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I spoke to 100 Japanese seniors, and learnt the secret to a good retirement is a good working life

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/shiori-shakuto-1537774">Shiori Shakuto</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> What makes a good retirement? I’ve <a href="https://www.pennpress.org/9781512827088/after-work/">been researching</a> the lives of “silver backpackers”: Japanese seniors who embark on a later-life journey of self-discovery. Many experienced Japan’s high-growth economy, characterised by rigid gender roles. For many men who worked as iconic cultural figures of <a href="https://en.wikipedia.org/wiki/Salaryman">sarariiman</a> (white collar workers), excessive working hours were normalised and expected. Their absence from home was compensated by their female partners, many full-time stay-at-home mothers. Entering their 60s meant either retirement from work, or children leaving home. For men and women, retirement is understood as an opportunity to live a life for themselves, leading to a journey of self-discovery. <h2>Dedicating life to work</h2> I interviewed more than 100 older Japanese women and men and found a significant disparity in the quality of life between them. Japanese retired men who led a work-oriented life struggled to find meaning at the initial stages of retirement. One man I spoke to retired at the age of 60 from a large trading company. He was a successful businessman, having travelled the world and held various managerial positions in the company. His wife looked after the children most of the time. They bought a house with a yard in a suburb so the children could attend a good school. It significantly increased his commute, and further reduced his time with children. He also worked on weekends. He barely had time to develop his hobbies or get to know his neighbours. He idealised his retirement as a time to finally spend with his family and develop his own hobbies. When he retired, however, he realised that he and his family didn’t have any common topics of conversation. Through decades of excessive hours spent at work away from home, the rest of the family established a routine that did not include him. Taking up new hobbies at the age of 60 was not as easy as he thought, nor was making new friends at this age. “I became a nureochiba,” he lamented. Nureochiba refers to the wet fallen leaves that linger and are difficult to get rid of. The term is commonly used to describe retired men with no friends or hobbies who constantly accompany their wives. The retirement for many former sarariiman was characterised by boredom – having nowhere to go to or having nothing to do. The sense of boredom led to a sense of isolation and low confidence in old age. Many older Japanese men I spoke to lament not having built a connection with their children or communities at a younger age. <h2>Dedicating life to family and community</h2> Older Japanese women I spoke with were more well-connected with their children and local communities in later life. Many were in regular contact with their children through visits, phone calls and messages. Some continued to care for them by providing food or by looking after grandchildren. Children very much appreciated them. Many older women who had been full-time stay-at-home mothers had already taken up hobbies or volunteering activities at community organisations, and they could accelerate these involvements in their old age. Even women who worked full-time seemed to maintain better connections with their family members because working excessively away from home was simply not possible for them. Older men relied on these women’s networks and activities conducted at the scales of home and communities – from caring for others to pursuing hobbies – to enact a meaningful retirement. The sense of connection with family and communities, not to mention their husbands’ reliance on them, led to a high confidence and wellbeing among older women. I saw many instances where older women preferred spending time with their female friends than their retired husbands and embarked on adventurous trips alone. One woman went on a three-month cruise alone. Feeling liberated, she sent a fax message to her husband from the ship: “When I get off this ship, I will devote the rest of my life to myself. You will have to take care of your own mother.” Upon disembarking, she moved to Malaysia to start her second life. <h2>The silver backpackers</h2> Malaysia has become a popular destination for silver backpackers looking to embark on a journey of self-discovery. Some travel as couples, while others go alone, regardless of their marital status. For many male silver backpackers I spoke to, moving to Malaysia offers a second chance at life to make new friends, find hobbies and, most importantly, start anew with their partners. For many female silver backpackers, visiting Malaysia means being able to enjoy an independent lifestyle while having the security of friends and family in Malaysia and Japan. The experiences of older Japanese men and women can be translated into the experiences of anyone who spent excessive hours at work and those who spent more time cultivating relationships outside of work. The activities of the latter group are not as valued in a society that narrowly defines productivity. However, my research shows that it is their activities that carry more value in old age. Are you under pressure to work long hours? If you can, turn off your phone and computer. Instead of organising events for work, organise a dinner with your family and friends. Take up a new hobby in your local community centres. You can change how you work and live now for a better old age.<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/238571/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/shiori-shakuto-1537774">Shiori Shakuto</a>, Lecturer in Anthropology, <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/i-spoke-to-100-japanese-seniors-and-learnt-the-secret-to-a-good-retirement-is-a-good-working-life-238571">original article</a>. </div>

