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Hollywood icon reveals plans for retirement

Denzel Washington has revealed that he is going to retire after his next batch of films. The Hollywood icon appeared via videolink on Tuesday’s episode of the Today Show, alongside his co-stars to promote his new film Gladiator II. “I don’t know how many more films I’m going to make. Probably not that many,” the actor, who turns 70 next month, told Today host Richard Wilkins. “I want to do things I haven’t done. I’ve played Othello at 22, I’m about to play Othello at 70,” he said. Denzel will play the role in the Shakespeare play on Broadway alongside Jake Gyllenhaal from February next year. “After that I’m playing Hannibal. After that I’ve been talking with Steve McQueen about a film. After that Ryan Coogler’s writing a part for me in the next Black Panther.” He added, “After that I’m going to do the film Othello. After that I’m going to do King Lear. After that I’m going to retire.” Based on the interview, the actor has six upcoming projects across stage and film, so fans will still get to enjoy a few more of his roles before he retires, following a career that has spanned almost 50 years. Speaking to news.com.au, the actor offered some insight into why he is planning to retire, saying that there are “less and less challenges”, after previously revealing that at this point in his career, there are very few roles he is willing to take. Image: Masatoshi Okauchi/ Shutterstock Editorial

Readers response: Is there any item of memorabilia you’ve passed down to family or plan to in the future?

As in many families, there are often sentimental items and memorabilia that are passed down from several generations. We asked our readers if there are any heirlooms that they have passed down to their younger family members, or if they plan to, and the response was overwhelming. Here's what they said. Marjorie Gale - The christening gown made by my Aunt in the UK in 1955 for my eldest daughter, worn by my two other daughters. Now been worn by my 9 grandchildren and 12 great grandchildren, and another due soon. So far 24 babies have worn it. Dawn Douglas - Yes, I have my Mums jewellery box and my eldest daughter will get it when I’m gone. I also have a brooch that belonged to my Nana. Sue Crawley - I have a 1925 gold embossed book by AA Milne “When We Were Very Young”. My most cherished memory was sitting on my great grandfathers knee whilst he read it to me. Not sure yet which grandchild will receive it. Greg Browning - A Winchester rifle my great grandfather bought in the 1800s. Have already passed it on. Marion Ingram - Family bassinets. Now on its 4th generation! Margie Buckingham - My grandmother’s costume jewellery was stunning. She was a racehorse breeder always in the Flemington Racecourse members, even had many Group One winners, so her jewellery had to look special. Paul Uttley - A silver pocket knife that belonged to my great grandfather now belongs to my oldest grandson (six generations apart)! Image credits: Shutterstock

Family & Pets

How to keep doing good once you’re gone

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

Retirement Income

Cancer diagnosis can be devastating, but for some it gives permission to live more radically

<a href="https://theconversation.com/profiles/kevin-dew-577291">Kevin Dew</a>, <a href="https://theconversation.com/institutions/te-herenga-waka-victoria-university-of-wellington-1200">Te Herenga Waka — Victoria University of Wellington</a>; <a href="https://theconversation.com/profiles/alex-broom-121063">Alex Broom</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a>; <a href="https://theconversation.com/profiles/chris-cunningham-1534054">Chris Cunningham</a>, <a href="https://theconversation.com/institutions/te-kunenga-ki-purehuroa-massey-university-806">Te Kunenga ki Pūrehuroa – Massey University</a>; <a href="https://theconversation.com/profiles/elizabeth-dennett-1532423">Elizabeth Dennett</a>, <a href="https://theconversation.com/institutions/university-of-otago-1304">University of Otago</a>; <a href="https://theconversation.com/profiles/kerry-chamberlain-103714">Kerry Chamberlain</a>, <a href="https://theconversation.com/institutions/te-kunenga-ki-purehuroa-massey-university-806">Te Kunenga ki Pūrehuroa – Massey University</a>, and <a href="https://theconversation.com/profiles/richard-egan-400188">Richard Egan</a>, <a href="https://theconversation.com/institutions/university-of-otago-1304">University of Otago</a> A diagnosis of life-limiting cancer can be overwhelming and cause feelings of panic and anxiety. But for some people, it provides a license to live life differently, including quitting toxic jobs and becoming more adventurous. In our <a href="https://onlinelibrary.wiley.com/doi/10.1111/1467-9566.13797">recently published research</a>, we sought to understand the impact of a cancer diagnosis and subsequent experiences for cancer survivors. We talked with 81 New Zealanders (23 Māori and 58 non-Māori) who had lived longer than expected with a life-limiting or terminal diagnosis of cancer (four to 32 years since first diagnosis), and 25 people who were identified as their supporters. We found there are vastly different ways in which people experience and respond to a cancer diagnosis, but for some it’s a prompt to make significant changes. Of the 81 participants, 26 expressed the view, unsolicited, that cancer had some positive impact on their lives – without downplaying the negative impacts it could have as well. <h2>A licence to change</h2> Being told you only have limited time left to live can undoubtedly be a shock. But it can lead to profound change. It’s not uncommon for people who receive a serious diagnosis to draw up a “<a href="https://theconversation.com/paris-in-spring-bali-in-winter-how-bucket-lists-help-cancer-patients-handle-life-and-death-225682">bucket list</a>”. Some people in our study took the opportunity to travel or move to a new home. For others, the diagnosis provided a chance to rethink their lives and make more significant changes to the way they lived. They decided to be culturally more adventurous and to take up new skills. Many of these people quit their jobs or changed to jobs that suited them better. Many changed their relationships with the people around them. One talked about showing more affection for his children, another was kinder and stopped fretting over small things. Some decided to be more selective and no longer be around people who were negative. Others took up new hobbies or crafts which they felt were healing. For one person, the cancer diagnosis provided the impetus to look at things and people differently, which they thought would not have happened otherwise. Individuals could also undergo a transformation to become what they felt they were meant to be in life. One person, given two months to live, embraced rongoā (Māori traditional healing), including its spiritual side. They now love their “journey” and feel this was what they were “supposed to do”. For many, a diagnosis of cancer gave them license to be different people and to resist conforming to social norms, including having a job, being thrifty or not taking risks. <h2>Disrupting diagnoses</h2> One person, given only months to live, moved out of her flat, gave away her possessions, quit her job that she described was toxic, and returned home to say goodbye to her family. Most importantly for her, she worked on experiencing “joy” – after receiving the diagnosis, she realised she had lost it. But she continues to live many years later. After a while, she had to find a new flat, get a new job and the recovery of her joy was challenged: <blockquote> I had to start working again. And, of course, with working again, joy goes down, time goes down, rest goes down, spirituality goes down. </blockquote> But not everyone has the opportunity to change. Some peoples’ lives were limited because of the physical effects of the cancer, its treatment, or because of their personal, social or financial resources. Some go to great lengths to ensure their lives change as little as possible after diagnosis to maintain a sense of normality. <h2>Why we need to know</h2> Given the fear a cancer diagnosis can elicit, it is important to see there are different ways of responding. It is also worth knowing there are people who live longer than expected. Many people in our study were given just months to live, but one woman was still alive 12 years after being told she had a year left. Beyond that, this research documents how the disruption produced by a cancer diagnosis can prompt people to breach social norms. Where people have the capacity and resources to change, those around them and their health professionals can support them in taking opportunities to live life differently. We heard people say they think of their cancer as a friend or an amazing opportunity. Some even felt thankful. The possibility of cancer providing opportunities for some in no way diminishes the grief or a sense of loss, fear and anxiety that can accompany such diagnoses. Our research supports a reframing of cancer narratives, to consider ways of tempering the negative impacts of a diagnosis – while remaining cognisant of the struggle that can follow such news, and the variability in people’s capacity to engage with that struggle.<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/233782/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/kevin-dew-577291">Kevin Dew</a>, Professor of Sociology, <a href="https://theconversation.com/institutions/te-herenga-waka-victoria-university-of-wellington-1200">Te Herenga Waka — Victoria University of Wellington</a>; <a href="https://theconversation.com/profiles/alex-broom-121063">Alex Broom</a>, Professor of Sociology & Director, Sydney Centre for Healthy Societies, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a>; <a href="https://theconversation.com/profiles/chris-cunningham-1534054">Chris Cunningham</a>, Professor of Maori & Public Health, <a href="https://theconversation.com/institutions/te-kunenga-ki-purehuroa-massey-university-806">Te Kunenga ki Pūrehuroa – Massey University</a>; <a href="https://theconversation.com/profiles/elizabeth-dennett-1532423">Elizabeth Dennett</a>, Associate Professor in Surgery, <a href="https://theconversation.com/institutions/university-of-otago-1304">University of Otago</a>; <a href="https://theconversation.com/profiles/kerry-chamberlain-103714">Kerry Chamberlain</a>, Professor of Social and Health Psychology, <a href="https://theconversation.com/institutions/te-kunenga-ki-purehuroa-massey-university-806">Te Kunenga ki Pūrehuroa – Massey University</a>, and <a href="https://theconversation.com/profiles/richard-egan-400188">Richard Egan</a>, Associate Professor in Health Promotion, <a href="https://theconversation.com/institutions/university-of-otago-1304">University of Otago</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/cancer-diagnosis-can-be-devastating-but-for-some-it-gives-permission-to-live-more-radically-233782">original article</a>.

