Retirement Planning

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Older women are continuing to suffer from financial hardship, as key structural issues continue to see women go backwards in terms of wealth compared with men, an industry expert has revealed.

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Following Equal Pay Day, Aware Super CEO Deanne Stewart has pointed to key reforms that are needed in order for women to have the same opportunities as men.

Noting the pay gap, which has an impact on women’s ability to spend, save and invest, Ms Stewart warned of the flow-on impacts it is having on retirement outcomes.

“We know there have been disturbing increases in the rates of poverty and homelessness among older women,” Ms Stewart said.

“Recent data shows more than 400,000 women over the age of 45 are at risk of homelessness.”

With the size of the issue only increasing, Ms Stewart flagged a number of key regulatory changes that were needed in order for women to get ahead.

“There’s much that can be done to improve financial security for women. More accessible and affordable childcare would make a huge difference given time out of the workforce is one of the factors contributing to the super gender gap,” she continued.

“Normalising the sharing of caring responsibilities is also critical as well as paying superannuation on family leave.”

Equal Pay Day 2021 recognises that it has taken until 31 August to close the national gender pay gap — or in other words, it takes 61 days for a woman to earn the same as a man.

Workplace Gender Equality Agency (WGEA) director Mary Wooldridge said that at the current pay gap, on average, for every six years men work, women will need to work seven to be on par with their earnings.

“Equal Pay Day is a symbolic recognition that women’s potential is not being fully realised or valued and an important reminder that women continue to face significant barriers in the workplace,” Ms Wooldridge said.

“While nearly two months’ difference is too long, the real gender pay gap is even greater. This traditional calculation is based on the ABS’ ordinary full-time average weekly earnings.

“If we include average weekly earnings data on earnings for all hours worked, including overtime and part-time work, the pay gap more than doubles to 31.3 per cent.”

Ms Stewart was also quick to point out that the days are moving in the wrong direction.

“Last year, women would have had to work an extra 59 days, and two years ago it was 58 days,” she said.

“It’s deeply concerning that despite the heavy focus on this issue in recent years, the gap is getting wider.

“We can no longer afford to just tinker around the edges. Real, lasting structural change is the only way we will address gender inequity now and for generations to come.”

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Older women are continuing to suffer from financial hardship, as key structural issues continue to see women go backwards in terms of wealth compared with men, an industry expert has revealed.

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The cost of retiring just increased, with surging fuel costs and the rising price of food and healthcare negatively impacting a retiree’s bottom line.

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According to the latest figures by the Association of Superannuation Funds of Australia (ASFA), the cost of retiring increased in the June quarter following a lift in basic living expenses.

The ASFA Retirement Standard June quarter 2021 figures indicate that couples aged around 65 living a comfortable retirement need to spend $63,352 per year and singles $44,818.

Those figures are up by 0.8 per cent and 0.9 per cent, respectively, in the previous quarter.

However, over a full year, the price of a comfortable retirement for a couple increased by 2.3 per cent, while for a single person it will now cost 2.6 per cent more to retire comfortably.

The increase in the cost of living is led by surging fuel costs, which the ASFA said is 27.3 per cent higher in just a 12-month period, while medical services increased by 6.7 per cent and even the basic costs of fruits and vegetables are hurting retirees’ back pockets.

“Price increases faced by retirees have begun to accelerate following a period when COVID-19 led to suspensions or delays in key costs such as health insurance,” said ASFA CEO Dr Martin Fahy.

After adjusting for one-off changes, and removing irrelevant CPI increases such as childcare, education and international travel, price increases for retirees were considerably higher than the underlying rate of inflation.

As it currently stands, the national inflation rate stands at 1.5 per cent over the year to June.

“Small price rises across the board can add up to have a big impact on the average retiree budget. The cost of retirement is now 2 to 3 per cent more expensive, on average, than a year ago,” Dr Fahy noted.

As such, the ASFA CEO highlighted the importance of saving buffers and why older Australians need to get ahead on their superannuation.

“It’s so important that future retirees are able to build sufficient savings over their working lives to ensure they can face retirement with financial confidence,” he said.

One way to do so is to lift the rate of superannuation, which Dr Fahy is in support of.

“Moving Australia to the 12 per cent superannuation guarantee setting is an excellent step towards achieving this goal,” Dr Fahy concluded.