Retirement Life

New report reveals huge amount of super needed to retire

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

Retirement Life

"Super uncomfortable for everyone": Qantas plays R-rated movie for every passenger

Qantas has issued an apology after an R-rated movie was played for every passenger onboard a flight from Sydney to Tokyo. On Saturday, the flight was delayed by an hour due to problems with the in-flight entertainment system, which resulted in cabin crew only being able to play one film on everyone's individual screens. After requests were taken by passengers, the movie Daddio was chosen. The 2023 drama stars Sean Penn and Dakota Johnson as a taxi driver and his passenger as they discuss their relationships, including an affair Johnson’s character had with a married man. One passenger took to Reddit to share their experience of the flight, saying it was "extremely inappropriate", due to scenes of “graphic nudity and a lot of sexting”. “The kind where you could literally read the texts on screen without needing headphones,” the passenger wrote. “It was super uncomfortable for everyone, especially with families and kids on board.” Another passenger said the airline made the switch to Inside Out 2 followed by a New Zealand nature show after playing “40 minutes of penis and boobs”. “These poor kids and the parents because y’all should’ve heard the audible gasps across the plane,” the passenger said. Cabin crew members attempted to fix the screens of those who didn't want to watch the R-rated film, but when this didn't work, resorted to switching the movie entirely. “The movie was clearly not suitable to play for the whole flight and we sincerely apologise to customers for this experience,” a Qantas spokesperson stated. “All screens were changed to a family-friendly movie for the rest of the flight, which is our standard practice for the rare cases where individual movie selection isn’t possible." “We are reviewing how the movie was selected.” Image credits: Shutterstock

Travel Trouble

ATO urges Aussies to cash in on nearly $18 billion in lost or unclaimed super

The Australian Taxation Office is urging people to check whether they are eligible to cash in on almost $17.8 billion in lost or unclaimed superannuation. Lost super is when your fund has lost touch with you or your account is inactive, and this can occur if you've changed your name, moved homes or changed jobs, without updating your details. The lost super becomes unclaimed when your fund transfers this lost money to the ATO. "Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found," ATO deputy commissioner Emma Rosenzweig said. "If you've changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super. "We're urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them." As of June 30, 2024, super funds and the ATO are holding lost super for over 7.1 million accounts, with retirees among those with lost or unclaimed super. The ATO revealed it was holding $471 million on behalf of those aged over 65. “Superannuation is a key part of your retirement, and we want to make sure Australians are claiming the investment they’ve worked for,” Rosenzweig said. You can check for lost super online through the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/keeping-track-of-your-super/super-health-check#ato-Check3Checkforlostandunclaimedsuper" target="_blank" rel="noopener">ATO</a>. For those wanting to search for unclaimed cash, including unclaimed refunds, share dividends, uncashed cheques and more, you can visit <a href="https://asic.gov.au/for-consumers/unclaimed-money/" target="_blank" rel="noopener">federal</a> and state websites to see if you have anything owed to you. Unclaimed money is cash owed to people who can't be located, either due to name or address changes, lost paperwork or just forgot about the cash. Image: Shutterstock

Money & Banking

Five signs in your senior pet you shouldn’t ignore

Just like humans, pets can become susceptible to health complications as they age. Cats are considered senior at around 11 years, and many dogs are considered senior from about seven years old, depending on their breed. As your furry friends get older, it's important to look out for these five changes in your pet, because if caught early, addressing them promptly may significantly improve their well-being, lifespan and quality of life. Dramatic weight changes If your pet either loses or gains weight dramatically, it’s time to book an appointment at the vets. Significant weight changes can signal issues such as heart disease, diabetes, liver disease, or alterations in metabolism and muscle tone, which are sometimes associated with ageing. Increased thirst An increase in thirst, and in turn an increase in urination, could be the sign of several health conditions such as kidney disease or diabetes. Addressing these symptoms early can help manage the condition and drastically improve your pet's quality of life. Changes in appetite Several health problems in pets can manifest in a change of appetite, whether it's a decrease or increase in hunger. Changes in appetite might be due to dental issues, gastrointestinal problems, diabetes or more severe conditions like cancer. Signs of chronic pain Chronic pain can present in pets in many different ways, such as Repeated chewing, biting, or scratching at a specific area, altered activity levels, reluctance to move or jump, or poor response to medications. If your furry friend looks like they are struggling to move, or are slower when getting up and down, it's time to schedule a trip to the vet. Changes in demeanour As pets age, they can experience similar symptoms to humans, such as changes in vision, hearing and general confusion. Some pets can even experience dementia, with symptoms including anxiety, aimless wandering, decreased appetite, and notable shifts in behaviour. Although there is no cure, management is possible through medication, dietary adjustments, and lifestyle changes and available under veterinary guidance. Image credits: Shutterstock

Family & Pets

The hidden epidemic: How ageism affects Australians over 60

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

Retirement Life

Readers response: What advice would you give to seniors looking to start a new relationship?

