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

<a href="https://theconversation.com/profiles/myra-hamilton-8638">Myra Hamilton</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> By the time they retire, women typically have about <a href="https://link.springer.com/book/10.1007/978-981-97-5461-8">one third</a> less superannuation than men. This can amount to more than <a href="https://www.carersaustralia.com.au/wp-content/uploads/2024/03/Final-Economic-impact-income-and-retirement-Evaluate-Report-March-2022_2024EDIT.pdf">$500,000</a> when wages and super are combined over their lifetime. The gendered super gap has narrowed over the last few decades, as women have joined the workforce <a href="https://www.abs.gov.au/articles/changing-female-employment-over-time#:%7E:text=Women's%20participation%20in%20paid%20work,women%20are%20also%20working%20longer.">in increasing numbers</a> and the superannuation system has matured. But progress is too slow. If we keep tracking as we are, we can’t expect parity until <a href="https://www.womeninsuper.com.au/application/files/3816/8782/3898/7._Not_up_for_discussion.pdf">2070</a>. So why is the gap so persistent? <h2>Making super compulsory</h2> For most of the 20th century, Australia’s retirement incomes system produced more equal outcomes because the age pension is not linked to a person’s lifetime earnings. But the introduction of <a href="https://www.australianretirementtrust.com.au/learn/education-hub/superannuation-history-australia">compulsory super</a> in 1992 linked lifetime earnings and retirement income. The gender super gap arises because women and men have different patterns of paid work and earning over their lifetimes. Women have <a href="https://www.wgea.gov.au/the-gender-pay-gap#:%7E:text=conscious%20and%20unconscious%20discrimination%20and,responsibilities%2C%20especially%20in%20senior%20roles">14% lower</a> average weekly earnings than men. This is due to <a href="https://www.wgea.gov.au/the-gender-pay-gap#:%7E:text=conscious%20and%20unconscious%20discrimination%20and,responsibilities%2C%20especially%20in%20senior%20roles">three factors</a>: <ul> <li> women are much more likely to have unpaid care responsibilities. As a result, they take career breaks, work fewer hours, or work in jobs incommensurate with their skills </li> <li> discrimination, bias and lack of workplace flexibility mean better pay and career outcomes for men and fewer opportunities for people to combine work and career with care responsibilities </li> <li> occupational segregation means women are concentrated in female-dominated industries, which tend to attract lower wages than male-dominated ones. </li> </ul> Over a lifetime, these factors limit women’s capacity to earn and to accumulate super. On average, a woman in full-time permanent employment accumulates <a href="https://www.wgea.gov.au/sites/default/files/documents/Women%27s%20economic%20security%20in%20retirement.pdf">17.7% less</a> superannuation per year than a man in an equivalent role. That amounts to A$1,540 less per year. This annual shortfall compounds over time resulting in a wide gender super gap by the time women retire. <h2>How does this work in practice?</h2> The interruptions to work caused by providing unpaid care reduces people’s opportunities for accumulating superannuation. For example, having a child leads to substantial reductions in mothers’ workforce participation and earnings. Women’s earnings <a href="https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdf">fall</a> by an average of 55% in the first five years after entry into parenthood. In contrast, research suggests men’s earnings are <a href="https://treasury.gov.au/sites/default/files/2023-03/p2023-372004.pdf">unchanged</a>, or even <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5340267/#:%7E:text=Over%20time%2C%20unmarried%20but%20coresident,support%20for%20egalitarian%20gender%20roles.">increase</a>, after they become parents. So parenthood has a much greater impact on a mothers’ super than a fathers’. One <a href="https://melbourneinstitute.unimelb.edu.au/assets/documents/hilda-bibliography/hilda-conference-papers/2007/Parr,-Nicholas_final-paper.pdf">estimate</a> suggests having a child reduces a woman’s superannuation balance at age 60 by about $50,000 and a man’s by $5,000. It’s not just parenthood. <a href="https://www.aihw.gov.au/reports/australias-welfare/informal-carers">One in 10</a> Australians provide care for an ageing relative or person with a disability or chronic illness. Women do most of this unpaid care. Unpaid carers <a href="https://bristoluniversitypressdigital.com/view/journals/ijcc/6/3/article-p318.xml">often</a> reduce their working hours, withdraw from work, or put their careers on hold. Among primary carers <a href="https://www.wgea.gov.au/gender-equality-and-caring#:%7E:text=Primary%20carers%20are%20carers%20who,carers">only 58%</a> are in paid work. According to a <a href="https://www.carersaustralia.com.au/wp-content/uploads/2024/03/Final-Economic-impact-income-and-retirement-Evaluate-Report-March-2022_2024EDIT.pdf">recent study</a>, on average, by age 67, primary carers have lost $392,500 in lifetime earnings and $175,000 in super. Some older workers, especially women, also care for their grandchildren. More than a <a href="https://aifs.gov.au/sites/default/files/2022-07/Grandparents%20and%20child%20care%20in%20Australia_0.pdf">quarter</a> of grandparents of a child aged 13 or under provide care for the child in a typical week, usually while the parents work. In a <a href="https://nationalseniors.com.au/uploads/09151356PAC_GrandparentsChildcareLabourForceParticipation_Report_FINAL_Web_0.pdf">recent</a> study, 70% of grandparents, mostly grandmothers, providing regular childcare reported they adjusted their work to accommodate it. One in three reported it had negative impacts on their financial security as they aged. These factors compound over a lifetime. Many Australians provide care for multiple family members simultaneously, or at different times throughout their lives. Women in employment are more likely to be in lower paid positions, and lower paid industries and occupations. Employees in feminised industries such as community services (including paid care workers) and retail have among the <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/01/2311_An_update_on_superannuation_account_balances_Paper_V2.pdf">lowest</a> median super balances, less than half of those of managers and professionals. <h2>What is the solution?</h2> The gender super gap reflects deep inequalities in the distribution of work, incomes and care responsibilities between women and men across their lives. How do we fix it? Policy and public debate has focused on boosting women’s workforce participation. More women in work, means higher incomes and more saving, reducing the gender super gap, right? Yes, up to a point and rates of <a href="https://www.abs.gov.au/articles/changing-female-employment-over-time">women’s workforce participation</a> are increasing. But we also know in Australia, we have a <a href="https://nationalseniors.com.au/uploads/09151356PAC_GrandparentsChildcareLabourForceParticipation_Report_FINAL_Web_0.pdf">preference</a> for some family care of young children, and for care of adults with disability and older people in the <a href="https://www.aihw.gov.au/reports/australias-welfare/australias-welfare-2017-in-brief/contents/ageing-aged-care">community</a>. This means many parents and carers will continue to have at least some interruptions to paid work, reducing their super contributions. We also know when women are encouraged to enter paid work, care responsibilities are often “redistributed” to other women. When mothers enter or re-enter paid work it’s often <a href="https://theconversation.com/caught-in-an-intergenerational-squeeze-grandparents-juggle-work-and-childcare-47939">grandmothers</a> who step in, frequently reducing their incomes and super. For care of ageing <a href="https://www.cambridge.org/core/journals/ageing-and-society/article/abs/an-integrative-analysis-of-sibling-influences-on-adult-childrens-caregiving-for-parents/038C6F299E62380F9C954A9A586A28CD">parents</a> it is often non-working female siblings that step in. As the savings potential of one group of women increases, the savings potential of another decreases. Where care can’t be redistributed to other women within the family, it is redistributed to paid early childhood education and care, disability support, and aged care services. All of these services are dominated by women. As a highly feminised industry, the caring roles are <a href="https://www.abc.net.au/news/2024-08-14/why-are-nurses-and-childcare-workers-so-poorly-paid/104218868">poorly remunerated</a>, so those doing the care, while paid, are themselves limited to save enough super. Boosting women’s workforce participation is an important step. But another is to pay super contributions to parents during the time they are off work providing childcare, as <a href="https://ministers.pmc.gov.au/gallagher/2024/super-boost-new-parents#:%7E:text=It%20means%20that%20eligible%20parents,to%20their%20nominated%20superannuation%20fund.">recently</a> agreed by the federal government. But we need an <a href="https://www.unsw.edu.au/newsroom/news/2015/04/carers-deserve-more-credit-in-the-retirement-incomes-debate">equivalent</a> for other kinds of unpaid carers. Even so, as long as care continues to circulate between different groups of women – older women, low paid women – and as long as care isn’t valued for the large social and economic contribution it makes, the gender super gap will persist. To close the persistent gender gap, we need to go further, encouraging greater men’s involvement in care, and providing better recognition and remuneration of unpaid and paid care. <hr /> This article is part of The Conversation’s retirement series, in which experts examine issues including how much money we need to retire, retiring with debt, the psychological impact of retiring and the benefits of getting financial advice. Read the rest of the series <a href="https://theconversation.com/au/topics/retirement-series-2024-168372">here</a>.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/240323/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/myra-hamilton-8638">Myra Hamilton</a>, Associate Professor, gender, ageing and care, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/being-carers-costs-women-more-than-500-000-over-a-lifetime-leaving-them-with-less-in-retirement-than-men-240323">original article</a>.