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The cost of retiring just increased, with surging fuel costs and the rising price of food and healthcare negatively impacting a retiree’s bottom line.

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" ["alias"]=> string(57) "what-is-financial-independence-retire-early-fire-movement" ["introtext"]=> string(332) "

Do you want to achieve financial independence and retire early? The followers of FIRE movement say it’s achievable. 

Write comment (0 Comments) " ["fulltext"]=> string(8980) "

Want to retire at 30 or 40? Early retirement may seem like a utopian dream, but the growing number of champions of the Financial Independence, Retire Early (FIRE) movement says it is possible. 

The FIRE movement, which started in the US, is fast becoming a popular concept among Aussies. It is a type of a financial movement defined by frugality and extreme savings and investment.

Most followers of the movement are Millennials looking to live their lives differently from their parents and grandparents and not to work up to the traditional retirement age of 60. They aim to retire much earlier while they still have good health.

If the FIRE movement sounds interesting to you, read on as we explain how it works and what are its pros and cons. 

What is Financial Independence, Retire Early (FIRE) movement? 

Financial Independence, Retire Early (FIRE) is about saving and investing while you’re young in order to retire in your 30s or 40s. 

The FIRE movement involves adopting an extremely frugal lifestyle, side hustling and saving/investing every single dollar when you are in your 20s and 30s. By making significant sacrifices when you are younger, you will not only be debt-free, but you’ll have enough money that you no longer need to work when you’re in your 30s or 40s. You will ideally be financially independent. 

The concept originated from the book Your Money or Your Life by Vicki Robin and Joe Dominguez. The main premise of the book became the core concept of the FIRE movement: every expense is compared to the time spent at work in order to earn the purchase.

In more recent years, Millennials who are looking to change in the way they interact with money have embraced the movement. The movement aims to challenge the status quo of working five days a week for more than 40 years to pay off mortgage and save money and then retire at the age of 60. 

How does the FIRE movement work?

Followers of this extreme saving movement often start by dedicating up to 70 per cent of their income to savings while they are still in the workforce. 

After their savings reach approximately 30 times of their annual living expenses (the magic amount often referred to is $1 million), they can choose to quit their full-time day jobs and take on a part-time job or to completely retire from any form of employment. 

Proponents of the FIRE movement then recommend investing into low-risk but strong yield investments in order to live off the passive income before super would kick in. It would also give them a significant financial buffer for future economic recessions or emergencies that may affect their personal finances. 

To cover their living expenses after retiring at a young age, followers of the movement make small withdrawals from their savings. The safe withdrawal rate recommended is typically around 3 per cent to 4 per cent yearly.

Here are the basics of the FIRE movement: 

•  Change your lifestyle to live frugally

If you are dead set on retiring early, think about your current lifestyle and decide if you are willing to live a very different lifestyle to achieve it. 

Unlike other retirement plans, FIRE is more than just setting a budget and missing out on a few luxuries. To be successful at the FIRE movement, you must be prepared to cut out the following: 

• Hobbies that require costly equipment
• Overseas holidays
• Going out or dining out multiple times a week
• Branded, expensive clothes 
• Cafe breakfasts

Does it mean you can’t have nice things and you need to live under a bridge to follow FIRE? No. However, the significant savings needed to follow through with the plan will require you to make sacrifices. For most people, the FIRE movement can both mean a radical lifestyle change and a long-term financial plan.  

If this feels too extreme for your taste, then FIRE probably isn’t the way to go with your retirement. But if it sounds like a challenge and you are already keen on living minimalistically, then FIRE might be your path to financial freedom. 

• Pay off your debts

Any debt you have will slow down your journey to financial independence and early retirement. The FIRE movement views any unpaid debt as excess baggage that you need to get rid of as soon as you can. 

Proponents of the movement say debts such as credit cards, personal loans, home loans and other debts with high interest rates must be paid off as soon as possible. You can choose to do the avalanche method, which entails paying off the debts with the highest interest rate first.

Some ways to manage your debt include debt consolidation, refinancing your mortgage, or combining it all on a balance transfer credit card. 

Estimate how much money you can live on each year (and stick to it!)

It’s hard to calculate the exact amount on how much you spend each year, but many FIRE followers aim to save or invest at least 50 per cent of their income each year. This means you need to keep your annual living expenses below this threshold. 