When entering the dating world, there are always nerves, expectations and excitement at any age. But when it comes to dating and starting new relationships in your senior years, priorities can be skewed, and meeting someone can be nerve-wracking. We asked our readers what advice they would you give to seniors looking to start a new relationship, and the response was overwhelming. Here's what they said. Judy Chappell - Don’t! Nothing better than independence & freedom late in life after 63 years married. I have my kids, grandkids, great grandies & great friends that’s enough for me. Don’t need another male around. Jan Heggie - If it feels right, do it. If it doesn’t feel right after a while, leave. Life is too short to not enjoy it. Karen Simpson Nikakis - Put legals in place to protect your assets, do not cohabit or marry, and split all bills. Lois Hone - Be true to yourself. Choose someone who completes you, the one person you feel you can’t live without. The one person, who makes you smile, laugh and is still there when you are sad and hurt and wants to support you. Oh and if they like to cook and clean as well, go for it! Julie Fauser - Live each in your own home. Marilyn Langelaar - Do not compare to previous partner. Janet Olsson - Be careful. Don't rush into anything. Lynn Dilley - Just go for it if you are happy and feel safe, but keep your money and documents to yourself. Merle Finlayson - Go for it! It’s never too late. Margot R McCamley - Enjoy the relationship, but there are always buts so tread carefully. Think it through thoroughly, but don't dismiss it as folly. Image credits: Shutterstock

Relationships

Readers response: What are your thoughts on online dating or dating apps for seniors?

When it comes to dating, there are many ways people find their perfect person, and for many that happens online. We asked our readers what their thoughts are on an online dating app for seniors, and the responses were overwhelming. Here's what they said. Kristeen Bon - I tried it for a bit, but found the men to be so unrealistic in their expectations. What they say they want and what they REALLY want are poles apart. Helen Smith - It works great but men really need to look in a mirror now and then. Sue Rowley - Personally, I’m happy on my own, but if you’re looking for a partner where else is there to meet someone? Pub, supermarket, dog walking? Not many options really, especially when you’re older. Jenny Gordon - Would not consider it. Would prefer to stay single than see how friends and relatives have been affected by using them. Ali Veldman - Risky at any age, in my opinion. Diane Derby - I’d never entertain one. I like being by myself, plus two much catfishing and ghosting to be able to find a decent type. Margaret Godfrey - Tried it. A dismal failure in a small population. What is the point of men interstate responding when you live a plane flight away? John Coffey - Met my late partner online, and had a great 10 years. It can be a minefield though. Image credits: Shutterstock

Relationships

Warning over new scam preying on seniors

Police have issued an urgent warning for seniors to stay vigilant as a new scam targets more vulnerable Australians. Wollongong police officers have received reports of wills and estate documents allegedly being forged earlier this year, with inquiries ongoing. Scammers are currently targeting vulnerable members in the Illawarra community in Sydney, with elderly members of the community and their families being urged to take precautions to lower the risk of the new scam. "Examples of estate fraud include: a person signing a will that was a different document then they intended to sign, a person signing a will when they limited mental capacity, and an executor could pay themselves advances or unreasonable expenses from the estate,” a statement from a NSW Police spokesperson explained. Will fraud occurs when misleading or deceptive conduct is used while preparing a will. Executor fraud occurs when a person appointed to administer an estate uses deceitful tactics to gain access to estate assets, including false, fabricated or misleading statements used for the financial benefit. Anyone who has been affected or anyone with information have been urged to come forward to police. Image: Shutterstock