Money & Banking

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

<a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/jasmine-kinsman-1438670">Jasmine Kinsman</a>, <a href="https://theconversation.com/institutions/nelson-mandela-university-1946">Nelson Mandela University</a> A host of countries have taken steps to reform the terms under which people can access their retirement benefits. South Africa is the most recent. In 2024 it <a href="https://theconversation.com/south-africa-has-changed-its-retirement-rules-to-help-boost-country-savings-how-it-will-work-233287">introduced changes</a> that allow access to some retirement savings while ensuring that most of the money is still preserved for later. Other countries that have changed the rules to allow members to dip into their savings before retirement include Australia, Chile, India and Portugal. Changes were introduced to ease the financial strain caused by COVID-19 pandemic lockdowns. People across the world are grappling with debt and the cost of living. <a href="https://www.treasury.gov.za/comm_media/press/2024/2024%20Two-pot%20System%20Updated%20%20FAQ%20August%202024.pdf">Policymakers</a> have considered this an avenue that offers financially distressed fund members the flexibility to access their retirement funds while still supporting long-term retirement savings. Retirement funds are also often the only sizeable savings that fund members have. A recent report by South Africa’s <a href="https://www.discovery.co.za/portal/business/top-reasons-for-two-pot-withdrawal-requests">Discovery Corporate and Employee Benefits</a>, which represents 3,000 employers that provide pension and provident funds for just over one million employees, found that people aged between 35 and 45 made the most claims to access the savings component of their retirement. When asked what they used the funds for, 24% of members said their withdrawals were for financing home or car expenses. Another 21% of members were using their funds to pay off short-term debt. The majority of members who withdrew their retirement savings were low-income earners (earning up to R125,000 or US$7,000 a year). On the other hand, withdrawals were lowest among high-income earners (earning more than R1 million or US$56,000 a year). This data provides evidence that most low- to middle-income South African consumers are grappling with the trade-off between preserving their capital for retirement and meeting their monthly financial obligations. Given that everyone’s financial situation, goals and needs are different, it’s always best to speak to a financial advisor to assess whether using your retirement savings to pay off debt will be a sound move. But, as academics who have focused on financial planning, we offer three pointers to consider: <ul> <li> understand what you owe, to whom, and what it’s costing you </li> <li> plan beyond paying off debt </li> <li> weigh the pros and cons carefully. </li> </ul> <h2>Know which debt to settle first</h2> Debt with a high interest rate often takes longer to repay, because at the start of the loan repayment period, most of the repayments are going towards interest payments – not reducing the capital amount. If you use your retirement proceeds towards this, it could shorten the period that it would take to settle the loan and reduce the interest repayments, which are compounded according to the outstanding loan balance. Short-term loans, such as those with a repayment term of up to 18 months, tend to have higher interest rates. Unsecured debt, which is debt that is not tied to an asset, also attracts high interest rates because they have little to no collateral requirements. Collateral provides the lender with a guarantee of compensation in the event of default. When there is no collateral, the cost of debt becomes more expensive. Using your retirement proceeds towards settling these short-term loans can free up cash that can be used towards settling other debt and will improve your credit score. <h2>Understanding borrowing behaviour</h2> Using your retirement savings to settle debt should be a priority if you have a plan in place to ensure that your overall financial position will improve. Once the debt is cleared, consider how you can use your free cash in your favour. This could mean boosting your savings or acquiring assets and investments. But if retirement savings are being used to pay off debt while you accumulate more debt, this indicates on ongoing cycle of debt. For example, paying off the minimum amount due on a loan but also consuming the balance that becomes available on the same loan is a sign of poor borrowing behaviour. A more extreme example is taking on more debt to service existing debt. Without a change in borrowing behaviour, using your retirement savings to pay off debt will leave you worse off. You will have missed out on the opportunity to grow your retirement savings and you will have got into more debt. <h2>Debt repayments vs retirement returns</h2> When considering withdrawing from your retirement savings to pay down debt, it’s also important remember this will be at the expense of building your retirement nest egg. For instance, if a 35-year-old were to draw down R30,000 from their retirement fund, that same amount could have grown their retirement capital by over R200,000 by the time they reached 55 years old (assuming an investment return of 10%). Withdrawing your retirement savings on a frequent basis could also mean you may need to work longer and past your intended retirement age to compensate for the withdrawals. Or you may need to find ways to supplement your retirement savings through other investments, or consider reducing your standard of living at retirement. <h2>Is this a sound move?</h2> Remember, withdrawal from retirement savings is subject to tax. While retirement may seem far off when there are more pressing financial needs, using your savings to pay down debt has its advantages and drawbacks. Since withdrawals are being used to pay for expenses and service debt, it’s also important to reflect on borrowing behaviours that may need to be corrected. Otherwise, using retirement savings could become a financial crutch that could make your retirement income less secure. Settling debt using your retirement savings should be done after careful consideration and planning. If in doubt, speak to a financial advisor.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/244837/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Associate Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/jasmine-kinsman-1438670">Jasmine Kinsman</a>, Senior Lecturer in Financial Planning and Certified Financial Planner, <a href="https://theconversation.com/institutions/nelson-mandela-university-1946">Nelson Mandela University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/should-you-use-your-retirement-savings-to-pay-off-debt-three-things-to-keep-in-mind-244837">original article</a>.