Body

Commonly overlooked estate planning matters

Estate planning is a complex business, making it easy to overlook some important considerations, potentially with costly results. Aside from basic issues like forgotten assets (always keep written records) and inaccurate details (double check everything before signing), seven of the most commonly disregarded estate planning matters are as follows: <ol> <li>Wills</li> </ol> Unlike many younger people, for over sixties the more common issue is not the lack of a will, but one which is out of date. Out-of-date wills complicate matters for executors, can delay probate for your beneficiaries, and may not reflect your true wishes (imagine inadvertently leaving everything to your ex or omitting one or more grandkids!). Update your will as your circumstances change – relationships (divorce, new partner etc), births and deaths, adult children getting married or divorced, exiting a business, asset sales, and so on. Retirement often brings its own changes too – e.g. a sea or tree change, new boat or caravan – which also should be updated in your will. <ol start="2"> <li>Letter of wishes</li> </ol> Wills are typically not read until after a funeral. As such, a letter of wishes is a useful addition for loved ones to have accessible immediately after your death. It can cover everything from funeral arrangements, burial vs cremation, and where you wish to be laid to rest to outlining intentions longer term, such as how any underage children are to be raised and educated, or care arrangements for any pets. <ol start="3"> <li>Super beneficiaries</li> </ol> One of the biggest myths about superannuation is that it is covered by your will. Super is treated separately, meaning you must nominate your beneficiaries within your super fund. And update them as circumstances change. This can be useful for blended families – leaving your super to children/grandchildren from a past relationship without encroaching on the assets of your current partner. Without nominating beneficiaries, the funds could go somewhere else entirely – even to government coffers. <ol start="4"> <li>Advanced Health Directive (a ‘living will’)</li> </ol> Estate planning doesn’t just cover your wishes once you’re gone. Yet people often focus solely on this aspect and overlook how they want to be looked after in the event of ill health or injury preventing them from being able to make decisions (e.g. stroke, terminal illness, severe accident). An Advanced Health Directive can express your wishes and values on everything from life support and resuscitation to palliative care, medical treatments, and who you wish to be able to speak on your behalf. <ol start="5"> <li>Insurances</li> </ol> Rarely do people have adequate insurance coverage for their needs. There are insurances in super, which may cover death and permanent disability. Insurance of assets. Income protection insurance. And health insurance. It’s important to right-size your insurance for your current needs and adapt that cover as your circumstances change. That means: <ul> <li>Taking out new policies for new assets and investments.</li> <li>Updating policy inclusions and exclusions, such as relating to age.</li> <li>Cancelling insurances you no longer need (e.g. sold assets or professional indemnity once you retire).</li> </ul> <ol start="6"> <li>Tax implications</li> </ol> Because Australia has no inheritance tax, many people are lulled into a false sense of complicity over tax implications in estate planning matters. However, beneficiaries can be liable for both Capital Gains Tax and income tax on inherited assets – potentially outweighing the value of those assets altogether. Additionally, your own tax status should be considered. For instance, you may be paying more tax by holding an income-producing asset rather than transferring ownership to a loved one before you pass away. <ol start="7"> <li>Tailored professional advice</li> </ol> DIY will kits, self-titled “expert” authors, and avoiding advisers to save money overlook the true value of tailored, professional advice given the complexity of estate planning. You don’t know what you don’t know, meaning the margin for error is huge. And when it comes to money, tax and estate law, errors can be expensive indeed. A good lawyer, accountant and financial adviser can more than pay for themselves by helping you avoid overpaying taxes, complex legal disputes, insufficient asset protections and lost wealth creation opportunities. And given estate planning is ultimately about peace of mind, can you – or your family – really afford to overlook such valuable insight? Image credits: Shutterstock Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> 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.