Legal

Super Rugby player dies at just 25

New Zealand rugby player Connor Garden-Bachop has died aged 25. Police were called to the scene of a sudden death in Fendalton, Christchurch just before 6pm on Monday, according to the NZ Herald. “The death is not being treated as suspicious and will be referred to the Coroner,” police said. Garden-Bachop, son of former All Black Stephen Bachop, was part of the Highlanders' Super Rugby squad this season, and they have also confirmed his death in a statement shared on Facebook. “On behalf of the entire rugby community, the Highlanders, Wellington Rugby, New Zealand Rugby, the New Zealand Māori Rugby Board and the New Zealand Rugby Players Association would like to extend our deepest thoughts and love to the Garden-Bachop family,” the statement read. “Connor passed away on Monday following a medical event, and rugby’s collective focus at this time is on supporting his family. "All of rugby walks alongside the Garden-Bachop family at this time and we are collectively united in our grief," the statement continued. “Connor was a fantastic young player, an exciting New Zealand age-grade representative and a proud Māori All Black. Wherever he played, he was a committed and popular teammate with infectious energy and someone who could light up the room. “Most importantly, he was a loving father to his twin girls, a brother, a son and immeasurably loved by all those who knew him. “NZR, the New Zealand Māori Rugby Board, the Highlanders, Wellington Rugby and the Players Association are providing support and we ask that the privacy of the Garden-Bachop family is respected.” Garden-Bachop, an outside back, made his Highlanders debut in 2021. After five seasons with the team, the Highlanders announced on Facebook last week that he would not return to the team next season. The rugby player is survived by his twin daughters. Images: Instagram

Caring

Super funds are using ‘nudges’ to help you make financial decisions. How do they work?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/fernanda-mata-1533222">Fernanda Mata</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>; <a href="https://theconversation.com/profiles/breanna-wright-267597">Breanna Wright</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/liam-smith-5152">Liam Smith</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Late last year the federal government announced <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">measures</a> to make it easier for Australians to access financial advice. As part of this, the government wants super funds to use “nudges” to get members to engage more with their retirement investments and superannuation, especially when they’re starting work and approaching retirement. While the legislation containing the changes is still in the consultation phase, super funds are <a href="https://www.afr.com/companies/financial-services/super-funds-spend-big-ahead-of-advice-reforms-20240418-p5fkx6">upskilling staff</a> and making other changes to improve customer service or risk a government crackdown. Telling funds to use <a href="https://www.behaviourworksaustralia.org/blog/nudging-what-is-it-and-how-can-we-use-it-forgood">nudge theory</a> to advise on super comes as more than five million Australians are heading towards retirement. <h2>What is nudge theory?</h2> Nudging is used to encourage people to pick the “better” option, without taking away their freedom to choose differently. For example, sending regular reminders to members about the benefits of voluntary contributions can get them to increase the amount they put in. This nudge makes it easier for them to contribute more – the better option – while still allowing them to choose not to. Assistant Treasurer Stephen Jones <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">explained</a> the government’s changes were needed because so-called “fin-fluencers” were providing unregulated financial advice on social media platforms to Australians unable to pay an adviser. <h2>Helping people protect their interests</h2> There are three ways, supported by research, nudges can help Australians engage with their super. 1. Future self visualisation This involves getting young people to think about their <a href="https://www.halhershfield.com/considering-the-future-self">future selves</a> and visualise their life in retirement. This can help them to recognise the long-term benefits of getting actively involved with their super. Showing fund members how they might look when older by using an ageing filter software, for example, can make this visualisation more real for them and <a href="https://journals.sagepub.com/doi/full/10.1177/23794607231190607">enhance understanding of their future selves, leading to higher engagement</a>. 2. Simplification We all know financial products and superannuation can be complicated. The information and choices presented can lead to <a href="https://thedecisionlab.com/biases/choice-overload-bias">decision paralysis</a>, causing people to delay or opt out of making a decision. By simplifying the process, funds can motivate people to get more engaged with their super. To get people to make voluntary contributions, for example, it might be more effective for funds to recommend <a href="https://siepr.stanford.edu/news/how-simple-nudge-can-motivate-workers-save-retirement">a specific percentage of their salary</a> rather than offering several options. Deciding whether to boost contributions by an extra 3%, 4% or 5% can be overwhelming, especially for people with poor <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">financial literacy</a>. 3. Language and framing The way options are framed and the language super funds use can significantly impact member engagement. Australians may be more likely to make higher voluntary contributions if they are asked how much they want <a href="https://www.bi.team/press-releases/the-small-nudges-that-could-make-young-people-142000-better-off-in-retirement/">to “invest” in their super </a> instead of how much they want to “contribute” or “add”. The word “invest” encourages people to think about future benefits, motivating them to make higher contributions. How options are labelled can also have an impact on <a href="https://www.bi.team/press-releases/the-small-nudges-that-could-make-young-people-142000-better-off-in-retirement/">member engagement</a> and decision making. For example, highlighting concrete benefits of different voluntary payments, such as “a 4% contribution keeps you above the poverty line”, and “a 10% contribution allows for a comfortable retirement according to Australian standards” can increase how much people are willing to contribute. <h2>Ethical use of nudges</h2> The <a href="https://www.superreview.com.au/news/superannuation/industry-body-backs-super-fund-nudges-though-parameters-need-be-set">Financial Services Council</a> backs the government on getting super funds to nudge members about contributions and investments but says there are limits. Parameters around nudging should be set […] to ensure that the language is appropriate and does not ultimately amount to defaulting. For example, letting a customer know that as they approach retirement, they need to make a decision about what retirement product they wish to utilise would be an acceptable nudge, while contacting a customer to let them know that they will be placed in a product when they retire, would not necessarily be acceptable. The council emphasises the importance of super funds recognising <a href="https://www.superreview.com.au/news/superannuation/industry-body-backs-super-fund-nudges-though-parameters-need-be-set">people’s autonomy</a> when delivering a “soft” or “hard” nudge. Soft nudges are gentle prompts and reminders designed to guide people to make good choices without pressuring them, such as sending an email reminder to review their investment options. Hard nudges are more direct in their guidance. These might include recommending specific investment options. Despite these differences, <a href="https://www.behaviourworksaustralia.org/blog/can-we-have-a-quiet-word-about-behavioural-science">ethical use of nudges</a> should encourage engagement while respecting people’s autonomy by making it easy for them to opt out. The use of nudges presents a valuable opportunity to increase superannuation fund members’ engagement. Whether through future self visualisation, simplification or language framing, ethical nudges can motivate members to take action, leading to greater confidence in navigating the retirement transition and achieving retirement goals.<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/230404/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/fernanda-mata-1533222">Fernanda Mata</a>, Research Fellow, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>; <a href="https://theconversation.com/profiles/breanna-wright-267597">Breanna Wright</a>, Research fellow, BehaviourWorks Australia, Monash Sustainable Development Institute, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/liam-smith-5152">Liam Smith</a>, Director, BehaviourWorks, Monash Sustainable Development Institute, <a href="https://theconversation.com/institutions/monash-university-1065">Monash 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/super-funds-are-using-nudges-to-help-you-make-financial-decisions-how-do-they-work-230404">original article</a>. </div>