Money & Banking

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

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

Retirement Life

Eagles star announces retirement after shock health diagnosis

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

Caring

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

<a href="https://theconversation.com/profiles/anthony-asher-247115">Anthony Asher</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Over the ages, there have been broadly three reasons why people have retired. Some are forced to by poor health – theirs or someone they care for. Others have alternative income sources, meaning they don’t rely on a regular pay cheque. And some are made to retire by an employer who wants to overhaul staffing. But where did the idea of retirement come from? And how was it handled in ancient times? <h2>Origins of support</h2> Retirement support – which these days comes in the form of superannuation or a government pension – dates back to ancient history in various forms. Some forms of retirement support were funded by local taxes or tithes, others by donations. Some systems were corrupt and the coverage was patchy. Records are not readily available from other cultures, but we know a little about ancient Rome and English history since then. Emperor Augustus, who ruled after Julius Caesar died, set up a <a href="https://pensionresearchcouncil.wharton.upenn.edu/wp-content/uploads/2020/01/03Chap3.pdf">scheme</a> for Roman soldiers more than 2,000 years ago. The scheme aimed to ensure they retired while still strong and healthy, and would be less likely to cause trouble. The scheme paid a decent amount for soldiers after 25 years of service, so retirement age could be as young as 42. Pensions for older people in need also have ancient origins. The New Testament <a href="https://biblehub.com/1_timothy/5-9.htm">Bible</a> records the churches had schemes for needy widows right from the beginning. In the early Middle Ages, monasteries often provided for the needy, but Henry VIII famously <a href="https://en.wikipedia.org/wiki/Dissolution_of_the_monasteries">closed them</a> and took their assets. A fair share of their assets ended up with <a href="https://en.wikipedia.org/wiki/John_Russell,_1st_Earl_of_Bedford">high government officials</a> after the king’s takeover. Industry funds can also be seen to date back <a href="https://www.britannica.com/money/friendly-society">at least to the Middle Ages</a>, where the trade guilds provided for members and their families who fell on hard times. Retail funds mainly began as <a href="https://www.google.com/search?client=firefox-b-d&q=history+of+life+insurance">mutual life insurance companies</a> that began more than 200 years ago. In the 18th century, the East India Company and the Bank of England began <a href="https://sas-space.sas.ac.uk/9224/1/McIlvenna%20PhD%20final.pdf">offering pensions</a>. These were at first discretionary based on need and loyalty, but later covered all employees. This idea then spread to other larger companies such railways and banks. As modern states developed the capacity to collect income taxes, it became feasible to provide comprehensive retirement benefits funded by central government. Beginning with <a href="https://www.ssa.gov/history/ottob.html">Germany in 1889</a>, developed countries began introducing universal national age pension arrangements. Unfortunately, a number of countries, such as <a href="https://www.uncdf.org/article/8799/governor-innovation-key-to-expanding-insurance-and-pension-coverage-in-png">Papua New Guinea</a>, still do not have the capacity to provide a universal safety net to cover older people. <h2>Retirement in Australia</h2> Three Australian states <a href="https://treasury.gov.au/publication/economic-roundup-centenary-edition-2001/article-3-towards-higher-retirement-incomes-for-australians-a-history-of-the-australian-retirement-income-system-since-federation">began schemes</a> in 1900, and the federal government provided a universal (but means tested) scheme from 1909. Most Australian retirees seem to enjoy a favourable standard of living. The <a href="https://grattan.edu.au/news/5-key-takeaways-from-the-retirement-income-review/">Grattan Institute</a> finds that the poorest 30% are, in fact, better off in retirement. Massive house price and rental inflation in the last 30 years, however, has gutted the living standards of those who don’t own their own homes. This gap in the safety net needs to be addressed. <h2>Retirement ages</h2> The Roman army model persists in some countries to this day: retirement from the US military is available <a href="https://sgp.fas.org/crs/misc/RL34751.pdf">after 20 years</a> of service. Retirement this early is obviously very expensive. The church scheme mentioned in the New Testament had a minimum age of 60, which is still the normal retirement age in many countries. The <a href="https://www.oecd.org/en/publications/2023/12/pensions-at-a-glance-2023_4757bf20.html">OECD</a> reports the average age of retirement in their 38 member countries is just under 64 for women, and just over 64 for men. Australians now qualify for the <a href="https://www.servicesaustralia.gov.au/who-can-get-age-pension?context=22526">age pension</a> at 67, which is slightly older than average. Retirement ages are, however, rising to allow for “population ageing”, a longer life expectancy and lower birth rates. Life expectancy at retirement age is the important number when calculating the cost of pensions. In ancient Rome it was about seven years and was <a href="https://www-cambridge-org.wwwproxy1.library.unsw.edu.au/core/services/aop-cambridge-core/content/view/30ED00A164475432670833C87D2F9E97/S2046164X00000405a.pdf/contributions_to_the_history_of_insurance_and_of_the_theory_of_life_contingencies_with_a_restoration_of_the_grand_pensionary_de_wits_treatise_on_life_annuities_concluded_from_no_vi.pdf">about the same</a> in Sweden in the middle of the 18th century. In Australia, the life expectancy of a 65 year old woman has risen from 12 years in 1895 to <a href="https://aga.gov.au/sites/aga.gov.au/files/2020-07/Australian%20Life%20Tables%202015-17%20v5.pdf">23 years on average</a>. <h2>Earnings-related pensions</h2> The <a href="https://www.ssa.gov/history/ottob.html">1889 German scheme</a> paid a minimum pension, plus an earnings-related component. Workers had a book for stamps for each week’s earnings. The Australian age pension has always just paid a minimum “liveable” amount. This has been subject to different means tests over time, but retirees have been able to supplement it with their own savings. Until 1987, only 40% of Australian employees were covered by employer sponsored schemes. Then in 1992, the <a href="https://www.apra.gov.au/superannuation-australia-a-timeline">Superannuation Guarantee Scheme</a> was introduced. Under this, employers were required to contribute 3% into all exployees’ super. The standard rate will rise to 12% in July next year. <h2>The future</h2> A growing ageing population will mean the Australian government and superannuation industry will need to adjust current support systems. <a href="https://treasury.gov.au/consultation/c2023-441613">Over the next decade</a>, about 2.5 million Australians will move from accumulation (where you’re building up your super) to join the 1.6 million already receiving super benefits. We can expect more people to be living into their nineties and needing pensions for life. One government <a href="https://treasury.gov.au/sites/default/files/2023-12/c2023-441613-dp.docx">priority</a> is to make lifetime pensions as much part of the Australian system as they are in <a href="https://www.mercer.com/en-au/about/newsroom/mercer-cfa-institute-global-pension-index-2024/">the rest of the world</a> And after 30 years of growing complexity in the rules covering superannuation, regulators are <a href="https://www.alrc.gov.au/publication/superannuation-and-the-legislative-framework-for-financial-services-fsl11/">counting the cost</a>, and <a href="https://www.brokernews.com.au/news/breaking-news/asic-targets-regulation-overhaul-286067.aspx">planning some simplification</a>. <hr /> This article is part of The Conversation’s retirement series, in which experts examine issues including how much money we need to retire, retiring with debt, the psychological impact of retiring and the benefits of getting financial advice. Read the rest of the series <a href="https://theconversation.com/au/topics/retirement-series-2024-168372">here</a>.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/241121/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/anthony-asher-247115">Anthony Asher</a>, Associate Professor in the UNSW Business School, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/some-ancient-romans-got-to-retire-with-a-pension-at-42-but-retirements-changed-a-bit-over-the-centuries-241121">original article</a>.

