1 00:00:10,614 --> 00:00:15,294 Speaker 1: You're listening to a Muma Mia podcast. Mumma Mia acknowledges 2 00:00:15,334 --> 00:00:18,134 Speaker 1: the traditional owners of land and waters that this podcast 3 00:00:18,214 --> 00:00:19,054 Speaker 1: is recorded on. 4 00:00:22,814 --> 00:00:23,054 Speaker 2: Hi. 5 00:00:23,174 --> 00:00:24,174 Speaker 3: I'm Claire Murphy. 6 00:00:24,254 --> 00:00:27,454 Speaker 1: This is Mumma MIA's twice daily news podcast, The Quickie. 7 00:00:28,174 --> 00:00:31,654 Speaker 1: How do you make superannuation sexy? It's a million dollar 8 00:00:31,734 --> 00:00:34,654 Speaker 1: question literally that those in the business are trying to 9 00:00:34,694 --> 00:00:37,414 Speaker 1: do to make us care about our super accounts so 10 00:00:37,454 --> 00:00:39,654 Speaker 1: that we do occasionally at least look at them and 11 00:00:39,774 --> 00:00:40,934 Speaker 1: ask a few questions. 12 00:00:41,374 --> 00:00:42,694 Speaker 3: So today we're speaking to an. 13 00:00:42,574 --> 00:00:44,574 Speaker 1: Expert to give us the basics and what we should 14 00:00:44,574 --> 00:00:47,774 Speaker 1: be doing even if we're decades away from retirement. And 15 00:00:47,934 --> 00:00:49,974 Speaker 1: in case you missed it, we have some news for 16 00:00:50,054 --> 00:00:52,974 Speaker 1: the UTI girlies that could bring some relief if you've 17 00:00:52,974 --> 00:00:54,854 Speaker 1: had to head to the GP and grab a handful 18 00:00:54,854 --> 00:00:57,814 Speaker 1: of antibiotics on the regular. But first, here's the letters 19 00:00:57,814 --> 00:01:01,374 Speaker 1: from the Quickie Newsroom, Friday, January twenty three. Amelia Pereirez 20 00:01:01,454 --> 00:01:04,854 Speaker 1: leads this year's Oscar nominations with thirteen Wicked and the 21 00:01:04,854 --> 00:01:09,134 Speaker 1: Brutalist earning ten apiece. Cynthia Arrivo and Ariana Grande both 22 00:01:09,174 --> 00:01:12,094 Speaker 1: earned an nomination for their roles in Wicked, while Adrian 23 00:01:12,174 --> 00:01:15,174 Speaker 1: Brody in Australia's Owned Guy Pierce also grabbed a nomination 24 00:01:15,254 --> 00:01:16,814 Speaker 1: for their role in the post. 25 00:01:16,454 --> 00:01:18,974 Speaker 3: War epic about a Holocaust survivor. 26 00:01:18,694 --> 00:01:22,214 Speaker 1: Chasing the American dream No Surprises, with Demi Mour also 27 00:01:22,254 --> 00:01:25,494 Speaker 1: nominated for her role in the Substance and Fernando Torres 28 00:01:25,494 --> 00:01:29,334 Speaker 1: for I'm Still Here. Amelia Perez also nominated for Best Picture, 29 00:01:29,494 --> 00:01:33,094 Speaker 1: Zoe Saldana for Best Supporting Actress and Carlo Sophia Gasconn 30 00:01:33,174 --> 00:01:36,774 Speaker 1: for Best Actress, but Selena Gomez missed out. The biggest 31 00:01:36,774 --> 00:01:40,134 Speaker 1: snubs of the Oscars announcement were the film's Challengers and Queer, 32 00:01:40,174 --> 00:01:43,974 Speaker 1: which received no nominations for Zendiah and Daniel Craig. Pamela 33 00:01:44,014 --> 00:01:46,174 Speaker 1: Anderson also missed out for her role in The Last 34 00:01:46,174 --> 00:01:49,534 Speaker 1: Show Girl and Nicole Kidman not nominated for Baby Girl. 35 00:01:49,774 --> 00:01:52,094 Speaker 1: The announcement of these awards were delayed due to the 36 00:01:52,094 --> 00:01:55,614 Speaker 1: fires in la the Academy's Board of Governor's pledging support 37 00:01:55,654 --> 00:01:58,574 Speaker 1: for relief efforts as a new wildfire north of the 38 00:01:58,574 --> 00:02:01,534 Speaker 1: city broke out, forcing more than thirty