For example, if your take-home income for the year is $100,000 and you want to save 70 per cent of your income (and live off the rest), you’d need to make sure your annual living expenses are below $30,000.

Once you determine how much money you can live off each year, you run the numbers to see how you'll need to save for retirement using the 4 per cent theory.

The 4 per cent rule is a simple formula for figuring out how much you’ll need to have saved to achieve financial independence.

This rule assumes that the money you’ve saved is invested properly in a healthy mix of low-cost securities and other assets and it will grow in value by around 7 per cent each year (based on the past performance of the global stock markets). 

Factoring in the standard inflation rate of 3 per cent, this strategy assumes your real rate of return will be around 4 per cent  a year.

So, in theory, if you have enough saved and invested to live off the 4 per cent returns each year, your initial investment will last you a lifetime.

•  Create a detailed budget and reduce spending

Once you’ve estimated how much you can realistically live off each year and how much you will need to have saved, you need to create a detailed budget.

To attain FIRE, you need to save as much of your income as possible while also whittling your expenses to the absolute bare minimum.  

For starters, you can evaluate your personal finances over the last 12 months. List down everything from rent, bills and healthcare to eating out and entertainment (yes, including your Netflix subscription). 

By doing this, you can easily spot where you can reduce your expenses and save more and what lifestyle changes you can make. This can be the foundation for your new budget. 

• Boost your income

Having more money in the bank means a faster journey towards financial freedom. Therefore, it’s important to increase your income. 

Some of the basic tips to increase your income are: 

• Ask for a pay rise.  
• Get a better-paying job.  
• Get a side hustle. 
• Rent out your property and assets.  

Is the FIRE movement realistic? 

After reading all the steps you need to take to achieve FIRE, is it a realistic financial end goal? 

FIRE might be great in theory, but achieving it is no easy feat and can be unsustainable in the long-term if not properly planned and if you lack the discipline to follow through.

Because of the strict financial regimen involved in this movement, inevitably you will also miss out on a lot of things people in their 20s and 30s consider not only fun but meaningful or life-changing experiences.  

Additionally, stopping work suddenly poses a barrage of mental health risks. Some people are afraid of the notion of stopping work altogether at such an early age. 

The FIRE movement isn’t for everyone. If it isn’t for you, it would be tragic to spend years living very carefully only to find you’ve missed out on what really matters to you.

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Do you want to achieve financial independence and retire early? The followers of FIRE movement say it’s achievable. 

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Proposed changes to the federal government’s compensation scheme of last resort will leave “devastated victims out in the cold”, an industry expert has warned.

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Consumer group Choice has highlighted that the government’s watered down approach to the compensation of the last resort scheme fails to deliver on its public commitment to victims of financial scandals as outlined during the banking royal commission.

The financial services royal commission recommended the establishment of a compensation scheme of last resort to compensate consumers once all other avenues had been exhausted.

However, the changing government regulation has been heavily criticised by both businesses and consumer groups.

Eight of Australia’s largest financial advice industry associations have now united to oppose the reforms, expressing concerns the compensation scheme will become a go-to option rather than last resort.

Chartered Accountants Australia and New Zealand (Chartered Accountants ANZ), CPA Australia, Financial Planning Association of Australia (FPAA), Institute of Public Accountants (IPA), SMSF Association (SMSFA), Association of Financial Advisers (AFA), Stockbrokers and Financial Advisers Association (SAFAA) and the Boutique Financial Planning Principals Association Inc say the proposed scheme will make financial advice less affordable and accessible.

While the organisations are arguing the scheme would only increase the cost of doing business, consumer advocates Choice have said that victims, including those of the Sterling First scheme, are being barred from gaining adequate compensation.

“The government committed to a scheme that could pay over $540,000 in compensation, as recommended by the royal commission, covering a broad range of financial scandals,” said Choice CEO Alan Kirkland.

“The proposals now released by the government will disappoint victims by capping compensation at $150,000 and failing to cover compensation from financial scandals in areas like managed investment schemes and funeral insurance.

“This will see many people go uncompensated,” Mr Kirkland added.

Sterling First was the flagship product of a sprawling Western Australian group of property management and investment companies, Sterling First Group, which collapsed in late 2019.