Money & Banking

10 ways to cruise as a senior

Just because you’re older, that doesn’t mean you can’t experience all that a cruising holiday has to offer. Follow our simple tips for a fun filled holiday on the water. 1. Choose the right ship Cruise ships today carry anywhere from six to 6,000 people. The larger megaliners tend to be geared towards families with plenty of crazy rides and high-energy activities. They’ll also probably be crowded with kids. Smaller boutique ships operate at a slower pace and are generally stocked with an older crowd. Do your research and find one to suit you. 2. And the right cabin Do you need an accessible cabin? Do you want to reduce walking with a cabin close to the elevators? Is it important for you to have some outside space of your own? These are all important questions that you’ll need to answer when you book. The right cabin can make or break a cruise. 3. Pick an appropriate itinerary You’ll need to decide if you want to visit new places every day or spend more time onboard the ship. Both have their advantages and disadvantages. Port heavy itineraries, where you’re stopping at a new destination every day, can be tiring. On the other hand, you might get bored with too many days at sea. Think realistically about your needs and make the right choice for you. 4. Research your dates One of the best things about being a senior traveller is that you are (generally) no longer bound by things like school holidays. By avoiding these times you’ll not only save money, you won’t be on a ship with an unusually high proportion of children. When cruising in the Caribbean, you’ll also need to keep in mind the US college holidays so you’re not trapped with a bunch of boozy spring breakers. 5. Allow extra time It’s a sad fact of ageing that you’re not as quick on your feet as you used to be. That means you’ll need to factor in extra time for just about everything. Ships can be huge, so you don’t want to be rushing to make a dinner reservation or spa appointment. This applies on shore too. If you’re really late, the ship will leave without you so don’t cut it too fine. 6. Choose the right shore excursions Before you book, have a chat with the shore excursions team and get a good idea of the physical requirements. What they consider minimal walking might not be the same as what you consider minimal walking. These tours aren’t cheap, so you want to be sure that you can enjoy everything it involves. 7. Look at onboard activities You might not want to get off at every port (which can be exhausting) but still want to be entertained onboard. And adventurous activities like skydiving simulators and giant waterslides may not be your thing any more. Many cruise lines offer fantastic enrichment programs onboard where you can listen to world-class lecturers, learn new skills or watch performances from the likes of the Royal Academy of Dramatic Arts or the Lincoln Centre. 8. Give yourself time to relax You’re on holiday! If you want to spend a day in bed, watching movies and ordering room service then do exactly that. Don’t feel any pressure to be up and about every day. 9. Travel with the right companions Solo, couple, friends or family, there’s a cruise for every group. Cruising is hugely popular with multi-generational groups as there something for everyone to do, but it might not make for the most relaxing holiday. If you’re a solo traveller, you can book a single cabin all to yourself or find a room mate with any number of matching services. Just think carefully – because once you’re onboard with your travel buddy, there’s no getting off. 10. Think about medical care Be realistic about any medical needs you may have. Most ships have a decent medical centre, but if you are spending multiple days at sea or cruising to very remote destinations and something happens it might not be enough to help you. If you are concerned, choose cruises that stay close to shore or visit developed countries where you can get proper treatment quickly. Image credits: Shutterstock