one thousand people 39 00:02:01,574 --> 00:02:04,894 Speaker 1: to evacuate. The teenager who killed three young girls at 40 00:02:04,894 --> 00:02:07,494 Speaker 1: a Taylor Swift themed dance class in the UK has 41 00:02:07,534 --> 00:02:10,494 Speaker 1: been sentenced to more than fifty years behind bars in 42 00:02:10,574 --> 00:02:13,774 Speaker 1: what the judge called the most extreme and exceptionally serious 43 00:02:13,814 --> 00:02:16,414 Speaker 1: crime that now eighteen year old was handed a fifty 44 00:02:16,454 --> 00:02:19,814 Speaker 1: two year sentence, Judge Julian Goose saying the teen wanted 45 00:02:19,854 --> 00:02:22,614 Speaker 1: to try and carry out mass murder of innocent, happy 46 00:02:22,654 --> 00:02:25,614 Speaker 1: young girls, lamenting that he couldn't sentence him to life 47 00:02:25,654 --> 00:02:28,334 Speaker 1: without parole because he was under eighteen at the time 48 00:02:28,334 --> 00:02:30,974 Speaker 1: of the attack. The teen killed nine year old alis 49 00:02:31,014 --> 00:02:33,894 Speaker 1: De silver Agua, seven year old Elsie dot Stand Coombe 50 00:02:34,134 --> 00:02:36,334 Speaker 1: and six year old BB King when he attacked the 51 00:02:36,414 --> 00:02:39,414 Speaker 1: children in the seaside town of Southport in July last year. 52 00:02:39,774 --> 00:02:43,014 Speaker 1: He also wounded eight other girls, their teacher, Leanne Lucas, 53 00:02:43,214 --> 00:02:47,374 Speaker 1: and John Hayes, a local businessman who intervened. Donald Trump 54 00:02:47,454 --> 00:02:50,254 Speaker 1: has told Russia to end the war in Ukraine, threatening 55 00:02:50,254 --> 00:02:52,934 Speaker 1: to add new tariffs and sanctions if they don't. In 56 00:02:52,974 --> 00:02:56,174 Speaker 1: opposed to truth social President Trump wrote, if we don't 57 00:02:56,174 --> 00:02:58,894 Speaker 1: make a deal and soon, I have no other choice 58 00:02:58,894 --> 00:03:01,894 Speaker 1: but to put high levels of taxes, tariffs, and sanctions 59 00:03:02,174 --> 00:03:05,054 Speaker 1: on anything being sold by Russia to the United States 60 00:03:05,094 --> 00:03:08,454 Speaker 1: and various other participating countries. He said he was going 61 00:03:08,494 --> 00:03:11,774 Speaker 1: to do Russia, who's economy is failing, and President putin 62 00:03:11,854 --> 00:03:14,814 Speaker 1: a very big favor, saying settle now and stop this 63 00:03:14,934 --> 00:03:19,014 Speaker 1: ridiculous war. A Kremlin spokesperson said they saw nothing particularly 64 00:03:19,054 --> 00:03:21,374 Speaker 1: new in the threat from the US president, saying he 65 00:03:21,414 --> 00:03:25,054 Speaker 1: did the same things during his first administration. Trump declared 66 00:03:25,094 --> 00:03:27,814 Speaker 1: several times during his election campaign that he would have 67 00:03:27,854 --> 00:03:29,854 Speaker 1: a deal in place to end the war in Ukraine 68 00:03:29,894 --> 00:03:32,294 Speaker 1: on his first day in office, but his aides have 69 00:03:32,374 --> 00:03:35,494 Speaker 1: confirmed it may now take months or even longer. If 70 00:03:35,534 --> 00:03:37,934 Speaker 1: you're outside tomorrow night, take a moment to look up. 71 00:03:38,014 --> 00:03:40,374 Speaker 1: With six planets lining up in the night sky for 72 00:03:40,414 --> 00:03:45,094 Speaker 1: what's known as a planetary parade. Venus, sat In, Jupiter, Mars, Uranus, 73 00:03:45,134 --> 00:03:47,974 Speaker 1: and Neptune will form a relatively straight line across the 74 00:03:48,054 --> 00:03:51,534 Speaker 1: night sky on January twenty five, also