Retirement Income

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

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

Retirement Income

Tourists reveal dream retirement destination

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

International Travel

‘Is this all there is?’ Retirement can be a painful transition if we don’t adjust our thinking

<a href="https://theconversation.com/profiles/susan-moore-1446031">Susan Moore</a>, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> The age at which Australians can receive the pension has <a href="https://www.dss.gov.au/seniors/benefits-payments/age-pension">risen to 67</a>, meaning many of us are working longer. But the length of time we are expected to spend retired has also risen, because <a href="https://www.abs.gov.au/statistics/people/population/life-expectancy/latest-release">we are living longer</a>. It’s not unreasonable to expect the retirement phase will last about 20 years, perhaps longer. How should people approach it? <h2>Are retirees satisfied?</h2> In 2018 a colleague and I <a href="https://www.routledge.com/Women-and-Retirement-Challenges-of-a-New-Life-Stage/Moore-Rosenthal/p/book/9781138045231">surveyed nearly 1,000 Australians</a> aged 55 and over who described themselves as fully or substantially retired from the workforce. Most were very satisfied (51%) or satisfied (35%) with their retirement, and the majority rated their post-retirement life satisfaction as better (47%) or the same (39%) as it had been when they were working. <h2>What do retirees like most?</h2> Retirees in our survey talked about freedom. Freedom to sleep in, travel, catch up with friends and family, renovate, garden, get fit, try art classes, learn Italian and if they can afford it, spend up big. But even freedom can have a downside. One woman from the survey said after four months she got sick of it, asking “Is this all there is?” So what did retirees miss most? Money was a big issue for nearly 20%, and about one-third felt their financial position had worsened, even though the group had mainly worked in professional and white-collar jobs. But the things they missed most were social – the opportunity to make new friends, to engage in new activities, and to feel useful. They said things like: <blockquote> I miss the companionship of working in a team. Miss some of the social connections that I once enjoyed. </blockquote> Work not only provides income and social contact, it also has the capacity to engender a sense of meaning and purpose. Some retirees commented specifically on this <blockquote> I miss the sense of purpose. While it was hugely stressful, I felt useful. Now I keep feeling at a bit of a loss as if I should be doing something. </blockquote> <h2>Identity loss</h2> There’s also the issue of <a href="https://www.taylorfrancis.com/books/mono/10.4324/9780203786338/marienthal-marie-jahoda-paul-lazarsfeld-hans-zeisel">identity loss</a>. Work provides us with status; it enhances our sense of self. Achievement of work goals can build confidence and self-esteem. When we meet a new person, often the first question they ask is “what do you do for a living?” It can feel as though your work defines you as a person, rather than your many-faceted self. Not surprisingly, our study respondents frequently commented on retirement as challenging their sense of identity. <h2>The retirement journey</h2> So it is important to remember retirement is not just an event, it’s a process. In any <a href="https://onlinelibrary.wiley.com/doi/abs/10.1002/j.2161-1920.2011.tb01102.x">major life transition</a>, it’s necessary to adapt our roles and expectations. Even the most exciting life changes, such as becoming a parent or winning a lottery, involve psychological work. We are likely to experience strong emotions, both positive and negative, as we experiment, fail, lose heart, try something else and eventually adjust to a new reality. These adjustments might be greater for retirees who go from full-time work to full-time leisure, than for those who move gradually through part-time or casual work or who quickly take up new activities they’ve been planning for years. Mark Cussen, a financial planner specialising in retirement, argues the retirement journey takes us through <a href="https://www.investopedia.com/articles/retirement/07/sixstages.asp">several psychological stages</a>, including a honeymoon phase in which new retirees feel relieved as the constraints of working life are removed. However, the initial sense of freedom loses its novelty value. Some retirees then go through a phase of disenchantment. Life can feel boring, lacking in purpose or weighed down by domestic duties and activities that do not challenge or bring joy. <h2>The ‘best years of our lives’</h2> The final phase is adaptation, involving a re-orientation of identity from worker to someone who finds meaning and purpose in a different set of activities. This change usually involves renegotiating relationships with family and friends as well as experimenting with new activities, interests and friendship groups. Over time, most retirees develop a new, non-work identity. New routines, different social worlds and re-imagined goals are established. Many describe these years as the best of their lives. <h2>What makes a successful retirement?</h2> Research <a href="https://academic.oup.com/workar/article-abstract/2/2/262/2428266?login=false">assessing the strongest predictors</a> of adjustment to and satisfaction with retirement is complex because there are so many potential variables to be measured and controlled. But these are often distilled down to several key factors including physical health, finances, psychological health, leisure activities, and social integration. <a href="https://pubmed.ncbi.nlm.nih.gov/21463050/">Studies assessing gender difference</a> in adjustment to retirement are equivocal, but somewhat dated. Nevertheless, <a href="https://www.researchgate.net/publication/228590652_Renegotiating_identity_and_relationships_Men_and_women's_adjustments_to_retirement">many commentators agree</a> women generally have fewer problems adapting socially. Women tend to have stronger non-work networks, are more integrated into their communities and have a more multifaceted sense of identity than those men who define themselves largely in terms of their work. However, the average woman is <a href="https://www.routledge.com/The-Psychology-of-Retirement/Rosenthal-Moore/p/book/9780815347088?srsltid=AfmBOoo--YAKvrHK8gDkQ0Cd1qI7A0PHOjgEZ-VqzDRAJb4KvEt5eMpt">less financially prepared</a> for retirement than a man as a result of taking time off work for children or other caring responsibilities. Women also dominate many of the lower paid jobs. But for both sexes, <a href="https://academic.oup.com/workar/article-abstract/2/2/262/2428266">studies indicate</a> pre-retirement planning helps ensure a secure retirement. <h2>Work out what’s important</h2> Money isn’t everything. Lifestyle planning including post-retirement activities, new roles and interests,prioritising mental and physical health and maintaining your social contacts are also vital aspects of a workforce exit strategy. How are you planning to stay mentally stimulated? What strategies do you have in place to manage stress and maintain good physical health? And what about friendships? Loneliness is being <a href="https://www.mja.com.au/journal/2024/221/6/loneliness-epidemic-holistic-view-its-health-and-economic-implications-older-age">described as an “epidemic”</a> among the elderly, especially those without a partner. How will you build a new social life that may include but does not rely on former work colleagues? How will you negotiate a family life that keeps you connected without becoming a domestic slave? <h2>A well-planned retirement</h2> Retirement has the potential to be a wonderful phase of life in which it is possible to strengthen relationships and achieve goals that you didn’t have time for in your middle years when you were consolidating your career and home life. It’s a time to live out some of your dreams, work through a bucket list perhaps, and have some fun as well as planning what sort of legacy you will leave for future generations. What’s the secret? In short, plan your finances, maintain a healthy lifestyle, stay socially integrated, challenge yourself mentally, stay positive and be flexible.<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/241265/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/susan-moore-1446031">Susan Moore</a>, Emeritus Professor, Faculty of Health, Arts and Design, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</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/is-this-all-there-is-retirement-can-be-a-painful-transition-if-we-dont-adjust-our-thinking-241265">original article</a>.