Cruising

REVIEW: Super-intelligent, dog-detecting robot lawn mower

I was recently invited to an onsite demonstration of a brand new line of lawn mowers that were pitched as being not just a lawn mower, but a furry-friend dodging, grass-grooming marvel of modern technology. According to the specs, the <a href="https://au.worx.com/vision-technology/" target="_blank" rel="noopener">WORX LANDROID® Vision</a> is the world’s first advanced AI, "unbox & mow" robot lawn mower. "No wire. No satellite. No beacons. No time between unboxing and mowing." Using a combination of HRD camera, the latest AI smarts and a deeply trained neural network to identify grass to mow and obstacles to avoid, it features the innovative "Cut-to-Edge" function, multi-zone management and adaptive auto-scheduling. Plus an optional LED headlight safe night-mowing (apparently, unlike conventional robots, Vision sees nocturnal animals and stays away from them). But the real test for me was always going to be: how would something like the Vision get along with my dog, Rosie? I was offered the chance to try out one of the mowers for a few weeks, and so I jumped at it. But let's talk about Rosie for a moment. Now, this little ball of fur thinks she's the queen of the backyard. She zooms around like a tiny tornado, and honestly I think she believes the grass is her personal chew toy. So, when I introduced the LANDROID into the mix, I was half expecting chaos and half hoping for a miracle. Lo and behold, this mower is not just a lawn whisperer; it's a puppy ninja. The WORX LANDROID has some sort of superpower in its sensors, allowing it to detect my pup's presence and skilfully manoeuvre around her. It was like watching a graceful dance between technology and canine curiosity. For the duration of the test, Rosie basically appointed herself as the official supervisor of lawn maintenance, proudly watching from a safe distance (and sometimes not so safe) as the LANDROID worked its magic. But let's not forget about the real star of the show: the lawn itself. The LANDROID doesn't just dodge around obstacles; it trims with precision, leaving my yard looking like a freshly coiffed celebrity. It's like having a personal stylist for my grass – one that never sleeps. And the best part? I get to sit back, relax and sip my lemonade while the LANDROID does all the heavy lifting (or should I say, mowing). It's like having a reliable little garden gnome, except this one runs on electricity and has impeccable dodging skills. So if you want a lawn mower that's not only efficient but also entertaining, look no further than the <a href="https://au.worx.com/vision-technology/" target="_blank" rel="noopener">WORX LANDROID Vision</a>. It's the perfect blend of technology, pet sensitivity and grass-grooming prowess. Plus, it's the only mower I know that can outmanoeuvre a puppy – and that is definitely something to bark about. Images: Alex Cracknell

Home & Garden

12 super simple ways to save some cash

Saving money is a lot easier said than done. Whether you’ve got a holiday you’re thinking about taking, or you just want to make day to day life a little less stressful, there is a range of strategies you can employ to put a couple of dimes together. Here are 12 tips to cut costs: 1. Don't buy luxury, sometimes the budget brands are just as good and save you heaps. 2. Read the junk mail and compare offers because you can get a better deal where you didn't think you could. 3. Cut unnecessary expenses and reduce, if possible, the necessary expenses as well. 4. Buy used goods, it's cheaper and you can haggle. 5. See if you can switch power companies. I'm aware of several people who are saving $250 a year. 6. Borrow books and movies from the library or movie store - it's free or low cost compared to buying new and it's fast. 7. Barter with family and friends, it's free and everyone wins. 8. Take advantage of specials, sales and deals including buying in bulk, it can save you more than you realise. 9. Walk, bike or car pool or use other public transport, it's good for the environment and saves you money. 10. Shop around for the best deal, it might be better elsewhere. 11. Follow insurance company advice: Don't smoke, do have alarms and do get multi policies - it protects you and saves cash. 12. Have a savings account with all the savings from this and don't touch it, you will be amazed at what you have saved in a short time. Written by John Murphy. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>. Image credits: Getty Images