appearing quite close 75 00:03:51,574 --> 00:03:54,774 Speaker 1: to Worth, despite being millions of kilometers apart. If you 76 00:03:54,894 --> 00:03:57,054 Speaker 1: leave in a darker area of the country, you should 77 00:03:57,054 --> 00:03:59,414 Speaker 1: be able to catch a glimpse of the planetary parade 78 00:03:59,414 --> 00:04:01,774 Speaker 1: by just popping out into your backyard and looking up. 79 00:04:02,014 --> 00:04:04,494 Speaker 1: But if you're in the city light pollution, we'll probably 80 00:04:04,494 --> 00:04:06,654 Speaker 1: get in the way. If you are super keen, you 81 00:04:06,694 --> 00:04:09,694 Speaker 1: can head to one of the country's designated dark SkyPark. 82 00:04:09,974 --> 00:04:12,134 Speaker 1: The best time to check out the planetary alignment will 83 00:04:12,174 --> 00:04:14,134 Speaker 1: be an hour to an hour and a half after 84 00:04:14,174 --> 00:04:17,414 Speaker 1: the sunsets or just before dawn. Will you'll be able 85 00:04:17,454 --> 00:04:20,414 Speaker 1: to see Venus, Mars, Jupiter, and Satin with the naked eye, 86 00:04:20,494 --> 00:04:22,894 Speaker 1: but you will need a telescope to catch Neptune and 87 00:04:23,014 --> 00:04:26,014 Speaker 1: Uranus two. That's your latest news headlines. Next, we trying 88 00:04:26,054 --> 00:04:28,694 Speaker 1: to get you to actually care about your super way 89 00:04:28,734 --> 00:04:31,054 Speaker 1: before you have to tell your colleagues you're out, and 90 00:04:31,094 --> 00:04:32,974 Speaker 1: we catch up on some medical news that will have 91 00:04:33,054 --> 00:04:34,894 Speaker 1: the UTI girlies celebrating. 92 00:04:43,774 --> 00:04:44,294 Speaker 3: Hands up. 93 00:04:44,374 --> 00:04:47,134 Speaker 1: If you've thought about your superannuation in more than a 94 00:04:47,374 --> 00:04:49,334 Speaker 1: I wonder how much I have or can I use 95 00:04:49,374 --> 00:04:52,534 Speaker 1: it for anything before I retire kind of way. If 96 00:04:52,574 --> 00:04:55,014 Speaker 1: you are sitting there currently with an unraised hand, you 97 00:04:55,094 --> 00:04:58,214 Speaker 1: are not alone. Many Aussies do not think about their 98 00:04:58,254 --> 00:05:00,974 Speaker 1: super any more than how much is my employer paying me? 99 00:05:01,094 --> 00:05:03,494 Speaker 1: And we're happy when that number goes up, and then 100 00:05:03,494 --> 00:05:05,414 Speaker 1: we kind of forget about it until one day you're 101 00:05:05,454 --> 00:05:07,974 Speaker 1: sixty seven and it felt like you only started your 102 00:05:07,974 --> 00:05:10,334 Speaker 1: career yesterday. And now you have to figure out if 103 00:05:10,334 --> 00:05:12,374 Speaker 1: you have anywhere near enough money to not have to 104 00:05:12,414 --> 00:05:16,654 Speaker 1: go to work anymore. For the average, Australian superannuation balances 105 00:05:16,734 --> 00:05:20,854 Speaker 1: vary dramatically by age and gender. Men aged fifty five 106 00:05:20,894 --> 00:05:23,374 Speaker 1: to fifty nine have an average balance of two hundred 107 00:05:23,414 --> 00:05:25,814 Speaker 1: and eighty six thousand, while women in the same age 108 00:05:25,814 --> 00:05:28,894 Speaker 1: group are around two hundred and nine thousand. By the 109 00:05:28,894 --> 00:05:31,934 Speaker 1: time they turn seventy to seventy four, these figures increase 110 00:05:32,014 --> 00:05:34,094 Speaker 1: to an average of five hundred and nine thousand for 111 00:05:34,174 --> 00:05:36,894 Speaker 1: men and four hundred and fifty one thousand for women. 