Retirement Life

5 retirement derailers and how to avoid them

Retirement is often called our “golden years”, the time we can enjoy the fruits of our working lives. Not everything goes to plan, and five particular issues can derail even the best laid retirement plans – regardless of whether they hit before or post retirement. Avoiding the worst effects involves preparing for the worst and hoping for the best. Remember that good retirement planning involves impartial advice to identify risks, and strategies to address them, that you may not have considered. So, check in with your financial adviser, accountant and family lawyer to ensure you have all your bases covered. #1. Relationship breakdowns Separations and divorces see you shift from two incomes to one, joint assets are split (potentially even sold), and acrimonious splits result in costly legal battles. Furthermore, elder abuse affects one in six older Australians, the Australian Institute of Health and Welfare notes. Adult children, siblings and close friends are among the perpetrators. This could involve financial, physical, emotional or other forms of abuse and control. Solution: Maintain financial independence. Not everything has to be shared – it is good to have your own income, savings, superannuation and investments in addition to joint assets. A prenuptial agreement helps by outlining what each partner came into the relationship with. Open communication is crucial, as is active participation in financial decisions – two pairs of eyes are better than one. Keep super beneficiaries updated. I’ve seen people unwittingly gift their ex their super, leaving their current partner with nothing, because these details weren’t updated post-separation. #2. Partner’s premature death Sudden deaths from an accident, illness, natural disaster, crime or other unforeseen cause not only take someone before their time, but can cripple those left behind. This is especially true where the departed was the primary or sole breadwinner, often forcing their partner to retire much later. Solution: Don’t stick your head in the sand. Expect the unexpected and plan accordingly. Life insurance is perhaps the most obvious form of protection here. It can be taken out within your super, so it needn’t touch your everyday finances.Ensure everyone’s wills and estate planning are up-to-date and accessible, saving valuable time to finalise estate transfers and financial access for surviving beneficiaries. #3. Chronic health problem Whether it’s cancer, dementia (especially early on-set), or any other chronic condition, the problem here (over and above your health) is two-fold: healthcare costs suddenly soar, while ability to earn an income ceases – temporarily or permanently. You may even be forced into early retirement, draining your nest egg earlier than planned – doubly so if your partner also must retire to care for you. Solution: Have a plan B. Fallback options are invaluable, such as health insurance to offset medical costs and an emergency fund for paying bills while undergoing treatment. Don’t sell investments unless you absolutely have to – they can generate passive income now while offering longer-term capital growth. #4. Major financial setback Financial setbacks have numerous causes – natural disasters, scams, business failures, investment losses, gambling addictions. However. the results are often the same – financial stress and delayed retirement. Solution: Act quickly. Of course, prevention is best, but not everything is preventable. If you do suffer a major setback, fast and decisive action is crucial – both to stem the losses and put your recovery into action ASAP. See what can be recovered. Banks can put a stop on withdrawals and cards. Revisit protections, such as insurances and back-up plans. Emergency grants and assistance are offered by governments and charities during disasters. Get support – financial setbacks are stressful. Don’t compound the pain by letting your mental and physical health slide. #5. Insecure housing We all know the rental market is tight. It’s even harder for those in retirement: landlords prioritise tenants in paid employment; rents consume a larger share of retirement income than home ownership. Then there are ownership considerations: joint tenants versus tenants in common. If your partner dies, will you automatically inherit ownership or be forced to move? Solution: Do your best to get on the property ladder. That may require some creative thinking. Consider cheaper markets from where you live; entry-level “renovator’s delights” to improve over time; pooling funds to buy jointly with trusted family or friends. Even if you rent out the property, you have the option to move in should you find yourself otherwise homeless. Plus, you have a stable investment over and above your super. Also, consider ongoing maintenance costs and tax implications. Owning or inheriting a property is counterproductive if you can’t afford its upkeep or mortgage repayments. 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> Image credits: Shutterstock

Money & Banking

"You made me enjoy the game": Federer's emotional retirement letter to Nadal

Roger Federer has penned an emotional tribute to Rafael Nadal ahead of his retirement, reflecting on their stellar careers together. Nadal’s career officially came to an end when Spain was defeated 2-1 by the Netherlands in the Davis Cup quarter-final in Malaga on Wednesday morning, with Nadal in tears as he stepped onto the court for the final time. Thousands of tributes poured in for Nadal as his retirement officially began, but Federer's tribute quickly went viral for his emotional words. “As you get ready to graduate from tennis, I’ve got a few things to share before I maybe get emotional,” Federer said. “Let’s start with the obvious: you beat me - a lot. More than I managed to beat you. You challenged me in ways no one else could. On clay, it felt like I was stepping into your backyard, and you made me work harder than I ever thought I could just to hold my ground." “You made me reimagine my game - even going so far as to change the size of my racquet head, hoping for any edge. I’m not a very superstitious person, but you took it to the next level. Your whole process. All those rituals." “Assembling your water bottles like toy soldiers in formation, fixing your hair, adjusting your underwear … All of it with the highest intensity. Secretly, I kind of loved the whole thing. Because it was so unique - it was so you." “And you know what, Rafa, you made me enjoy the game even more. OK, maybe not at first. After the 2004 Australian Open, I achieved the No. 1 ranking for the first time. I thought I was on top of the world. And I was - until two months later, when you walked on the court in Miami in your red sleeveless shirt, showing off those biceps, and you beat me convincingly." "All that buzz I’d been hearing about you - about this amazing young player from Mallorca, a generational talent, probably going to win a major someday - it wasn’t just hype." “We were both at the start of our journey and it’s one we ended up taking together. Twenty years later, Rafa, I have to say: What an incredible run you’ve had. Including 14 French Opens - historic! You made Spain proud … you made the whole tennis world proud." “And then there was London – the Laver Cup in 2022. My final match. It meant everything to me that you were there by my side – not as my rival but as my doubles partner." “Sharing the court with you that night, and sharing those tears, will forever be one of the most special moments of my career.” Federer signed off the 585-word tribute from “your fan Roger”. Image credits: ANDY RAIN/EPA-EFE/Shutterstock Editorial

Retirement Life

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

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

<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>.

Retirement Life

Readers response: What’s one thing you wish you had known before retiring?