Legal

How do I plan for my retirement? Step one – start right away

<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> Planning for retirement is important because it will help you build the nest egg you’ll need to financially sustain your retirement years. Past <a href="https://www.tandfonline.com/doi/epdf/10.1080/03601277.2012.660859?needAccess=true">studies</a> have shown that those who plan for their retirement are more likely to be better off at retirement compared to those don’t. The sooner the planning process gets underway, the better. This gives your money more time to grow by generating investment returns. And the income from your first job is your first opportunity to save for retirement. As the saying goes: “The best time to plant a tree was 20 years ago. The second best time is now.” As people <a href="https://www.statssa.gov.za/?p=15601">can expect to live longer</a>, they must save more for retirement so that they don’t outlive their savings. This is particularly true given that the pensions landscape worldwide has undergone some major changes. In the past, governments and employers provided retirement income for individuals through government social security benefits and employment-based retirement funds. Because of increasing life expectancies, pension plans that guaranteed a retirement benefit to employees are now rare. Employees are now responsible for making contributions towards their own pensions as well as choosing the investments offered by the pension fund. Since employers are no longer responsible for funding their employees’ retirement and governments lack resources to provide a universal state pension, each person is ultimately responsible for ensuring they have enough retirement savings. So it’s very important to know the basics of the retirement planning process. As a researcher, I’m interested in how people use financial products to overcome economic challenges and build wealth. One of the things I investigate is whether planning for retirement leads to better retirement outcomes. For instance, my <a href="https://www.researchgate.net/profile/Bomikazi-Zeka-2/publication/340130176_Retirement_funding_adequacy_in_black_South_African_townships/links/5e8bf3924585150839c6408b/Retirement-funding-adequacy-in-black-South-African-townships.pdf?_sg%5B0%5D=started_experiment_milestone&origin=journalDetail&_rtd=e30%3D">research</a> has found that individuals whose financial affairs are in order are more likely to maintain their standard of living at retirement. Given that everyone’s financial situation is unique, it’s always a good idea to speak to a financial planner for tailored financial advice. If you haven’t given retirement planning much thought or don’t know where to start, here are four points to help get the ball rolling. <h2>What are my retirement goals?</h2> Retirement goals make you think about what you want to achieve by the time you retire and what you need to do to achieve it. Some people may have a goal in mind about when they want to retire, or how much wealth they’d like to have by the time they retire. And since wealth has different meanings for different people, others may think about maintaining or improving their standard of living at retirement. Once you’ve thought about your retirement goals, the <a href="https://corporatefinanceinstitute.com/resources/management/smart-goal/">“smart” goals</a> framework is a useful guide. It outlines that goals should be: specific, measurable, attainable, relevant and time-bound. When goals are clear, within reach, achievable, realistic and time-sensitive, they become a blueprint to help you turn them into a reality. <h2>How do I start saving for retirement?</h2> For those who have a job that comes with retirement fund membership, a workplace pension is used to provide for retirement. But there are also other options available to help you save. For instance, retirement annuity funds are voluntary retirement savings. Personal assets such as <a href="https://www.allangray.co.za/what-we-offer/unit-trust-investment/#fund-3">unit trusts</a> or <a href="https://www.gov.za/faq/money-matters/how-can-i-make-tax-free-investment">tax-free investments</a> can also be used as a savings tool. Unit trusts are generally better suited for people willing to take on risk because their value is tied to the movements of financial markets. In other words, they can generate positive returns but they can also lose value. The drawback of tax-free investments in South Africa is that they have a lifetime contribution limit. You can’t use them to save more than R500,000 (US$27,400). Each of these options has its advantages and disadvantages and what works best for one person may not be best for another. But there are several ways to save for retirement depending on your financial situation and retirement goals. Getting professional advice will help you determine what’s best for you. <h2>Will my retirement savings be enough?</h2> Once you’ve set your retirement goals and have a retirement savings plan in place, you can calculate whether you are saving enough to achieve your retirement goals. For example, if your retirement goal is: “I want to retire at the age of 65 years with an income equivalent to R35,000 (US$1,900) per month” then you can use a <a href="https://www.sanlam.co.za/tools/Pages/retirement.aspx">retirement calculator</a> to track your progress and determine whether you need to make adjustments to meet your goals. You might have to increase the monthly amount you’re putting away for retirement or reconsider your retirement age. The retirement calculators are also a useful tool for regular check-ins on your progress should your financial situation change – for example, if you change employers and earn a different salary. <h2>What other issues should I consider?</h2> It’s also important to think about your lifestyle and priorities. For instance: <ul> <li> do you aim to retire with your mortgage settled? </li> <li> are there debts you plan to clear before you retire or children who need financial support at retirement? </li> <li> would you like to renovate your home? </li> <li> would you like to buy a new car when you reach retirement age? </li> </ul> Another important consideration is healthcare costs. Many people assume that they will be able to work indefinitely and overlook the fact that healthcare costs may increase with age. <h2>Starting early matters</h2> Many people plan to work after retirement age, while others don’t plan to retire at all. It may be that they can’t afford to. They may have accessed their retirement benefits too soon, made inconsistent retirement fund contributions, or had to pay high administrative costs that eroded the final value of a retirement payout. So best be prepared. Retirement may seem like a distant event to plan and save for, especially when there are more pressing financial needs. It’s important to think about the financial decisions you make now that may cost you in the future. If you start to plan for your retirement now, your future self will thank you for it.<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/230553/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>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</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/how-do-i-plan-for-my-retirement-step-one-start-right-away-230553">original article</a>.

Retirement Income

Battling to make ends meet? Financial planning expert offers 5 tips on how to build your budget

<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> Every day seems to bring new headlines about rising costs. <a href="https://www.news24.com/news24/africa/news/nigerias-big-unions-call-indefinite-strike-over-fuel-prices-and-the-cost-of-living-20230926">In Nigeria</a>, unions are threatening to strike amid soaring fuel prices; the country’s inflation rate <a href="https://www.cbn.gov.ng/rates/inflrates.asp">hit 25%</a> in August. The amount it costs to fill a food basket in South Africa <a href="https://pmbejd.org.za/wp-content/uploads/2023/09/PMBEJD_Key-Data_September-2023_27092023.pdf">keeps climbing</a>. Ghanaians <a href="https://www.reuters.com/world/africa/multi-day-protests-over-economic-crisis-grip-ghanas-capital-2023-09-23/">took to the streets</a> of Accra in late September to protest about the cost of living. A <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html">recent study by the audit and consulting firm Deloitte</a> found that 75% of South Africans were concerned that the prices for everyday purchases would continue to increase, while 80% of consumers across all income groups expected the prices of groceries, household utilities and fuel to rise. This stark reality means budgeting may be more necessary than ever. If you don’t know how to create a budget, then you shouldn’t feel bad – most adults aren’t taught how to create one. And most people don’t budget, because they see it as restrictive or unsustainable. But it need not be: once you appreciate that a budget can work for you, it can be a financially empowering exercise. It’s a cornerstone of financial planning because it ensures you are living within your means and helps you remain in financial control. As a financial planning academic, I focus in <a href="https://researchprofiles.canberra.edu.au/en/persons/bomikazi-zeka/publications/">my research</a> on improving financial wellbeing and promoting savings behaviours through interventions such as budgeting. Here are five guidelines for creating a budget. <h2>1. Apps vs spreadsheet</h2> A good place to start is to choose the format of how you’re going to budget. There are several <a href="https://www.sanlamreality.co.za/wealth-sense/setting-up-a-family-budget-that-works/">online templates</a> and apps you can use for budgeting. For instance, <a href="https://www.22seven.com/">22Seven</a> has gained popularity in South Africa due to its compatibility with several financial institutions, including the country’s big five banks. Similarly, <a href="https://www.the-star.co.ke/business/kenya/2021-01-25-budgeting-using-mint-app/">Mint</a> is a popular budgeting tool that is used in Kenya and Nigeria. If you prefer to put pen to paper, some online templates come with <a href="https://www.wonga.co.za/blog/free-budget-template">free printable budgets</a>. Creating your own <a href="https://create.microsoft.com/en-us/learn/articles/how-to-make-excel-budget">Excel spreadsheet</a> is an equally good approach. What matters most is using a tool that you can commit to. <h2>2. Itemising your income and expenses</h2> A budget essentially shows how much you’re spending in relation to how much you’re earning. So once you have selected your budgeting tool, you need to fill in your income and itemise how much you’re spending on each expense in a month. A budget can be considered a cashflow statement because it allows you to track money coming in (income) and money going out (expenses). If you are living within your means, your budget should indicate a surplus – more cash inflows than cash outflows. So budgeting provides an accurate account of your short-term financial position. <h2>3. A realistic account of expenses</h2> When you look at your financial statements, fill your expenses into your budget honestly and accurately. Don’t cheat! Since everyone’s financial situation is different, your budget will also be unique. Even though there is no one-size-fits-all approach to budgeting, it should still consider all of your expenses (both regular and intermittent). A general rule of thumb is that if it’s deducted from your account then you should treat it as an expense. This includes payments for housing, medical insurance, fuel, dining out, credit card repayments and even bank fees. <h2>4. Save first, spend later</h2> Now you’ve seen how much you’re spending. Either it’s too much – and you can plan where to cut back – or you have savings at the end of the month. When compiling your budget it’s important to demarcate how much will be in the form of savings. What’s more important is getting into the habit of saving before you spend instead of saving after spending. If you spend first then you’ve deprived yourself of the opportunity to save for a rainy day. Furthermore, <a href="https://eprints.hud.ac.uk/id/eprint/10231/1/Microsoft_Word_-_submitted_version_3rd_June_201.pdf">research</a> has shown that getting into the habit of saving has a transgenerational effect: it can be considered a cultural value that is passed on from one generation to another. So think of saving as paying yourself first. Once you have done so, you won’t feel guilty for treating yourself because you’ve already done the financially responsible thing by putting your savings aside. <h2>5. Considering assets and liabilities</h2> Once you’ve become comfortable with consistently budgeting, you can take it up a notch by including your assets (everything you own with an economic value) and liabilities (everything you owe) to determine your overall financial position. You can get a clearer picture of your overall financial wellbeing by compiling a list of all your assets, for example your savings and <a href="https://www.investopedia.com/terms/h/home_equity.asp">home equity</a>, in relation to liabilities (such as bank loans). Knowing your long-term financial position can indicate how financially resilient or vulnerable you are. In the event of a financial emergency, you will know which resources you can draw upon to meet an unexpected expense. By creating a budget (and sticking to it), you can protect yourself and your household from financial shocks. Consider the alternative. Imagine you haven’t budgeted and set savings aside. If a financial emergency were to arise, your next best bet would be to borrow the funds you need. You’d have to come up with a plan to repay what you’d borrowed while also building your savings. <h2>A healthy habit</h2> Getting into the habit of budgeting isn’t easy, especially if you haven’t done it before or you’re intimidated by the process. But, as the expression goes, “a journey of a thousand miles begins with a single step”. Think of budgeting as taking a small but important step towards reclaiming control over your finances and improving your financial well-being.<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/214861/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>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</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/battling-to-make-ends-meet-financial-planning-expert-offers-5-tips-on-how-to-build-your-budget-214861">original article</a>.