The scheme involved investors handing over their life savings to secure a home on a lifetime lease of up to 40 years. Elderly customers across the country signed up in droves, paying in total more than $18.5 million.

But in June 2019, the Sterling First Group was put into liquidation, leaving more than 100 customers across the country facing possible eviction and heavy financial losses.

Barry Raynor, one of the victims of the Sterling First investment scheme’s collapse, said he was “gutted” when he first found out about the scheme.

“My mental health was put back a fair bit and I lost about $145,000. I wasn’t sure where to go next,” he told Choice.

Mr Raynor highlighted he has been living on $150 per week after bills while engaged in a four-year legal battle to recover the money owed to him.

“Without that money coming back, I don’t know what will come back,” he said.

A submission to Treasury co-signed by nine consumer groups also calls on the government to ensure the scheme can pay compensation to people who have been ripped off by debt management firms and providers of funeral expense policies – such as the Aboriginal Community Benefit Fund, now trading as Youpla, which was heavily criticised before the banking royal commission.

Mr Kirkland believes the Sterling First victims, along with many others of similar schemes, deserve better than their current treatment.

“To carve out people who have lost money in situations like Sterling First or the Aboriginal Community Benefit Fund will have impacts on entire communities who need their money back.”

Highlighting experiences that have proven economic crises to be a “fertile ground for scams and misconduct”, Mr Kirkland opined the need for stronger legislation.

“We need strong executive accountability and a compensation scheme for victims now, and we need both measures to be broad-based and effective.”

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Industry Super Australia has accused the Morrison government of misleading consumers when it comes to financial outcomes in retirement.

Write comment (0 Comments) " ["fulltext"]=> string(4358) "

As part of the Retirement Income Covenant starting from 1 July 2022, the government is seeking to further develop the retirement outcomes in Australia’s superannuation framework and address the findings of the Retirement Income Review.

As part of this move, it has asked super funds to develop a strategy to make it easier for members to take money out of their super in retirement.

Drawing on research released during the Retirement Income Review, the Morrison government’s Retirement Income Covenant paper highlighted that $1 in every $3 in the super system will be passed down to the next generation by 2060.

“This raises the question as to whether the answer to lifting the retirement incomes of Australians is more superannuation savings or better guidance about how to maximise their superannuation savings during their retirement,” Treasurer Josh Frydenberg previously said.

As such, the paper argues that retirees should be encouraged to spend their superannuation instead of handing down a large portion of their nest egg to their families.

However, the Industry Super Australia (ISA) has come out swinging, questioning the government’s maths and arguing that most retirees outlive their super.

“Using HILDA data [Household, Income and Labour Dynamics in Australia] show that 80 per cent of people aged 60 and over and 90 per cent of people aged 80 and over who died in the period 2014 to 2018 had no super at all in the period of up to four years before death,” the ISA said in its submission to government.

Dispelling the government’s concerns about older Australians building up large super balances, the group stated that of those currently aged 80 and above, only 5 per cent have a balance of $110,000 or more in their superannuation.

In a separate submission, the ASFA drew attention to data from the Australian Taxation Office, which revealed that around 1.7 million Australians aged 70 and over have no superannuation, or in other words, over 60 per cent of those aged 70 and over have no super.

There’s not a one-size-fits-all approach to retirement

In a nutshell, the government believes retirees have too much super, while industry funds claim they don’t have enough.

Adding to the debate, Super Consumers Australia believes current retirement targets are out of reach for typical Aussies, leaving them disengaged with their super.

As such, director Xavier O’Halloran has urged the government to acknowledge the different retirement strategies Australians need.

According to Super Consumers, Australians fall into one of three distinct cohorts of retirement thinkers – engaged delegates (25 per cent), engaged DIY (37 per cent) and the disengaged (38 per cent).

With each group said to be practicing a different approach to their retirement, Mr O’Halloran concluded that Aussies need more specific support.

“We do a lot more to support people during their working lives to find the best products for their super with
quality filters and comparable independent guidance about the quality of products. We need to give the same assistance to people planning for retirement,” he added.

The ISA agreed, highlighting the importance of strong financial default products for members with lower engagement.

“It has long been ISA’s position that in a compulsory superannuation system with poor financial literacy, most members should be able to rely on default settings that protect their interests without recourse to personal advice,” they state.

‘Self-interested voices in this debate’

According to Super Consumers Australia’s submission, self-interested voices are driving the debate instead of focusing on what is best for retirees.

