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The economic impact of COVID-19 will have more of a sting for Australians approaching retirement than it will hurt current retirees, analysis of a new survey has revealed.

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New research from Allianz Retire+ has revealed that one-third of prospective retirees now have more negative expectations of their retirement than they did pre-COVID-19.

With around 40 per cent of prospective retirees conceding they have already lost money during COVID-19, a further one in five has already seen a change in their employment status, or expect one to still come.

Calling falling retirement savings and rising job insecurity “a toxic combination”, Allianz Retire+ also revealed that 77 per cent of prospective retirees do not believe superannuation will provide them with enough money in retirement.

While Australia’s superannuation system is lauded as one of the best systems globally, Allianz Retire+ CEO Matt Rady said it’s “not working for a great deal of the people it’s designed for”.

“COVID-19’s impact has exposed shortcomings in retirement product design, access to financial advice and superannuation education,” he said.

As a result, “those nearing retirement have been particularly hurt by the downturn.”

“These investors tend to have more funds allocated to shares, so [they] have higher susceptibility to market crashes. Typically, they are still working and need that income to build retirement savings,” he explained.

COVID-19’s impact highlights the danger of sequencing risk, the CEO also flagged – where the timing of poor market returns can permanently damage retirement savings.

According to the CEO, “Prospective investors can ill afford to have the share component of their superannuation crushed by market volatility.”

He said some individuals “do not have enough time left in the workforce to rebuild their wealth”.

It’s why the current downturn has reinforced a need for retirement-savings products that have a low-cost protection mechanism, according to the CEO.

“As prospective retirees are realising, diversification and asset allocation are no panacea to protect wealth during crises,” he continued.

“Retirees need adequate protection on the share component of their portfolios.”

---

Did you enjoy this article? You might also be interested in:

• Breaking down COVID-19's impact on retirement outcomes 
• The 4 biggest financial risks facing self-funded retirees
• How to avoid crystallising a loss with your super

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The economic impact of COVID-19 will have more of a sting for Australians approaching retirement than it will hurt current retirees, analysis of a new survey has revealed.

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Australians approaching retirement should be very wary of government programs that encourage them to withdraw their super when the market has bottomed out when other options are available, a chief executive has warned.  

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Household Capital chief executive Josh Funder has conceded that many retirees are now facing reduced retirement incomes because term deposit interest incomes are at an all-time low, investments are down, dividends are low and rental incomes are challenged by COVID-19.

“Early access to super hasn’t solved the big problem facing retirees, which is the inadequacy of superannuation to fund long-term retirement,” he said.

“We need to learn from the GFC, when many retirees crystallised losses by withdrawing super when investment balances were down.”

He pointed out the benefits of an alternative option to provide much-needed cash flow to older Australians at this time, acknowledging that retirees still need to be able to maintain their retirement funding “to get through the pandemic”.  

“Home equity remains, for many retirees, the largest and most stable pool of savings from which they can fund their retirement,” the CEO said.  

A home income product, such as the one on offer from Household Capital, can see customers drawing down on their home equity as a regular income stream, to improve retirement funding alongside the government age pension and any superannuation drawdown.

According to Mr Funder, this type of reverse mortgage is tax-free and won’t impact on an individual’s pension.

“As a rule of thumb, if you take three zeros off the value of your home, you can draw that amount monthly with confidence,” he explained.

“In other words, for many people living in a $1 million home, an extra $1,000 per month retirement income is the right amount for them.”

When added together, retired Australians have more than $1 trillion saved in home equity, Mr Funder said.

He flagged that for most retirees, the savings they have made in home equity are four to five times larger than their superannuation savings – in part due to Baby Boomers only receiving 3 per cent compulsory contributions part way through their working careers.

“Accessing home equity allows retirees to preserve their superannuation, let it rebound over time, and maintain their retirement funding,” Mr Funder concluded.