Money & Banking

Clive Palmer's plans to build Titanic II resurface

Just when you thought we'd exhausted all of the possible billionaire pet projects, Clive Palmer, the Queensland mining magnate with pockets deeper than the Mariana Trench, has once again proven us wrong. For more than a decade now, Palmer has harboured a peculiar obsession: resurrecting the ghost of the Titanic, the world's most infamous maritime disaster. Palmer wants to build Titanic II, because when you've got more money than you can count, why not embark on a maritime venture that's already synonymous with catastrophe? Palmer, with the audacity only wealth can afford, has been pushing for this Titanic replica since 2012. Not content with merely one failed attempt, he launched the project again in 2018. Now, after another six years and a global pandemic, he's dusting off his captain's hat and setting sail once more, announcing the Titanic II's re-launch at the Sydney Opera House (because when you're Clive Palmer, a press conference venue like the local community centre just doesn't cut it). But why, you may ask? According to Palmer himself, it's a simple matter of economics: "I’ve got two options, either give my wife more money for shopping or spend it on the Titanic and I’m spending it on the Titanic because she’s shopped enough." Ah, yes, the age-old dilemma of whether to buy your spouse another designer handbag or fund a one-billion-dollar replica of a ship that sank over a century ago. We've all been there. Despite the naysayers who dismissed Palmer's dream as nothing more than the folly of a rich eccentric, he remains undeterred. Now, with the pandemic in the rearview mirror and cruise ships once again cruising, Palmer sees this as the perfect time to resurrect his Titanic dream. Because what better way to celebrate the end of a global health crisis than by building a monument to maritime tragedy? Palmer assures us that this time around, things will be different. The plans are similar to previous iterations, but now they comply with current regulations. Tenders are being sought, with plans to confirm a shipbuilder by year's end with the intention of setting sail by 2027. And what can prospective passengers expect from this seafaring spectacle? Well, according to Palmer's team, an eight-minute video featuring period costumes and a layout straight out of the early 1900s. Passengers will even be encouraged to dress the part (though that's not compulsory; nothing screams "fun vacation" like wearing corsets and three-piece suits in the middle of the ocean). But fear not, third-class passengers, you won't be left out of this Titanic experience. You'll get to enjoy stew and mash at communal dining tables, just like the good old days. Although, for those who prefer their meals without a side of historical accuracy, other options will be available. In amongst of all this, Palmer has grandiose visions of Titanic II as a symbol of world peace. “We all know how to make war," he announced at the press launch. "We get armies and we fund wars. People know about that. But it is a lot harder to make peace. To make peace you have got to stick with it every day. You progress inch by inch. “Titanic ll is something that can provide peace. It can be a ship of peace between all countries of the world. Millions have dreamt of sailing on her, seeing her in port and experiencing her unique majesty. Titanic ll will be the ship where those dreams come true.” So, as Palmer sets sail on his quixotic quest to recreate history, we can't help but wonder: Is Titanic II a testament to human ingenuity or just another billionaire's folly? Only time will tell. But if history has taught us anything, it's that sometimes, even the grandest dreams can end up at the bottom of the ocean. Images: Rod Eime / Wikimedia

Cruising

"I want answers": Simon Dorante-Day's cunning plan to prove royal connections

The Queensland man claiming to be the son of King Charles and Queen Camilla has shared his new plan to prove once and for all that he has royal family connections. Simon Dorante-Day has long claimed through his 30 years of research, he discovered that he is the illegitimate son of the monarch, and has attempted to prove his theory through various means. Now, his new plan to get his hands on royal DNA to unequivocally prove his family heritage involves another member of the royal family. Speaking with <a href="https://7news.com.au/lifestyle/aussie-man-claiming-to-be-charles-son-drops-new-prince-harry-dna-bombshell-c-13488374" target="_blank" rel="noopener">7News</a>, the 57-year-old said he and his wife have been told by a “trusted source” that Prince Harry could be amenable to helping them gather proof. “We got advice from a really good, really trusted source that we should approach Harry and make a connection there and ask for DNA,” Elvianna said. Simon added, “I was really taken aback when he said that. But it’s definitely something I’m going to do. I’ve long been a supporter of Harry and Meghan, I think it’s disgraceful the way they’ve been treated by the royal family." “The way they are treated on social media too, it’s just one big ‘Punch-Meghan-and-Harry-a-thon’, seriously. It’s really starting to annoy me." He said he is planning to "make contact with him and explore this as an opportunity," pointing out that the royal family's treatment of Harry could make him more willing to help. "At the end of the day, I feel like he just might be as keen as I am to expose what Charles and Camilla and the powers that be have done to me. The injustice." “It’s worth me pointing out that Charles and Camilla, Buckingham Palace, the entire royal family - not one of them has ever said my claims are not true. They’ve never denied what I believe, told me I’m wrong." Simon said “the wheels are in motion” in terms of making contact with Prince Harry, and that he’s hopeful of a positive outcome. “I want answers,” he said. “And I feel Prince Harry is the man to help me find them.” “And I think their silence speaks volumes.” Simon said “the wheels are in motion” in terms of making contact with Prince Harry, and that he’s hopeful of a positive outcome. “I want answers,” he said. “And I feel Prince Harry is the man to help me find them.” Image credits: Facebook / Getty Images