When it comes time to retire, there are always things we wish we knew first before entering our golden years. We asked our readers what they wish they knew before retiring, and the response was overwhelming. Here's what they said. Margaret Walsh - As long as you are fit and active, it's great. Just don't get crook or disabled, it sucks. Judi Bradshaw - I retired 9 times and kept going back to work as I didn't find myself ready to stop work, but finally retired at 73. Took awhile to adjust but now 75 and full time travellers, just loving life. Marcus von Moger - How good it was going to be. Chris Bailey - How boring it is, I’d go back to work in a heartbeat if I could. Ellen Fowler - That the government would keep changing the rules. Michael L Carrigg - Just how long it takes dealing with government departments that clearly are understaffed, especially in the front line service areas. Jim Burgess - Finding reasonably priced accommodation. Nicol Kyriakidou - That it would be so great! Having the whole day to yourself. Taking it easy, meeting friends, going shopping. Doing everything at your leisure. Gaye Johnson - You never get a day off!!! David Brown - How good it is. I should have retired 20 years earlier. Image credits: Shutterstock

Retirement Life

Readers response: Have you picked up any new skills or learned something unexpected since retiring?

When many of us retire and our time is now fully our own, some people use this time to pick up a new skill or hobby they've always wanted to try. We asked our readers if they have picked up any new skills since retiring, and the response was overwhelming. Here's what they said. Marion Thompson - Cycling, travelling and watercolour art. Dee Douglas - How to take a walk and look at everything with new eyes rather than a head filled with work issues. Margaret Mason - Line dancing and croquet since moving in the last 18 months. I have actually been retired for 18 years and in that time also learnt some New Testament Greek. Yvonne Cooper - Spoon carving and wood work. Loving it! Glenn Azlin - Competed Certificate III Applied Languages (Mandarin). Anne O'Donohue - How to take all week to do the chores I could do in a day. Helen Morgan - It turns out I am very good at doing nothing, a real expert! Sheila Ball - Taking time to read a book. Image credits: Shutterstock

Retirement Life

Retiring early can be bad for the brain

<a href="https://theconversation.com/profiles/plamen-v-nikolov-1112610">Plamen V Nikolov</a>, <a href="https://theconversation.com/institutions/binghamton-university-state-university-of-new-york-2252">Binghamton University, State University of New York</a> The <a href="https://theconversation.com/us/topics/research-brief-83231">Research Brief</a> is a short take about interesting academic work. <h2>The big idea</h2> People who retire early suffer from accelerated cognitive decline and may even encounter early onset of dementia, according to a I conducted with my doctoral student <a href="https://sites.google.com/binghamton.edu/alan-adelman/home">Alan Adelman</a>. To establish that finding, we examined the effects of a rural pension program China introduced in 2009 that provided people who participated with a stable income if they stopped working after the official retirement age of 60. We found that people who participated in the program and retired within one or two years experienced a cognitive decline equivalent to a drop in general intelligence of 1.7% relative to the general population. This drop is equivalent to about three IQ points and could make it harder for someone to <a href="https://doi.org/10.1017/S0033291700008412">adhere to a medication schedule</a> or <a href="https://doi.org/10.1111/j.1475-%205890.2007.00052.x">conduct financial planning</a>. The largest negative effect was in what is called “delayed recall,” which measures a person’s ability to remember something mentioned several minutes ago. Neurological research <a href="https://doi.org/10.1001/archneur.1991.00530150046016">links problems in this area to an early onset of dementia</a>. <h2>Why it matters</h2> Cognitive decline refers to when a person has trouble remembering, learning new things, concentrating or making decisions that affect their everyday life. Although some cognitive decline appears to be an inevitable byproduct of aging, faster decline can have profound adverse consequences on one’s life. Better understanding of the causes of this has powerful financial consequences. Cognitive skills – the mental processes of gathering and processing information to solve problems, adapt to situations and learn from experiences – are crucial for decision-making. They influence an individual’s ability to process information and <a href="https://www.jstor.org/stable/1818642">are connected to higher earnings</a> and a <a href="https://www.doi.org/10.1257/jep.25.1.159">better quality of life</a>. Retiring early and working less or not at all can generate large benefits, such as reduced stress, better diets and more sleep. But as we found, it also has unintended adverse effects, like fewer social activities and less time spent challenging the mind, that far outweighed the positives. While retirement schemes like the 401(k) and similar programs in other countries <a href="https://www.doi.org/10.1023/B:PUCH.0000035859.20258.e0">are typically introduced to ensure the welfare of aging adults</a>, our research suggests they need to be designed carefully to avoid unintended and significant adverse consequences. When people consider retirement, they should weigh the benefits with the significant downsides of a sudden lack of mental activity. A good way to ameliorate these effects is to stay engaged in social activities and continue to use your brains in the same way you did when you were working. In short, we show that if you rest, you rust. <h2>What still isn’t known</h2> Because we are using data and a program in China, the mechanisms of how retirement induces cognitive decline could be context-specific and may not necessarily apply to people in other countries. For example, cultural differences or other policies that can provide support to individuals in old age can buffer some of the negative effects that we see in rural China due to the increase in social isolation and reduced mental activities. Therefore, we can not definitively say that the findings will extrapolate to other countries. We are looking for data from other countries’ retirement programs, such as India’s, to see if the effects are similar or how they are different. <h2>How I do my research</h2> A big focus of the <a href="https://scholar.harvard.edu/pnikolov/my-research-group-1">economics research lab</a> I run is to <a href="http://www.nber.org/%7Enikolovp/research.html">better understand</a> the causes and consequences of changes in what economists call <a href="https://www.britannica.com/topic/human-capital">“human capital”</a> – especially cognitive skills – in the context of developing countries. Our lab’s mission is to generate research to inform economic policies and empower individuals in low-income countries to rise out of poverty. One of the main ways we do this is through the use of randomized controlled trials to measure the impact of a particular intervention, such as retiring early or access to microcredit, on education outcomes, productivity and health decisions. <a href="https://theconversation.com/profiles/plamen-v-nikolov-1112610">Plamen V Nikolov</a>, Assistant Professor of Economics, <a href="https://theconversation.com/institutions/binghamton-university-state-university-of-new-york-2252">Binghamton University, State University of New York</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/retiring-early-can-be-bad-for-the-brain-145603">original article</a>.

Mind

The psychology of retirement: why do so many athletes struggle to call time?