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Australians approaching retirement should be very wary of government programs that encourage them to withdraw their super when the market has bottomed out when other options are available, a chief executive has warned.  

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Australia’s current retirement income system is riddled with systemic flaws that are detrimental to the financial wellbeing of retirees. But what are the biggest risks?

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The Alliance for a Fairer Retirement System (AFRS) has penned a letter to the Treasurer pointing out several problems facing retirees that have been exacerbated by the current COVID-19 crisis.

It has warned that Australia’s economic recovery is at risk because of a severe undermining to the confidence of retired investors, with Alliance spokesperson Ian Henschke considering that “retirees with market investments are being punished financially, undermining their capacity to contribute to the economic recovery”.

“With around 3.8 million Australians aged 66 and over, it is important to understand the enormous contribution this section of society has on the overall economy.”

According to Mr Henschke, “retirees are the single most important contributor to discretionary spending.”

“Retirees don’t just invest in the sharemarket, but also in their community,” he stated.

The latest figures from Challenger have revealed that older Australians are already cutting back their spending due to the COVID-19 crisis – by 27 per cent on food and 37 per cent on clothing.

Citing the finding, Mr Henschke iterated that there are good economic reasons to support retirees through the crisis, “not least because of the risk to their confidence and consumption”.

The issue of Australia’s retirement income system

But at the heart of the problem is a number of systemic failures of the retirement system, present long before the COVID-19 crisis began, the AFRS letter explained.

Problems with Australia’s retirement income system “are exacerbated in times of financial crisis”.

“The system is not able to easily account for rapid changes in investment outcomes, and this results in incomes that are either sub-par at best, or at worse, catastrophic,” the letter stated.

With many people believing the age pension does not provide an adequate level of income to support retirement, the AFRS considered it “little wonder” that retirees are striving to accumulate savings – with many seeking to avoid the complications of any dealings with the welfare system altogether.

But there are a “multitude of risks” facing retirees who choose to do so.

Here are the four risks the AFRS considers to be of most concern to older Australians:

1. Longevity risk

With Australians now living longer, there’s an increasingly higher risk that retirement savings will not last as long as the person holding the money does.

Planning to live to a certain age is risky business, especially given uncertainty around whether an individual should plan for unexpected health issues, or the need for additional care and assistance if they suffer from loss of capacity.  

“For retirees, the task is to make sure their money will last to an uncertain date of death, while also dealing with life’s vicissitudes,” the letter stated.

2. Inflation risk

This refers to the way that money’s purchasing power will decline due to the effects of inflation.

It’s of serious concern to retirees, where even low rates can seriously erode a retired individual’s financial wellbeing, especially where that person lives on a fixed income.

While retirees have managed this risk through investment in growth assets, this does expose people to further risk.

Citing Dr Doug Tarek, the AFRS highlighted that inflation and declining interest rates now mean retirees must hold substantially more savings to achieve the same level of income.

The following example was provided:

“If a couple bought an annuity of $1 million in 2019, it would have purchased an income stream of $44,250 for life, indexed to inflation. The interest rate in October 2019 was 1.5 per cent. If they had bought an annuity in 2011 with the same $1 million, it would have generated an income stream of $54,300. Today, in response to the COVID-19 pandemic, the interest rate is 0.25 per cent and so that annuity is now less than the Aged Pension.”

3. Market risk

At the best of times, the market price of assets can be affected by political and economic events outside of an investor’s control.

The inherent liquidity of shares makes the stock market the most volatile market, making it risky for retirees, due to their ability to “seriously reduce retirement savings”.

Despite this, their ability to outperform other investments does make them highly recommended for long-term investment as part of a balanced investment strategy, the AFRS considered.

While a diversified portfolio does reduce volatility risks, it will bring lower returns, increasing an individual’s exposure to inflation risk and longevity risk.