Family & Pets

Five things to do before you die – because planning your eventual demise takes preparation

<a href="https://theconversation.com/profiles/hui-yun-chan-715995">Hui Yun Chan</a>, <a href="https://theconversation.com/institutions/university-of-huddersfield-1226">University of Huddersfield</a> Many people who are struck with sudden, progressive or terminal illness are <a href="https://theconversation.com/why-are-patients-in-permanent-comas-routinely-kept-alive-43365">kept alive mechanically</a>, while families and doctors make decisions about treatment. As a researcher in medical law, particularly end-of-life decision-making, I have seen how this can become a minefield of legal and ethical problems. UK law allows people to plan in advance of any debilitating illness, and thus have some control over future treatment. This is known as “<a href="https://www.nhs.uk/conditions/end-of-life-care/advance-decision-to-refuse-treatment/">advance decisions</a>”. While these laws are in place, research shows the <a href="https://rm.coe.int/cdcj-2017-2e-final-rapport-vs-21-06-2018/16808b64ae">majority of people disregard or defer the discussions</a> primarily because they do not know how to raise them, or what to expect. While planning for your eventual demise probably sounds as fun as pulling teeth, it can be empowering. Following from <a href="https://pure.hud.ac.uk/en/publications/advance-directives-rethinking-regulation-autonomy-amp-healthcare-">my recent book</a>, here are five tips for how you can use the law to help you plan for what you want in the future – and make your voice heard when you may no longer have one. <h2>1. Gather information from experts</h2> First, you must think, gather information and talk to experts about how life can unfold in the case of progressive illness. This is important whether you are well but thinking about future incapacity, or whether you have actually been <a href="https://www.4pb.com/case-detail/re-ak-medical-treatment-consent/">diagnosed with illness</a>. A solicitor with expertise in advance directives can help you understand important laws, such as those that dictate when a person has <a href="https://www.legislation.gov.uk/ukpga/2005/9/contents">sufficient “mental capacity”</a> to make lawful decisions. Lawyers can help you draft your will, and advise on how to protect or pass on your estate – including <a href="https://www.gov.uk/inheritance-tax">hidden costs</a>. They can also help you <a href="https://www.gov.uk/power-of-attorney">nominate someone</a> to make medical decisions for you when you become incapacitated, and decide the limits of their power. Do not just assume that your family members automatically have the power to decide for you legally. If you are ill, ask a doctor to inform you how your condition will progress so you can decide how you will deal with future events. For example, with dementia and other progressive illnesses, you must consider what quality of life you would tolerate. Similarly, in the case of pain, what treatment you would accept or refuse? Think big picture about your future life. Would you trade quantity of life for quality, opting for less time but with better quality of life? <h2>2. Setting your decisions in stone</h2> Now you have made some important decisions, the next step is about making these decisions clear in the right way, to the right people, and at the right time. I have <a href="https://www.springer.com/gp/book/9783030009755#aboutBook">documented many cases</a> across England and Wales where advance directives are disputed because they are invalid or inapplicable and there is a dispute about whether they are still legally able to make decisions. Considering your health, you may want to get a <a href="https://www.bma.org.uk/advice/employment/ethics/mental-capacity/assessing-mental-capacity">formal assessment</a> of your mental state and ability to make decisions. You should record any conversations you have in writing. Documents that show you have been supported (by friends, family or professionals) in your decision-making boost the validity of your choices, <a href="https://brill.com/view/journals/ejhl/25/1/article-p24_24.xml?lang=en">making them more binding</a> for healthcare professionals. Legally, just revealing your treatment preferences to your doctor or friends <a href="https://swarb.co.uk/w-healthcare-nhs-trust-v-kh-ca-17-sep-2004/">is not enough</a>. Writing things down is important, though never easy. Ask family or friends to support you in this process. If a loved one is aware of the choices you have made they are less likely to object to your medical decisions because they have been part of the decision process. <h2>3. Update when your situation changes</h2> Many people are caught out when their <a href="https://compassionindying.org.uk/making-decisions-and-planning-your-care/planning-ahead/advance-decision-living-will/review-update/">personal situation changes</a>, but they have failed to update their advance directives to reflect this – such as changing romantic relationships. Family conflict by your bedside is the last thing you want. Even if your circumstances are the same, regularly update to avoid “what was I thinking?” moments when it’s too late. <h2>4. Make sure it gets found</h2> Inform your family, doctors and lawyers what your advance directives are and where to find them. If the right people don’t have access to your directives, they are useless. In a recent example, the family of a Warwickshire woman was granted a £45,000 payout after she was <a href="https://www.bbc.co.uk/news/uk-england-coventry-warwickshire-42240148">kept alive for 22 months against her will</a> – as the relevant documents had been misplaced. <h2>5. Don’t forget your online life</h2> Discussions on social media about how you wish to spend your twilight days may help as <a href="https://brill.com/view/journals/ejhl/25/1/article-p24_24.xml?lang=en">supporting information</a> to ensure the wishes in your advance directives are strengthened. You should also think about who you want to be granted (or denied) access to your online accounts and social media after your death. Streamlining this process, you can now <a href="https://www.theatlantic.com/technology/archive/2013/04/google-death-a-tool-to-take-care-of-your-gmail-when-youre-gone/274934/">create a social media will</a> online. Drafting an advance directive is an exercise in liberty. It allows our beliefs and preferences to be made clear even when we are physically or mentally unable to express them ourselves. An advance directive is our voice when we no longer have one. Use your voice wisely.<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/122296/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/hui-yun-chan-715995">Hui Yun Chan</a>, Senior Lecturer in Law, <a href="https://theconversation.com/institutions/university-of-huddersfield-1226">University of Huddersfield</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/five-things-to-do-before-you-die-because-planning-your-eventual-demise-takes-preparation-122296">original article</a>.

Legal

"Thoughtful and sensitive": The Crown's plan to recreate Diana's death

The Crown have announced that they will be covering the death of Princess Diana in the upcoming season of the show, saying they will be handling the recreation "carefully". The Netflix drama based on the story of the royal family will be returning later this year for season six, which is expected to be the final season of the show. The final season of The Crown is set to take place between the years of 1997 to the early 2000s, including a delicate recreation of the death of the late Princess of Wales. Producer of the show Suzanne Mackie spoke of the upcoming season at the Edinburgh International Conference Centre, saying it took a long and careful conversation to reach the decision to cover Diana's death on the show. She said, "The show might be big and noisy, but we're not. We're thoughtful people and we're sensitive people." "And so there was a very, very careful, long, long, long conversation about how we do it – and I hope, you know, the audience will judge it in the end, but I think it's been delicately, thoughtfully recreated." Australian actress Elizabeth Debicki will be returning as Diana after her portrayal of the late Princess in season five. Mackie said Debicki was an "extraordinary actress" who treated the subject carefully. "She was so thoughtful, considerate and loved Diana," Mackie said. "So there was a huge amount of respect from us all. I hope that's evident when you see it." Season six of the show is also set to include the early days of Prince William and Kate Middleton's love story, beginning when they met while at St Andrew's University in Scotland in 2001. Image credits: Getty Images