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/sarah-tillott-1462234">Sarah Tillott</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/diarmuid-hurley-1462235">Diarmuid Hurley</a>, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> Think back to when you met someone for the first time. One of the first questions you asked, or were asked, was likely: “what do you do for work?” It’s a polite, innocuous and socially ingrained way of getting to know more about a person. But it also demonstrates the central role of our professional lives as part of our personal identities. For professional athletes, their careers, exploits and recognition can become the defining aspect of their identity. So what happens when sporting careers end? The transition to retirement, across professions and countries, can be extremely tough to navigate. It can be especially difficult for elite sportspeople, who can experience retirement as a <a href="https://www.sciencedirect.com/science/article/pii/S1469029221001679?casa_token=L4g3UTN8T78AAAAA:VHqcgJN7jIpW82cp32TXq9gIcKFzD2jtf6Jc_OX-3fjpHVnowlp0p8fcqE01BVF3Qjx0bmiRz4T1">loss of identity</a>, connected to their sense of achievement, meaning and control in life. <h2>How retirement impacts athletes</h2> A common saying with many sportspeople is “<a href="https://www.forbes.com/sites/jannfreed/2024/06/29/athletes-die-twice-retirement-as-a-death/">athletes die twice</a>” – once when they retire and again at their death. Former Wallaby Brendan Cannon <a href="https://www.impact.acu.edu.au/lifestyle/after-the-final-siren-helping-athletes-to-adapt-to-life-after-sport">has spoken of</a> this difficulty: <blockquote> [People] want to talk to you about what you used to be, and all you want to focus on is what you want to become. </blockquote> During the transition to retirement, elite athletes can be affected by how they got into their chosen sport, how long they stayed in the system and the variables that either accelerated or ended their careers. Other factors include whether they played a team or individual sport, male vs female pathways, whether their exit from sport was voluntary or involuntary and their age when retiring. My (Sarah) interviews with former professional athletes demonstrate the complexity of retiring from elite sport. To the public, William Zillman, former NRL star turned vet, seems to have it all together. But it didn’t come without hardship, pain and struggles in navigating the harsh terrain of retirement. When asked about his retirement, Zillman said: “[Being an NRL player was] all I knew.” <blockquote> I turned up to work each day, I was told what to do, how to do it and when to do it […] but when I left the system, I think I lost the ability to think for myself. I went from having all the help in the world to very little – it was tough. </blockquote> Retiring from high-performance sport can have profound effects on an athlete’s <a href="https://journals.lww.com/acsm-csmr/fulltext/2020/10000/the_psychological_burden_of_retirement_from_sport.11.aspx/1000">physical and mental health</a>, as well as their social and professional development. While “regular people” usually retire in their 60s or 70s, an athlete’s retirement often occurs earlier, coinciding with crucial phases of career development and <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10513329/">family planning</a>. Some have to adjust from being highly paid and highly managed to surviving on minimum wages with very little support. “It’s a recipe for disaster,” Ryan James, who considers himself one of the lucky ones, said. A former forward for the Gold Coast Titans, James has been working closely with the Rugby League Players Association (RLPA) with the aim to address some of the complex issues with the transition experience. James knows only too well the struggles some people in the system face as their careers begin to wind down: <blockquote> Many of our players come into the system from disadvantaged and vulnerable backgrounds and while we have made a start, there is more we can be doing. Financial literacy and management is just one avenue we need to tackle. I’ve known too many retired, vulnerable players who were homeless, sleeping in cars with their young families. It’s devastating. </blockquote> It took former English captain turned NRL superstar James Graham a good part of 18 months to re-configure his identity: <blockquote> You come out feeling so lost and alone. Most of your life is spent training, connecting with mates, having a lot of routine and structure to almost nothing. It’s strange and confronting. </blockquote> <h2>What are the major codes doing?</h2> Across various sporting codes there are programs that aim to assist athletes to prepare for retirement. For example, <a href="https://www.rlpa.com.au/past-player-and-transition-program">the RLPA has a program</a> to support athletes who are transitioning. Other major professional Australian codes have similar programs, including <a href="https://www.aflplayers.com.au/app/uploads/2021/10/Player-Retirement-Scheme_Booklet_A5_4.pdf">the AFL</a>, <a href="https://www.thepfa.com/players/union-support/pension-scheme">Professional Footballers Association</a> (soccer) and <a href="https://auscricket.com.au/programs-community/past-player-programs/">cricket</a>. However, whether or not athletes choose to participate in these programs is usually at the discretion of the players. <h2>The importance of planning, preparation and support</h2> One of the key factors influencing how an athlete transitions into life after sport is how much they have <a href="https://theconversation.com/its-not-just-retiring-athletes-who-need-mental-health-support-young-sportspeople-need-it-too-230296">prepared for it</a>. Research with elite athletes from <a href="https://elevateaus.com.au/wp-content/uploads/2021/09/The-end-of-a-professional-sport-career-ensuring-a-positive-transition.pdf">the AFL, NRL and A-League</a> shows those who planned and prepared for life after sport and who had goals, direction and identities beyond sport, experienced more acceptance, autonomy (control) and optimism about the future. On the other hand, those who were unprepared or did not plan ahead experienced negative emotional and psychological states, and struggled to move on. This negative effect is even more pronounced for those who were forced to <a href="https://journals.lww.com/acsm-csmr/fulltext/2020/10000/the_psychological_burden_of_retirement_from_sport.11.aspx/1000">end their career due to injury</a>. <hr /> <iframe id="lQixA" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/lQixA/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> <h2>How to improve the situation</h2> A recent <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10513329/">scoping review</a> explored the notion of retirement for professional athletes and their ability to adapt to life after sport. It summarised many areas that need more attention: Make athletes aware of what’s ahead Expect that when you leave, it may be hard. Reach out to your club, coach and support services and surround yourself with people who you can talk to and who may be able to help. Athletes should expect that it will take time to adjust, and this adjustment period is crucial for mitigating the adverse effects of retirement. This adjustment period can also significantly reduce the initial negative impacts on their mental and physical health. Tailored support programs Developing tailored support programs that address the specific needs of different sports and athlete sub-groups can help mitigate the challenges associated with retirement. These programs might include career counselling, mental health support and opportunities for continuous involvement in the sports community. A need for further research There is a pressing need for more research to identify effective support mechanisms for retiring athletes. Understanding the types of support that facilitate a smoother transition can help in designing programs and interventions tailored to the unique needs of elite athletes. Additionally, mapping out the factors that aid or hinder the transition across different sports and athlete sub-groups would provide valuable insights.<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/234559/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/sarah-tillott-1462234">Sarah Tillott</a>, Senior Lecturer, Faculty of Health, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross University</a> and <a href="https://theconversation.com/profiles/diarmuid-hurley-1462235">Diarmuid Hurley</a>, Lecturer, Faculty of Health, <a href="https://theconversation.com/institutions/southern-cross-university-1160">Southern Cross 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/the-psychology-of-retirement-why-do-so-many-athletes-struggle-to-call-time-234559">original article</a>. </div>

Retirement Life

Retirement doesn’t just raise financial concerns – it can also mean feeling unmoored and irrelevant

