement home. While his real estate agent declined to reveal how much rent he is charging, online estimators suggested he could ask for $1,000 a week or about $52,000 a year. On top of the Central Coast home, Albanese is now also renting out his Sydney home, a mortgage-free federation bungalow with a pool for $1,350 a week while he lives rent-free at the Lodge. Between the two properties, the prime minster's rental income is around $2,350 a week or $9,400 a month. His annual rental income on top of his salary is an estimated $122,200 and his salary is $564,356 a year. Greens housing spokesman Max Chandler-Mather has previously taken aim at Mr Albanese for owning investment properties as he stepped up his campaign to scrap negative gearing laws. “Let’s be real, if Labor wants to deal with housing affordability then it’s time to phase out the billions of dollars in tax concessions property investors get every year in the form of negative gearing and capital gains tax concessions,” Mr Chandler-Mather said. “We could be investing that money in building public housing but instead it is going to people like the Prime Minister with his three investment properties.” He went on to question why Australia has a “property investor as a prime minister” during the “worst housing crisis we’ve seen in a generation”, adding, “I think what they’ve got to realise on the politics of this in the course of this year a lot of renters are going to start asking the question.” Image credits: realestate.com.au/RICHARD WAINWRIGHT/EPA-EFE/Shutterstock Editorial

Money & Banking

Readers response: What’s a physical or mental challenge you didn’t expect to face in retirement?

We asked our readers what physical or mental challenge they didn’t expect to face in retirement, and the response was overwhelming. Here's what they said. Christine Stewart - I looked forward to retirement, only to have my husband diagnosed with dementia. It's a tough gig caring for him. Toni Pratley - How busy social life can be and managing to balance it is a challenge. Lynette Miller - The passing of my husband of 50 years has been totally devastating for me. Sue Meers - Living in a retirement village. Nola Schmidt - Two strokes and spinal stenosis. Debra Hutchen - Becoming a grandparent carer and a marriage breakdown. Mary Lintott - Arthritis. Marilyn Larsen - Not being financial enough to even retire. Kim Nissen - Being alone. Wendy Fisher - Having trouble with balance & walking. Kath Wilkinson - Loneliness. Elaine Ralph - The lack of money. Craig Donney - Boredom! Image credits: Shutterstock

Retirement Life

Eagles star announces retirement after shock health diagnosis

Steuart Smith, the lead guitarist of iconic rock band The Eagles has announced his retirement. 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. "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 The Eagles while I can still do so gracefully," Smith told People magazine. "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." According to Parkinsons.org.uk, parkinsonism is "an umbrella term used to cover a range of conditions that share similar symptoms to Parkinson's". Bandmate and founding member of The Eagles, 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. “Steuart Smith has retired from touring. The Eagles will be forever grateful for the extraordinary talents that he brought to both our recordings and live performances," he told the publication. "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." The Eagles, were formed in 1972 with founding members Henley, Glenn Frey, Bernie Leadon and Randy Meisner. They are known for their hit songs like Hotel California and Lyin Eyes. <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

Caring

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

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

Retirement Life

Michael Clarke receive Cricket Australia's top honour

Michael Clarke will be the 64th player to be inducted into the Australian Cricket Hall of Fame. The champion batter was unveiled as the latest inductee on Thursday, joining other former Test captains who have received the top honour. It's been a decade since Clarke hung up the bat with 8643 Test runs, and 7981 one-day international runs. 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. In 2011 he was appointed as skipper of the Test team, a position he held until his retirement from professional cricket in 2015. He is among the most decorated players in the 21st century, with two World Cups, the Ashes and several other individual honours. Australian Cricket Hall of Fame chairman Peter King congratulated the player "who defined his generation." “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. “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. “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. “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. “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. “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.” 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. “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. “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.” Image: Andrew Cowie/ Shutterstock Editorial