Renée Zellweger’s secret wedding plans

Renée Zellweger is reportedly planning a secret wedding following her low-key engagement to her British boyfriend Ant Anstead. According to <a href="https://www.thesun.co.uk/tvandshowbiz/23098826/bridget-jones-renee-zellweger-engaged-wedding-tv-ant-anstead/" target="_blank" rel="noopener">The Sun</a>, Zellweger has told a few of her close friends that she and her beau are planning to tie the knot in a private ceremony. “Renée and Ant are keeping their plans incredibly private, they’re not planning a big public announcement,” her friend told the publication. “She has been telling her inner circle about organising their nuptials, everything will be very low-key. “Her relationship with Ant is super strong and they’re madly in love, and they can’t wait to get hitched.” This is the Bridget Jones’ Diary star’s second marriage. She was previously married to country music star Kenny Chesney in 2005, but the pair divorced after just four months. Following the end of her first marriage, Zellweger dated a few other stars including musician Doyle Bramhall II who she dated from 2012 to 2019, A Star is Born actor Bradley Cooper, White Stripes rocker Jack White, and comedian Jim Carrey. Zellweger and Anstead, who is a TV presenter and father of three, began dating in September 2021. The pair were spotted together at the Goodwood Festival of Speed last weekend. Images: Instagram

Relationships

Rebel Wilson’s wedding planning chaos

t’s been an exciting couple of years for Aussie access Rebel Wilson, with 2022 marking <a href="https://www.oversixty.co.nz/news/news/beautiful-miracle-rebel-wilson-s-huge-baby-news" target="_blank" rel="noopener">the arrival of her baby</a> and 2023 seeing her engaged to now-finance Ramona Agruma. Although the pair had a fairytale engagement at Disneyland, their wedding planning process has highlighted divided opinions. ”Ramona and I have discussed a lot, but it turns out we have different ideas about what the wedding should be," Wilson told E! News. "So I don't know. I don't know who's gonna win," she continued. "We'll do a very beautiful compromise.” Although preparations are well underway, the actress admitted the planning process is going “very slow”. ”I've got two movies to shoot this year," the actress said, "and with a 7-month old…so we'll probably get into it more next year.” Wilson welcomed her daughter Royce via surrogate in November 2022 — a process she started in 2019, before meeting Agruma. "It's weird. It's kind of like she came into my life at the exact right time, and then the surrogate getting pregnant and Ramona was really into that. So, it was kind of awesome. It just kind of came together at the right moment." The lovebirds met through a mutual friend, Aussie actor Hugh Sheridan. He told 2Day FM that he loves playing matchmaker, and that he’d been trying to set the two up with other people for years before realising they may be perfect for each other. "'Both were really hard to set up," he confessed in the interview. "Ramona is really smart, and Rebel is really smart. I was in New York with my ex and feeling very sad, and Rebel said she can't imagine how I feels because she's never been in love before!” "I thought, 'Gosh, she's a hard one to crack.' So I thought of Ramona straight away." Image credit: Getty

Relationships

“Slay while I decay”: 93-year-old grandmother’s hysterical funeral plans

A 93-year-old grandmother has taken the internet by storm after sharing a video she wants to be played at her funeral. Lillian Droniak from Connecticut — already a social media icon — with more than 10.1 million followers on her TikTok is known for posting very candid clips. She’s now revealed a series of events she’d like her family to put into action after she passes away. The clip, which has raked in more than 24 million views, shows Lillian talking to the camera as she lounges about in an armchair while wearing a pink t-shirt emblazoned with the slogan, “You’re not invited to my funeral”. The cheeky 93-year-old began, “Thank you for coming everyone. There's probably a lot of people here so have fun. “If you're crying, stop being a baby. Find a tissue and move on. Don't be sad, I lived a long time. “I slayed every day and now, I'm going to lay every day. I hope you slay while I decay.” The grandmother continued, “And Bertha better not be here. If she's here, kick her out right now. I'm going to haunt you Bertha. “And my ex George better leave. I know he's here, I'm going to haunt him too.” She concluded, “I hope everybody gets drunk after this. You better take a shot for me. Love you all.” <iframe title="tiktok embed" src="https://cdn.embedly.com/widgets/media.html?src=https%3A%2F%2Fwww.tiktok.com%2Fembed%2Fv2%2F7243826555644808491&display_name=tiktok&url=https%3A%2F%2Fwww.tiktok.com%2F%40grandma_droniak%2Fvideo%2F7243826555644808491%3Flang%3Den&image=https%3A%2F%2Fp16-sign.tiktokcdn-us.com%2Fobj%2Ftos-useast5-p-0068-tx%2Fe292006686a3487bb3da94441b230627_1686584808%3Fx-expires%3D1687507200%26x-signature%3DbI%252BPoMCv2yA5KqPQ10NN1r%252FaolM%253D&key=59e3ae3acaa649a5a98672932445e203&type=text%2Fhtml&schema=tiktok" width="340" height="700" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen"></iframe> She uploaded the clip paired with the caption, “Play this video at my funeral or I will haunt whoever is in charge thank you.” Social media users flocked to the comment section to have their say on her playful piece. One commented, “I hope Bertha and George show up just so they can be told to leave in front of everyone.” 'We can't slay while you decay,” another said. “Why am I crying?” a third added. Image credit: TikTok

Caring

10 tips for planning a staycation that’s better than an overseas trip

We spent so much of our lives daydreaming to be somewhere else that sometimes we lose sight of how amazing our surrounds actually are! Of course it’s nice to venture overseas, but sometimes it’s equally as nice to take a moment to smell the roses. Here are 10 tips to help you get the most out of your staycation: 1. Plan ahead Not having a clear idea of what you’re actually going to do on the day is the death knell of any staycation. So do some research and figure out some interesting activities to try in your city. A little bit of planning ahead can go a long way. 2. Find timely events Is there a festival you’ve always wanted to go to but never managed to find the time? Well, a staycation is the perfect opportunity to try this. Staycations are pretty much designed for this sort of experience, so enjoy! 3. Don’t go it alone A staycation is also a great opportunity to catch up with some old friends (or even make new ones) so make sure you invite some other people along. 4. Set a budget Even though you’re not really travelling anywhere, it makes sense to set a weekly budget to make sure you’re not spending too much. Or if that seems like a bit too much, even just set out a basic daily limit. Also, take advantage of free regular events in your own city. 5. Check the weather before you head out There’s nothing worse than getting rained on without an umbrella. Check the forecasts and make sure the weather suits your staycation. 6. Say yes as much as you can We spend so much of our lives saying no, but when you’re on a staycation this is your opportunity to say yes as much as possible. Be spontaneous and fun! 7. Ice cream and junk food Well you are on vacation after all! This is a great opportunity to take advantage of those foods you avoid on a weekly basis, even if your belt ends up fitting to a different notch. 8. Mix up your routine Sleep in, stay out late and throw your routine out the window. Enjoy your city for what it is and make sure you take advantage of everything. 9. Be silly Don’t take yourself too seriously when you’re on a staycation and make sure you spend plenty of time enjoying the company of those that are nearest and dearest. 10. Reward yourself While you’re technically not travelling everywhere, staycations still require a lot of work, so make sure you reward yourself with a glass of wine. Image credit: Shutterstock