Money & Banking

Heroic fan tackles deadly shooter at victory parade

Three people have been taken into custody after a deadly shooting at a Super Bowl victory parade, where one person has died. At least 21 people have suffered injuries, nine of which being children, at the parade in Kansas City, following the Kansas Chiefs victory over the San Francisco 49ers. As one of the shooters opened fire in the crowd, one heroic football fan was captured on video tackling the gunman to the ground. The video also shows panicked crowds fleeing the sounds of the gunfire, as police ran towards the commotion. Kansas City Police Chief Stacey Graves confirmed in a second update to media that one person had died after 22 people had been shot. “We have three persons detained and under investigation,” she said. “We are working to determine if one of the three is the one that was in that video where fans assisted police.” She added that “right now we do not have a motive, but we are asking those who may potentially have any kind of information, a witness or video, to contact police”. At an earlier briefing, Ms Graves said she was “angry at what happened today”. Kansas City Mayor Quinton Lucas said, “The celebration was marred by a shooting. This is absolutely a tragedy.” Witness Kade Collins, who attending the parade with his dad, described the ordeal to local news station Fox 4 KC. “We heard 10 to 12 gunshots, but we thought they were fireworks, so we didn’t really panic at first or get too worked up. But then everyone started screaming and took off running,” Mr Collins said. Mr Collins said his dad saw police tackle a suspect after the crowd saw the gunman. “When we were walking out, there was someone pointing and saying, ‘He’s right there, he’s right there’, and police ran to the guy the crowd was pointing at and tackled him and put him in handcuffs,” he said. “Everyone took off running and screaming.” The Kansas City Chiefs said in a statement that all players, coaches, staff and their families were “safe and accounted for”, while sharing their condolences for those who were impacted by the shooting. “We are truly saddened by the senseless act of violence that occurred outside of Union Station at the conclusion of today’s parade and rally,” the team said. "Our hearts go out to the victims, their families, and all of Kansas City ... We thank the local law enforcement officers and first responders who were on-scene to assist.” Image credits: Getty Images <p style="box-sizing: inherit; margin: 0px 0px 24px; padding: 0px; border: 0px; font-stretch: inherit; line-height: inherit; font-family: 'Helvetica Neue', HelveticaNeue, Helvetica, Arial, sans-serif; font-size-adjust: inherit; font-kerning: inherit; font-variant-alternates: inherit; font-variant-ligatures: inherit; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-position: inherit; font-feature-settings: inherit; font-optical-sizing: inherit; font-variation-settings: inherit; font-size: 18px; vertical-align: baseline;">

Caring

Senior changes will to leave fortune to pets instead of family

An elderly woman in China has decided to leave her $A4.3 million fortune to her pets instead of her three children, after she claims they never visited or took care of her when she was sick. The Shanghai woman, known by her last name Liu, drafted the will a few years ago according to the <a href="https://www.scmp.com/news/people-culture/trending-china/article/3248592/elderly-china-woman-leaves-us28-million-assets-beloved-pets-instead-children-who-never-visited-even" target="_blank" rel="noopener">South China Morning Post</a>. However, as her three children rarely contacted her, and left her on her own while she was sick, Liu decided her cats and dogs were more deserving of her multi-million dollar fortune, and changed her will. Chen Kai, an official from the China’s Will Registration Centre headquarters, told her that leaving her entire inheritance to animals is illegal in China, but there is a way for her to ensure her pets get taken care of. “Liu’s current will is one way, and we would have advised her to appoint a person she trusts to supervise the vet clinic to ensure the pets are properly cared for,” he told the South China Morning Post. Another official added that Liu could always change her mind, if her children changed their attitude. “We told Auntie Liu that if her children change their attitude towards her, she could always alter her will again,” the official said. Image: Getty