Retirement Life

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"> <a href="https://theconversation.com/profiles/anthony-asher-247115">Anthony Asher</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Over the ages, there have been broadly three reasons why people have retired. 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. But where did the idea of retirement come from? And how was it handled in ancient times? <h2>Origins of support</h2> Retirement support – which these days comes in the form of superannuation or a government pension – dates back to ancient history in various forms. Some forms of retirement support were funded by local taxes or tithes, others by donations. Some systems were corrupt and the coverage was patchy. Records are not readily available from other cultures, but we know a little about ancient Rome and English history since then. 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. The scheme paid a decent amount for soldiers after 25 years of service, so retirement age could be as young as 42. 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. 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. 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. Retail funds mainly began as <a href="https://www.google.com/search?client=firefox-b-d&q=history+of+life+insurance">mutual life insurance companies</a> that began more than 200 years ago. 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. As modern states developed the capacity to collect income taxes, it became feasible to provide comprehensive retirement benefits funded by central government. Beginning with <a href="https://www.ssa.gov/history/ottob.html">Germany in 1889</a>, developed countries began introducing universal national age pension arrangements. 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. <h2>Retirement in Australia</h2> 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. 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. 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. <h2>Retirement ages</h2> 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. 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. 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. 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. 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. 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. 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>. <h2>Earnings-related pensions</h2> 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. 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. 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. The standard rate will rise to 12% in July next year. <h2>The future</h2> A growing ageing population will mean the Australian government and superannuation industry will need to adjust current support systems. <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. We can expect more people to be living into their nineties and needing pensions for life. 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> 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>. <hr /> 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>.<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" /> <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> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/some-ancient-romans-got-to-retire-with-a-pension-at-42-but-retirements-changed-a-bit-over-the-centuries-241121">original article</a>. </div>

Retirement Income

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

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/joey-moloney-1334959">Joey Moloney</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> Having compulsory super should help create a comfortable and stress-free retirement. But Australia’s super system is too complex for retirees to navigate. This can leave them stressed and lacking the confidence to spend their super savings. 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. This would help retirees stress less, spend more, and enjoy their retirement years. <h2>Stress prompts many to underspend super</h2> 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. <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. 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. <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. And their average net wealth, which excludes the equity in their home, grew by 14% over the same period. 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. <h2>Retirees are given too little guidance</h2> 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. 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. 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. 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. 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>. 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>. <h2>Government could steer retirees into annuities</h2> Our report argues retirees should be encouraged to use 80% of their super balance above $250,000 to purchase an annuity. 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. <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. 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. 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. 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. <hr /> <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> <hr /> <h2>Annuities should be provided by government, not super funds</h2> But steering retirees into annuities offered via super funds is unlikely to work. 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>. 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. 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. 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. The government could also offer alternatives including investment-linked annuities, where payments are guaranteed for life, but payments could vary based on investment returns. 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. Annuity payments would be made from the pool of capital created by annuity purchases, with these investments managed by the Future Fund. Under reasonable assumptions we project the government annuity provider could be managing assets totalling 2.5% of GDP by 2040. Superannuation offers Australians the promise of a more comfortable and stress-free retirement. Government-offered annuities can help turn that dream into reality. Esther Suckling made substantial contributions to the research underpinning this article.<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" /> <a href="https://theconversation.com/profiles/brendan-coates-154644">Brendan Coates</a>, 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> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/superannuation-is-complicated-a-guaranteed-government-income-in-retirement-would-be-simpler-247383">original article</a>. </div>

Money & Banking

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

AFL Premiership winner Kane Cornes has slammed Nick Kyrgios after the tennis superstar has been making headlines for his Australian Open exit. 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. “I just feel we talk about this guy too much,” Cornes began on SEN 1116 radio. “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. “That’s not unusual, that happens, and we’re not going to hear the last of him. “I feel like his role in the game will be significant whether he’s playing or not because he is box office. “And despite him being our most disappointing Australian athlete ever, he will still have a role to play because people are interested in him.” “This is a guy who sits there and criticises everyone else,” Cornes continued. “He sits on his high horse and criticises everyone, be that ball kids, line judges, other opponents. “Look at the class which Roger Federer or other players with a similar level of talent as Nick carried themselves. “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. “No one has been spoken about more with less results than this guy over a long period of time. “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.” Kyrgios has hit back at the comments on X, saying that Cornes' criticism was unfounded. "Gotta love comments from an athlete who didn't play a global sport," he posted. 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.” 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.” 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!” Image: Channel 7/ Rachel Bach/Shutterstock Editorial

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

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