Domestic Travel

When babysitting your grandkids is not the retirement plan

Megan Giles is a retirement designer for women. She supports and coaches women approaching retirement to successfully transition and create a lifestyle that is fulfilling, meaningful to them and lights them up each day. You’re retiring, or maybe you’re about to cut down to part-time hours and you can smell freedom in the air. You have the schedule for a pilates studio on your fridge, a list of restaurants to try, and a couple ideas for that abandoned corner of your garden. At last you have time to do all of those things you’ve always wanted to do. And then the phone rings. “Mum, now that you’re not working, it would be great if you could look after [grandchild] on a Friday…” And your heart sinks. You love your grandchild to bits, but a regular baby-sitting gig is not part of your plan. While this is the perfect scenario for many people approaching retirement, it’s important to recognise that it’s not for everyone. What happens if your family has other ideas for your life after work, e.g. caring for grandchildren, or they have assumptions about what you can and can't (or shouldn't!) do in retirement. Do you acquiesce and abandon your dreams or do you recognise the value of your time and dreams and decide to ‘just go for it’? The trouble with choosing to pursue your own path is the huge amount of guilt this can bring up, particularly for women. You feel that you should be there for your children and grandchildren. You know that your support will make their life easier as they have demanding jobs and because the cost of living and day care is expensive. Or perhaps you convince yourself that you do have the time and energy because, well, you’re not working anymore. But the risk that goes with this is that you start to feel resentful because you’re not being true to your dreams. Broaching this with adult children, however, can be a tricky thing to do. It brings up conflicting emotions including love, guilt, joy, fear and obligation and the last thing you want to do is make a loved one feel bad. In recognition of this, the following provides tips for sharing your retirement ideals with your family in a positive way: <ul> <li>Make an uninterrupted time to talk. While it might be an easy time to catch your children, try to avoid the early evening ‘witching hour’ when feeding and bathing can create mayhem</li> <li>Share your goals. Rather than assuming your family know what will be important to you, let them know what you would like to get out of retirement, particularly while you are active and have good health</li> <li>Articulate your concerns or fears. Let them know, for example, that you worry about being able to keep up with your energetic grandchild, or that you risk letting them down in the longer term when you decide to go travelling and can’t do that regular Tuesday ‘gig’</li> <li>Listen to what it is that your adult children are seeking and see if you can come up with alternate options together (it doesn’t always have to be one thing or the other)</li> <li>Let your family know that you love and care for them unconditionally. Not being able to provide regular baby-sitting duties does not mean that you love them any less</li> </ul> As the saying goes, you first have to look after yourself before you can look after others and this applies especially in retirement. However uncomfortable it may seem initially, have the conversation in order to understand and align both your and your family’s expectations, and then give yourself permission to follow your dreams in retirement! Images: Getty

Retirement Life

Struggling to start an exercise plan?

Many of us don’t like the idea of exercise, so we avoid it. Here’s the thing: our bodies were designed to move. Yet in developed countries like Australia, many of us spend far too much time sitting on our backsides. The fact that we are more sedentary has become a health issue: in fact, it’s killing us. The <a href="http://www.health.gov.au/">Department of Health</a> says low levels of physical activity is the <a href="http://www.health.gov.au/internet/main/publishing.nsf/content/health-pubhlth-strateg-active-evidence.htm">fourth leading cause of death due to non-communicable diseases</a> (NCDs) worldwide, with heart disease, stroke, diabetes, and cancers contributing to more than three million preventable deaths annually (six per cent of deaths globally). The seven diseases most closely linked to physical inactivity (in descending order) are: <ol> <li>Diabetes</li> <li>Bowel cancer</li> <li>Uterine cancer</li> <li>Dementia</li> <li>Breast cancer</li> <li>Coronary heart diseases</li> <li>Stroke</li> </ol> The Department of Health says if all Australians did an extra 30 minutes of brisk walking at least five days each week, this would reduce “the disease burden” due to physical inactivity in the population by 26 per cent. The good news – and any personal trainer will tell you this – is that it is never too late to start exercising. In fact, recent research has found no difference between people who had always been fit and those who decided to take it up later in life. But even armed with this information, starting an exercise regimen can seem like more trouble than it’s worth. A lot of this has to do with the perception that exercise has to be goal-oriented, and a lot of us don’t enjoy feeling pressure to perform. However, it doesn’t have to be that way. “People often associate exercise with pain,” says Brisbane-based sports and exercise psychologist <a href="http://positivepsychologystrategies.com.au/about-patrea/">Patrea O’Donoghue</a>. She says exercise can be anything you want it to be these days – the image of a macho instructor barking at you to do 50 push-ups is a thing of the past. A lot of people don’t like showing their bodies in public, yet you can have your own trainer or yoga instructor on your phone via an app or do a workout in the privacy of your home on a treadmill and cycling machine. And it doesn’t have to cost a fortune. “People think it has to be all about joining a gym or buying a $2000 bike or looking the part, but you don’t need a fancy kit. You can just start with a decent pair of walking shoes.” Here are a few points exercise newbies need to consider: <ul> <li>See your doctor. If you’ve never really done much exercise, ask your GP to give you the all-clear to start an exercise program.</li> <li>Assess your diet. There is not much point in starting to exercise regularly if your diet doesn’t complement it. Even if your goal is not to lose weight but to rather get fit or healthy, a balanced diet will help.</li> <li>Think about what you would enjoy doing – walking, cycling, tennis, golf, jogging, swimming, yoga, or even skipping.</li> <li>Turn your exercise into a habit.</li> </ul> “If you decide, for instance, that you’ll go for a walk or to the gym twice a week, take steps to follow through with it no matter what,” says O’Donoghue. “If you find that work or a personal commitment means you won’t have time to go to the gym on the day you’d allocated, go anyway. Even if you just spend five minutes in the gym on that day, that’s psychologically and physically better than not going at all, as you’ve maintained the habit and you’re sticking to your commitment. “With any habit, any time you start to make excuses like not having time – you’re in danger. It’s like many people who make a New Year’s Eve resolution to get fit: they attack the gym for two weeks and completely overdo it, then never follow through. That’s never going to work.” Remember to take baby steps “If the person has been very sedentary in their habits and wants to make some lifestyle changes, I’d say to them, ‘Let’s start small’. I’d get them to look at one small thing they could do that they could attach to an existing behaviour, so they could say to themselves, ‘When I get home, I put on my walking shoes straight away and go for a walk’. Even if they just start off with five minutes, depending on their level of health. Start with just one thing and stick to it. “As they progressed, I’d ask them how long was acceptable to them to keep going so that the five minutes is turning into 15 minutes and so on. I’d ask them to tell me how many times a week they’re committing to do it. It’s not about saying it’s good or bad whether they did it or not but maintaining the habit and what’s realistic for them." O’Donoghue says she’d also ask the exercise newcomer to think about what successes they’ve had in their life (not associated with exercise) such as in their career or personal life and ask them to think about how they achieved that success. “It might be a presentation or how well they cook – get them to extract the key principles from that and apply it to their exercise. “It’s important to look at the role of feelings associated with exercise,” she says. If we have the thought one cold dark morning that we just don’t feel like doing any exercise and there is that self-talk going on in our heads, making sure you turn that around. Maintaining the momentum is very important.” You can exercise alone, with a friend, or in a group. What’s important is working out what will work best for you. “If someone said they really did struggle to exercise by themselves, I’d be encouraging them to exercise with a friend or neighbour or a group,” says O’Donoghue. “They are more likely to uphold a commitment to someone else than themselves. That sense of accountability can be useful.” It’s worthwhile knowing that research shows you don’t have to do a big block of exercise in one hit. You can break it down into 10-minute blocks – walk to the shops instead of driving; go up the stairs instead of taking the lift; even doing housework, standing up while watching TV, or doing some gardening counts! Think about anything that contributes to you burning calories. Before you start patting yourself on the back, O’Donoghue says it’s important to recognise the difference between being healthy and being fit. Initially, regular exercise such as fairly brisk walking for half an hour for five or six days is about getting healthy so that you are mildly out of breath as you walk – but if your aim is to get fit, your heart rate needs to go up when you exercise. Older Australians also need to think about doing some light strength training up to three times a week, using exercises to work all the major muscle groups of your body (legs, hips, back, chest, abdomen, shoulders and arms) to maintain bone health and muscle mass. To avoid injuries, have a professional show you how to apply low levels of impact on the muscles. Elastic band exercises, for example, are ideal. Are you ready to start exercising? What made you decide to give it a serious go? Written by Robin Hill. Republished with permission of <a href="https://www.wyza.com.au/articles/health/exercise/struggling-to-start-an-exercise-plan.aspx">Wyza.com.au</a>.