Family & Pets

Two senior royals undergo surgery

King Charles and Kate Middleton have postponed their public duties following news that they are both being admitted to hospital for surgery. The news of both procedures were announced within hours of each other, with the Princess of Wales first announcing that had been admitted into hospital for a planned surgery. “Her Royal Highness The Princess of Wales was admitted to The London Clinic yesterday for planned abdominal surgery,” the statement from Kensington Palace read. The surgery was successful and the princess is expected to remain in hospital for 10 to 14 days before returning home to recover. No other details regarding the surgery were given, but a palace spokesmen has revealed that the condition was non-cancerous. “The Princess of Wales appreciates the interest this statement will generate,” the statement added. “She hopes that the public will understand her desire to maintain as much normality for her children as possible; and her wish that her personal medical information remains private.” The palace added that they will “only provide updates on Her Royal Highness’ progress when there is significant new information to share.” <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/C2NDoYrN-9r/?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/C2NDoYrN-9r/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by The Prince and Princess of Wales (@princeandprincessofwales)</a> </div> </blockquote> Based on the medical advice, the royal will be out of public duty until after easter, which falls on the 31st of March. They also added that Prince William will also postpone several engagements while his wife is recovering. Less than two hours after the shock announcement, Buckingham Palace revealed that King Charles will also head to hospital next week for a “corrective procedure” on an enlarged prostate. “His Majesty’s condition is benign and he will attend hospital next week for a corrective procedure," the statement read. “The King’s public engagements will be postponed for a short period of recuperation.” Benign prostate enlargement is not a sign of a cancer or a risk of cancer occurring, with one in three men over the age of 50 having symptoms of an enlarged prostate. While few details of Kate's condition were made public, His Royal Highness was keen to share information and encourage other men experiencing symptoms to get their conditions checked. Image: Getty

Caring

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

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

Retirement Income

Why "Grey Divorce" is on the rise in Australia

It seems that the older generation is taking a page out of the millennial playbook and saying, "Thanks, but no thanks" to marriage. According to a recent report by <a href="https://www.seniors.com.au/documents/australian-seniors-series-love-after-50-report-whitepaper.pdf" target="_blank" rel="noopener">Australian Seniors</a>, the trend of "Grey Divorce" has become so prevalent that one in three couples in Australia decide to call it quits after hitting the big 5-0. It turns out that once the kids have flown the nest, some couples find themselves facing a conundrum. And no, it's not a midlife crisis involving sports cars and questionable hair dye choices. It's the dreaded "empty nest syndrome" – the sadness and upheaval that parents experience when their adult children finally leave the family home. The report clearly highlights that almost half of these later-in-life divorces are triggered by the empty nest syndrome, followed closely by increased financial pressures (35 per cent) and retirement adjustments (34 per cent). But the report also reveals a silver lining. Many singles over 50 are discovering greater happiness and fulfilment in their solo acts. It's like they've found the secret formula for joy, and it doesn't involve a partner – just personal space, independence, financial control, peace and quiet, and less stress. Who needs a spouse when you can have tranquillity and control over the TV remote? In fact, more than half of single people over 50 reported being content without a committed partner, and almost one-third claimed that their relationship status was a positive influence on their happiness. Move over, relationship goals; it's time for solo satisfaction to take centre stage. And for those still treading the murky waters of late-life love, there's hope yet. The report offers some sage advice from those who've managed to keep the spark alive, including open and honest communication about changing needs, supporting personal growth, and maintaining independence. While the report concludes that overall divorce rates in Australia have actually hit an all-time low in recent years, the over-50 crowd appear to be shaking things up and going their own way. So, whether you're contemplating marriage or dealing with an unexpected guest cancellation at your wedding, just remember – there's a 50/50 chance you'll be navigating the exciting world of "Grey Divorce" someday. Image: Getty

Legal

Senior wins $38,000 a year for life because of retailer's mistake

A man in the US is set for life after a retailer's blunder led him to win the lotto. Michael Sopejstal, 60, who lives in Illinois, won the Lucky for Life lotto after a retailer at a GoLo gas station accidentally printed a ticket with 10 lines for a single draw. Buying the Lucky for Life ticket has been part of Sopejstal's routine, as he travels from Illinois to Michigan every few weeks to eat at his favourite restaurant, and this time he got lucky. “I checked my ticket one morning and saw that I had won $US25,000 ($A38,000) a year for life,” he told Michigan Lottery officials. “I immediately started thinking about all the things I could do with the money and whether I wanted to take the lump sum or annuity option. “It was an amazing feeling!” Sopejstal chances of winning were one in more than 1.8 million. According to the lottery, Sopejstal recently visited their headquarters to claim his prize. They said he opted for a lump sum payment of $US390,000 ($A590,000) instead of the annual payment. Sopejstal also told them that he plans to use his prize money to travel and save whatever is left. Images: Getty

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Senior wins $38,000 a year for life because of retailer's mistake

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