<a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a> Most discussions of retirement focus on the financial aspects of leaving the workforce: “<a href="https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf">How to save enough for retirement</a>” or “<a href="https://www.businessinsider.com/personal-finance/investing/when-can-i-retire">How do you know if you have enough money for retirement</a>?” But this might not be the biggest problem that potential retirees face. The deeper issues of meaning, relevance and identity that retirement can bring to the fore are more significant to some workers. Work has <a href="https://www.theatlantic.com/ideas/archive/2023/03/work-revolution-ai-wfh-new-book/673572/">become central to the modern American identity</a>, as <a href="https://www.theatlantic.com/atlantic-editions/">journalist Derek Thompson bemoans</a> in The Atlantic. And some theorists have argued that work shapes what we are. For most people, as business ethicist <a href="https://www.luc.edu/quinlan/faculty/algini.shtml#:%7E:text=About,the%20Society%20for%20Business%20Ethics.">Al Gini</a> argues, one’s work – which is usually also one’s job – <a href="https://doi.org/10.4324/9780203950555">means more than a paycheck</a>. Work can structure our friendships, our understandings of ourselves and others, our ideas about free time, our forms of entertainment – indeed our lives. I <a href="https://www.hamilton.edu/academics/our-faculty/directory/faculty-detail/marianne-janack">teach a philosophy course about the self</a>, and I find that most of my students think of the problems of identity without thinking about how a job will make them into a particular kind of person. They think mostly about the prestige and pay that come with certain jobs, or about where jobs are located. But when we get to <a href="https://plato.stanford.edu/entries/existentialism/">existentialist philosophers</a> such as <a href="https://plato.stanford.edu/entries/sartre/">Jean-Paul Sartre</a> and <a href="https://plato.stanford.edu/entries/beauvoir/">Simone de Beauvoir</a>, I often urge them to think about what it means to say, as the existentialists do, <a href="https://philosophynow.org/issues/115/On_Being_An_Existentialist">that “you are what you do</a>.” How you spend 40 years of your life, I tell them, for at least 40 hours each week – the time many people spend at their jobs – is not just a financial decision. And I have come to see that retirement isn’t just a financial decision, either, as I consider that next phase of my life. <h2>Usefulness, tools and freedom</h2> For Greek and Roman philosophers, <a href="https://search.worldcat.org/title/Work-what-it-has-meant-to-men-through-the-ages/oclc/780872063">leisure was more noble than work</a>. The life of the craftsperson, artisan – or even that of the university professor or the lawyer – was to be avoided if wealth made that possible. The good life was a life not driven by the necessity of producing goods or making money. Work, Aristotle thought, was an obstacle to the achievement of the particular forms of excellence characteristic of human life, like thought, contemplation and study – <a href="https://classics.mit.edu/Aristotle/nicomachaen.7.vii.html">activities that express</a> the <a href="https://classics.mit.edu/Aristotle/nicomachaen.8.viii.html">particular character of human beings</a> and are done for their own sake. And so, one might surmise, retirement would be something that would allow people the kind of leisure that is essential to human excellence. But contemporary retirement does not seem to encourage leisure devoted to developing human excellence, partly because it follows a long period of making oneself into an object – something that is not free. German philosopher Immanuel Kant distinguished between the value of objects and of subjects by the idea of “use.” Objects are not free: They are meant to be used, like tools – their value is tied to their usefulness. But rational beings like humans, who are subjects, are more than their use value – <a href="https://search.worldcat.org/title/5796114">they are valuable in their own right</a>, unlike tools. And yet, much of contemporary work culture encourages workers to think of themselves and their value <a href="https://www.simonandschuster.com/books/Bullshit-Jobs/David-Graeber/9781501143335">in terms of their use value</a>, a change that would have made both Kant and the ancient Greek and Roman philosophers wonder why people didn’t retire as soon as they could. <h2>‘What we do is what we are’</h2> But as one of my colleagues said when I asked him about retirement: “If I’m not a college professor, then what am I?” Another friend, who retired at 59, told me that she does not like to describe herself as retired, even though she is. “Retired implies useless,” she said. So retiring is not just giving up a way of making money; it is a deeply existential issue, one that challenges one’s idea of oneself, one’s place in the world, and one’s usefulness. One might want to say, with Kant and the ancients, that those of us who have tangled up our identities with our jobs have made ourselves into tools, and we should throw off our shackles by retiring as soon as possible. And perhaps from the outside perspective, that’s true. But from the participant perspective, it’s harder to resist the ways in which what we have done has made us what we are. Rather than worry about our finances, we should worry, as we think about retirement, more about what the good life for creatures like us – those who are now free from our jobs – should be.<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/233963/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, John Stewart Kennedy Professor of Philosophy, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</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/retirement-doesnt-just-raise-financial-concerns-it-can-also-mean-feeling-unmoored-and-irrelevant-233963">original article</a>.

Retirement Income

Readers response: If you could spend your retirement anywhere in the world, where would you go?

When it comes to retirement, many people decide to spend their golden years travelling the globe. Alternatively, others prefer to stay closer to come to spend valuable quality time with their closest friends and family. We asked our readers where they would spend their retirement if they could choose anywhere in the world, and the response was overwhelming. Here's what they said. Tracee Williams Mason - A cruise ship. Kay Little-Ohmsen - Right where I am. Sunshine Coast and have been for 48 years. Cheryl Barrett - On the Greek island of Naxos. Bruce Hopkins - Travelling around the world. Bob Holl - Cruising the Whitsunday Islands. Steve Tracy - Back to Japan where I spent the 25 happiest years of my life. Terry Dolman - Where I live in South Australia for half the year, Vietnam for the other half. Bev Martin - Florida. Sandra Tiplady Schellings - At the beach! Sonia Davis - Darwin. Sally O'Neill - European cruise and cruising around the Greek Isles. Image credits: Shutterstock

International Travel

Readers response: What is the best thing about retirement?

When it comes to retirement, there are a thousand ways to spend your day now that work isn't a priority. It's the perfect time to travel, take up a new hobby or simply indulge in the endless time to relax in your golden years. We asked our readers what the best thing is about retirement, and the response was overwhelming. Here's what they said. Maree Commens - Six Saturdays and one Sunday. Jill Waterhouse - Everything. Although I'm probably more busy now than when I was working because I can do more things that I like. Chaz Maree - Being with my husband, he worked away for a lot of his career. The day he retired I cried when he pulled up in the driveway knowing he would never leave me again. Stuart Ferguson - Not having someone else plan my travel itinerary for most of the year. Jill Harker - Doing whatever I feel like every day! Claudia Ukalovic - Spending some time with our grandchildren. Faye Cheyne -The alarm gets set only when I choose!! Marlene Hassett - More time at home with my dog. Margie Buckingham - Absolutely love being retired. We can do whatever we like, whenever we like, however we want to! I’m so busy with so many individual pursuits/hobbies, my grandchildren, my elderly parents and executing our renovations that I just don’t know how I fitted everything in while working full time. I still have a cleaner bc I just don’t have time for that…. lol. Vaughan Stephen Brummer - No more alarms and not knowing what day of the week it is. Michael L Carrigg - Not having to tolerate corporate bs ever again. Les Thornborough - Not having to get up and travel to work. Image credits: Shutterstock

Retirement Life

Pop legend dies just days after retiring

One of the founding members of British pop band Black Lace has passed away at the age of 70, just days after announcing his retirement. Colin Gibb was best known as the longest-standing member of the band, famed for their tunes such as the Aussie hit Agadoo and Do the Conga. Black Lace became a household name after finishing seventh for the UK at the Eurovision Song Contest in 1979 with their song, Mary Ann. On Sunday, Gibb's wife Sue Kelly told fans her “dearest husband” had died in the afternoon, sharing the news on Facebook. Alongside a photo of the couple, she wrote, “I love you Colin, spent 22 years living your Agadoo dream, we were due to retire to Spain on Thursday, you were so happy, so looking forward to our new life, now you’re gone." “As we used to say, always love you forever.” Just days before his passing, Gibb took to his social media page to tell fans he would be playing one final show that week as he thanked them for their support over the years. He wrote, “Well all good things must come to an end. I have decided to retire." Despite numerous line-up changes over the years, Gibb – born Colin Routh – stuck with Black Lace for decades, seeing them through the height of their success in the 1980s. Image credits: Facebook

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Pop legend dies just days after retiring