4. Legislative risk

The final risk factor explored by the AFRS relates to legislative risk, which affects all retirees:

“All citizens are exposed to adverse legislative changes, but retirees are generally not in [a] position to return to work to rebuild their nest eggs if unexpected legislative changes seriously affect their projected retirement income.”

According to the letter, the management of legislative risk is only possible through advocacy – and even then, this is not always successful.

The Treasury was advised that governments can help manage legislative risk by ensuring long lead-in times for changes to take effect, as well as through quarantining or grandfathering retirees from any proposed changes.
  

The AFRS comprises a number of organisations, including the Association of Independent Retirees, the Australian Investors Association, National Seniors Australia and the Australian Shareholders’ Association.

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Did you enjoy this article? You might also be interested in:

• 6 ways COVID-19 is hurting self-funded retirees 
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Australia’s current retirement income system is riddled with systemic flaws that are detrimental to the financial wellbeing of retirees. But what are the biggest risks?

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Middle-income Australians are being encouraged to spend their retirement nest eggs or lose access to more disposable income from the aged pension, according to new research.

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In a Dialogue paper prepared for the Actuaries Institute, Andrew Boal states that a “taper trap” encourages some retirees to spend their savings quickly, putting them at risk of living on the Age Pension alone. 

The taper rate acts to restrict a retiree’s access to Age Pension payments based on the level of their assets through retirement. 

The paper highlights that every $1,000 above the threshold leaves a retiree $3 worse off as it is taken from the pension. 

This means the “middle” group of retirees with assets between $300,000 and $800,000 could be worse off and have a poorer lifestyle.

Prior to 2017, the taper rate was set at $39. But from 1 January 2017, a retiree’s annual pension was cut by $78 for every $1,000 of assets held above the relevant thresholds. 

National seniors Australia has previously stated that under the changed taper rate, a home-owning couple with $400,000 in assets would earn about $55,000, whereas a couple with $800,000 in assets would earn only about $42,000, based on 20 per cent being in savings at a rate of 2 per cent.

The Dialogue paper states that “a higher taper rate does encourage retirees to spend their savings as quickly as possible until they become eligible for the full Age Pension”. It says that few do, but the retirement system as a whole, including perverse outcomes driven by elements of the asset test, needs review. 

“Given the interconnectedness of the system, it is important that all the relevant levers are considered in conjunction with each other, including how it impacts on the efficiency and effectiveness of any other changes, such as increasing the superannuation guarantee to 12 per cent,” the paper states. 

The paper states that while Australia has one of the best retirement systems in the world for accumulating retirement savings, “we continue to struggle with how to design an efficient retirement spending system”. Part of this is attributable to a lack of clear purpose around what Australia’s retirement system is trying to achieve.

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Middle-income Australians are being encouraged to spend their retirement nest eggs or lose access to more disposable income from the aged pension, according to new research.

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Canberra has revealed a new city plan aimed at supporting its ongoing development as a city that values the involvement and employment of older people.

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According to the ACT government, the plan “celebrates older Canberrans and their diversity of experience and knowledge” with initiatives to be implemented over the next four years.

A statement outlining the Age-Friendly City Plan has highlighted a focus on “practical achievements that address the barriers older Canberrans have said they face in living free from abuse, staying mobile, remaining socially connected and having good access to services”.

As well as introducing legislation that makes elder abuse a criminal offence and preparing strategies to support the mental health and wellbeing of older Canberrans, the plan will see a campaign piloted to encourage local businesses to provide older residents with employment opportunities.

According to Gordon Ramsay, the minister for seniors and veterans, the “implementation of actions under this plan rely on collaboration across the ACT government, with our Commonwealth and state and territory counterparts, and with the community sector to achieve wide-ranging and holistic reforms”.

“Older members of our community are an asset for our city, we can all learn from their knowledge and experience,” he said.

“They make enormous contributions to our society through caring for family and friends, volunteering, advisory roles and broader community participation.”

Recognising that this is a challenging time for all in our community, the minister considered it a “particularly difficult time for our older Canberrans”.