“At the moment, we’re seeing people switch off due to fear when confronted by unrealistic and frankly unnecessary retirement savings targets,” Mr O’Halloran said.

“There are some self-interested voices in this debate quoting the need for a million dollars in savings. It makes an attractive headline, but this isn’t what the majority of Australians who are just looking to maintain their standard of living in retirement need to hear.”

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Industry Super Australia has accused the Morrison government of misleading consumers when it comes to financial outcomes in retirement.

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A failure to build on the ideas outlined in the aged care royal commission is set to push an already breaking system into a ‘dire situation’ in just 10 years’ time, new research has warned.

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New findings from CEDA have revealed the dire repercussions facing Australia’s aged care sector as a result of underfunding, despite the government pledging millions to plug the shocking irregularities revealed by the aged care royal commission.

According to CEDA, although Australia spends around the OECD average on aged care, it remains well behind countries known for high-quality care, including the Netherlands, much of Scandinavia and Japan.

Not only does it not measure up to its peers, but Australia’s aged care system has been revealed as one plagued by shocking cases of abuse and neglect of aged care residents.

In order to plug the holes and put a stop to the neglect, in May, as part of the federal budget, Treasurer Josh Frydenberg injected $17.7 billion over the next five years to help spur a “once-in-a-generation reform” of the sector.

And while the funds foresee an increase in the time nurses and carers spend with patients, and the creation of over 33,000 new training places for personal carers, CEDA’s experts believe this is nowhere near enough.

In fact, critics have been very vocal in pointing out the government’s failures, noting its $17.7 billion falls short of fully funding the aged care royal commission's findings, which state the sector will need a cash injection of $9.8 billion per year.

And while the aged care sector remains underfunded in various areas, CEDA’s new report has underpinned the importance of robust care, which depends on more qualified staff being attracted into the sector.

The research showed that the heavily female-dominated industry currently has 360,000 workers with 240,000 in direct care roles.

Under the current aged care award, the average hourly pay for an aged care worker is $23.27, with workers making on average between $42,000 and $61,000 per year. According to the royal commission’s findings, these workers are being paid on par with cleaning staff.

Put another way, many are earning around half the average full-time adult weekly wage in Australia, which the ABS highlighted is $1,711.60 as per its latest wage figures.

As such CEDA believes “the immediate priority” must be addressing underlying working conditions – that is, low wages and inconsistent working hours.

“There will be little success in attracting or retaining workers without improvements on this front. But this alone will not solve the challenge. We must pursue all avenues to meet the rapidly growing demand in a sector already under pressure,” the report said.

CEDA chief economist Jarrod Ball said Australia has failed to prepare for this challenge, despite multiple inquiries.

“We will need at least 17,000 more direct aged-care workers each year in the next decade just to meet basic standards of care,” Mr Ball said.

As it currently stands “annual workforce growth would need to double from around 2 per cent to 4 per cent to meet the minimum standard”.

This underfunding and understaffed sector is only expected to get worse, with CEDA noting the number of Australians aged over 65 is set to grow from 16 per cent to nearly 20 by 2031.

At the same time, the shortfall in staff is tipped to balloon to more than 400,000 workers by 2050.

“This requires a massive commitment from the federal government, the kind we haven’t seen to date,” Mr Ball said.

“We have not come anywhere near the growth in workers we need to meet demand. The federal government must commit to increasing funding for the sector to meet the workforce challenge.”

Mr Ball warned that if the country cannot attract staff into the sector, then older Australians would be left on the lurch, an untenable caring burden on families and the communities while exerting unsustainable pressures on the health system.

“If we do not build the workforce, the system will be unable to provide the services Australians deserve and expect, and more people will be unable to access it, no matter the amount of reform or funding,” he said.

In order to properly incentivise staff, Mr Ball urges reforms in:
• Better wages and working conditions;
• Getting more people into training, improving training outcomes and investing in ongoing development;
• Continued migration, with new paths to attract high-quality, motivated workers;
• Investment in new technology that reduces the burden on staff and improves care outcomes; and
• Knowledge sharing and promotion of the industry.

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A failure to build on the ideas outlined in the aged care royal commission is set to push an already breaking system into a ‘dire situation’ in just 10 years’ time, new research has warned.

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