Body

Planning the move to a retirement village

For many, retirement brings with it a new lease on life – whether that comes in the form of an opportunity to seek fresh challenges, studying something you’ve always been interested in, volunteer, travelling, help looking after your grandchildren or learning new skills. In any case, planning what you want your retirement years to look like is the best way to discover what direction you might like to go in. Planning allows you to be well prepared – both financially and emotionally – and gives you the best chance of achieving the financial security and lifestyle you would like in the years ahead. Ultimately it also gives you the ability to take control of your life. Do it when you are healthy and independent and can make well-informed decisions. Here are some things to consider when you start making plans to move to a retirement village. A time of change Where you live in retirement can greatly affect your quality of life. It is hard to predict what the type of housing that suits you early in your retirement may not suit your needs later. The need to change housing or location can be triggered by changing health needs, the loss of a driver’s licence or the need to be closer to essential services. You may need to occasionally reassess where you are living to see whether it still suits your needs. What are your options? Only you can decide what housing will suit you best but here are some option and issues to consider, whether you choose to stay in your home, or move either to other private accommodation, public housing, a retirement village or nursing home. Location, location, location Before you decide to move, ask yourself the following questions: <ul> <li>What type of accommodation will suit your needs?</li> <li>Where are the shops, support services and transport located?</li> <li>What is the cost of public transport and how accessible is it?</li> <li>How accessible will your family and friends be?</li> <li>Will the activities you enjoy be easily accessible?</li> </ul> Also consider all options before you move to your favourite destination. It can be very different when you are living somewhere rather than just visiting on holiday. Sometimes holiday destinations lack a range of suitable amenities and you could be forced to relocate if your needs change. Retirement villages Retirement villages usually have self-contained units with one or two bedrooms and some communal facilities and regulated by the Retirement Villages Act 2003. While retirement village living does not suit everyone, many people thrive on the companionship and feel safe and secure in the environment. It is important to be fully aware of the economic, legal and lifestyle implications involved in moving to a retirement involved in moving to a retirement village. Some of the issues to consider include: Money wise The earlier you develop a financial plan, the more likely you are to achiever your financial goals and preferred lifestyle in retirement. Do you need a financial advisor? It is worthwhile taking to an experienced and licensed financial advisor to review your total financial status and offer advice about what might make your assets work for you in the best way, taking into consideration your income, goals, objectives and attitude towards financial risk. Images: Shutterstock

Retirement Life

Florida’s plan to ban ‘period talk’

Politicians in Florida are considering a draft law to strengthen state control over sex education in students. This would ban any lessons in schools teaching students about menstrual cycles before high school. The proposal comes after Florida’s Republican-dominated legislature, backed by Governor Ron DeSantis, passed various laws limiting discussion in schools of gender and sexuality, reducing the emphasis on diversity in public schools across the state. The latest proposal came from Republican Stan McClain which would allow instruction "acquired immune deficiency syndrome, sexually transmitted diseases, or health education” only from sixth grade through to 12, typically children aged 12-18. Girls generally have their first period between the ages of 10 and 15, but some do as young as eight. "Imagine a little girl in fourth grade, going to the bathroom and finding blood in her panties and thinking that she is dying," state representative Ashley Gantt, a Democrat, said in a social media post. "She doesn't actually know what's going on. And her teacher does not even have the ability to tell her that this is a part of life.” However, the bill passed the subcommittee by a 13-to-5 vote. Planned Parenthood said the legislation would take "total control from local school districts in approving sex ed curriculum and give it to the State Department of Education", in turn presenting a "reductive and binary view of sex" and stigmatising LGBTQIA+ students. Critics say conservative legislatures in the USA are trying to impose their own views on others, preventing students from having a well-rounded education. Image credit: Shutterstock

Legal

How Prince Andrew and Prince Harry have thrown coronation plans into "chaos"

With King Charles' coronation looming closer, royal experts have claimed that the celebratory weekend will be overshadowed by controversial royals Prince Harry and Prince Andrew. Buckingham Palace recently released <a href="https://www.oversixty.co.nz/lifestyle/beauty-style/new-details-announced-for-king-charles-coronation-weekend" target="_blank" rel="noopener">more information</a> on the slew of events that will take place over the coronation weekend in May, with a range of ceremonial, celebratory and community happenings to commemorate the new reigning sovereign. However, the plans for the grand weekend seem to already have been thrown into "chaos" by the revelation the Duke of York has amassed a £10 million ($A17.6 million) war chest to launch a case against sex abuse victim Virginia Giuffre. Plus, Prince Harry’s memoir, which quickly became the fastest-selling nonfiction book of all time, is still making headlines all over the world. Royal expert Angela Levin thinks the coronation plans will “absolutely” be thrown into chaos as a result, questioning whether the royal outcasts will even attend. She told <a href="https://www.thesun.co.uk/news/21135717/kings-coronation-plans-chaos-prince-andrew-harry-meghan/" target="_blank" rel="noopener">The Sun Online,</a> “I don’t even know if he and Harry are going together.” The Sun revealed on Saturday that Prince Andrew is making a bid to overturn the multimillion-dollar settlement with his sex accuser after her abuse case against a high-profile US lawyer crumbled. Angela said, “Andrew is out of control – who’s guiding him on this?” She said it seemed to be more than a coincidence that the Duke’s plans came to light less than two weeks after the release of Spare, saying “It seems very odd." “I’ve got no evidence. But the people who feel full of resentment could be going up against King Charles." “The nastiness is just beyond imagination really.” After Prince Harry's string of revelations in Spare, it has been speculated that the Duke and Duchess of Sussex will not attend the coronation, with no confirmation yet on whether they plan to face the royal family for the joyous occasion. Image credits: Getty Images

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