“With that in mind, it is of the upmost importance that we lay the foundations and principles which will guide decision making to ensure better outcomes for our elderly.”

The minister flagged that the ACT has also initiated the Seniors Ministers Roundtable, with representatives from the Commonwealth and states and territories to be in attendance at the first roundtable.

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Canberra has revealed a new city plan aimed at supporting its ongoing development as a city that values the involvement and employment of older people.

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Self-funded retirees have been overlooked in government support measures to cope with COVID-19, an advocacy body has flagged.

Write comment (3 Comments) " ["fulltext"]=> string(2781) "

According to the Association of Independent Retirees (AIR), retirees who have supported their own retirement previously are unable to benefit from the initiatives implemented by the government that support business, workers and social security recipients.

Association president Wayne Strandquist said, “Self-funded retirees who do not receive a pension or part pension or the Commonwealth seniors health card are suffering financial hardship due to the impact of the COVID-19 crisis with little or no support from the government.”

“With the introduction of compulsory superannuation, the intent of the government was to encourage more Australians to fund their own retirement and reduce reliance on the age pension.”

Mr Strandquist explained that this has meant that self-funded retirees must bear the full investment risks of their retirement savings in the sharemarket, property and fixed interest instead of having an age pension funded by the government with no risk attached.

He outlined six ways that the COVID-19 pandemic has had a serious financial impact on self-funded retirees:

Dramatic stock market falls

• Market falls have reduced the balances of most superannuation funds by up to 20 per cent, with younger retirees (60-75 years of age) seeing retirement income streams shrinking by up to 10 years.

Drawdown of share investment capital

• Mr Strandquist said this will result in lower returns and potential capital losses.

Lower or no company dividends

• This has already been seen in the banking sector.

Investments in hospitality or tourism companies

• Such investments “are at serious risk of not being recovered”, according to Mr Strandquist.

Reduced rental property income

• As tenants themselves struggle with employment.

RBA cash rate

• The lower bound of the RBA cash rate being reached has resulted in the banks’ fixed interest and bank interest rates being close to nil.

“All of this means that many self-funded retirees with assets above the age pension threshold are now receiving less income than the full age pension and do not qualify for the Commonwealth Seniors health card and the $750 income supplement,” Mr Strandquist concluded.

Are you a self-funded retiree that has been affected by any of the above? How are you coping with the current crisis? Let us know in the comments below or contact us confidentially here.

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Self-funded retirees have been overlooked in government support measures to cope with COVID-19, an advocacy body has flagged.

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["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#4480 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4233 (3) { ["data":protected]=> object(stdClass)#4236 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4235 (3) { ["data":protected]=> object(stdClass)#4238 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#4477 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4237 (3) { ["data":protected]=> object(stdClass)#4240 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4239 (3) { ["data":protected]=> object(stdClass)#4242 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#4478 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4241 (3) { ["data":protected]=> object(stdClass)#4244 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4243 (3) { ["data":protected]=> object(stdClass)#4246 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#4473 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4245 (3) { ["data":protected]=> object(stdClass)#4251 (1) { ["options"]=> object(stdClass)#4249 (2) { ["options0"]=> object(stdClass)#4248 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#4250 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4247 (3) { ["data":protected]=> object(stdClass)#4253 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#4476 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4252 (3) { ["data":protected]=> object(stdClass)#4255 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4254 (3) { ["data":protected]=> object(stdClass)#4257 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#4486 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4256 (3) { ["data":protected]=> object(stdClass)#4259 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4258 (3) { ["data":protected]=> object(stdClass)#4261 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(68) "/retirement/planning/6-ways-covid-19-is-hurting-self-funded-retirees" ["image"]=> string(51) "images/article-826x550/retirees-wearing-mask-ne.jpg" ["image_alt"]=> string(40) "COVID-19 is hurting self-funded retirees" } }