112 00:05:39,574 --> 00:05:43,654 Speaker 1: The Association of Superannuation Funds of Australia recommends singles need 113 00:05:43,694 --> 00:05:47,094 Speaker 1: around five hundred ninety five thousand and couples six hundred 114 00:05:47,134 --> 00:05:49,614 Speaker 1: and ninety thousand in super to achieve what they call 115 00:05:50,014 --> 00:05:55,174 Speaker 1: a comfortable retirement. However, research suggests these targets might be overstated. 116 00:05:55,534 --> 00:05:59,694 Speaker 1: For example, Superconsumers Australia presents a more modest view, indicating 117 00:05:59,734 --> 00:06:02,414 Speaker 1: singles need only two hundred and seventy nine thousand for 118 00:06:02,494 --> 00:06:06,014 Speaker 1: a medium retirement standard, while couples need three hundred and 119 00:06:06,094 --> 00:06:10,094 Speaker 1: seventy one thousand. But there's also another number being bandied 120 00:06:10,134 --> 00:06:12,654 Speaker 1: about with the cost of living crisis as it is 121 00:06:12,774 --> 00:06:15,694 Speaker 1: making us realize that things could get way more expensive 122 00:06:15,694 --> 00:06:18,454 Speaker 1: as we get older. There's a suggestion that we may 123 00:06:18,574 --> 00:06:21,294 Speaker 1: need one million dollars to retire by the time we 124 00:06:21,334 --> 00:06:23,854 Speaker 1: get there. So how much truth is there in that figure? 125 00:06:24,534 --> 00:06:27,254 Speaker 1: Linda Cross is head of guidance that are where super Linda, 126 00:06:27,694 --> 00:06:30,054 Speaker 1: I've looked at my superbalance on the ATO site through 127 00:06:30,094 --> 00:06:32,934 Speaker 1: my GARV this morning. It is absolutely nowhere near the 128 00:06:32,934 --> 00:06:35,694 Speaker 1: million dollar mark and now I'm slightly worried. 129 00:06:35,894 --> 00:06:37,814 Speaker 3: Is it true we may need to hit that number. 130 00:06:38,094 --> 00:06:41,814 Speaker 2: The truth is there's no magic number. Every person's retirement 131 00:06:41,854 --> 00:06:43,934 Speaker 2: plan is different. It's going to depend on when you 132 00:06:43,974 --> 00:06:46,414 Speaker 2: want to retire, what you're going to do in retirement, 133 00:06:46,694 --> 00:06:49,054 Speaker 2: where you want to live. Really, it comes back to 134 00:06:49,094 --> 00:06:51,934 Speaker 2: the lifestyle. You really want to know. Two people have 135 00:06:52,014 --> 00:06:55,534 Speaker 2: the same ideas about how they're going to spend their retirement. Therefore, 136 00:06:55,574 --> 00:06:58,934 Speaker 2: no two people will have the same number in terms 137 00:06:58,934 --> 00:07:01,414 Speaker 2: of what they need to fund that retirement. 138 00:07:01,774 --> 00:07:04,734 Speaker 1: When someone says you need a million dollars at retirement, 139 00:07:04,814 --> 00:07:06,614 Speaker 1: does that mean like in your super fund? 140 00:07:06,734 --> 00:07:08,854 Speaker 3: Like when you go and look up through my GARV 141 00:07:08,894 --> 00:07:09,454 Speaker 3: at the ATO. 142 00:07:09,534 --> 00:07:12,094 Speaker 1: So there should be one million dollars sitting in your 143 00:07:12,134 --> 00:07:14,494 Speaker 1: super account or does that include other things like I 144 00:07:14,494 --> 00:07:17,414 Speaker 1: don't know if you own a home, etc. What does 145 00:07:17,414 --> 00:07:18,174 Speaker 1: that number mean? 146 00:07:18,814 --> 00:07:21,574 Speaker 2: What it's talking about is all of the savings that 147 00:07:21,614 --> 00:07:24,494 Speaker 2: you have, not necessarily just what's in your super because 148 00:07:24,494 --> 00:07:27,934 Speaker 2: when you get to retirement, you tend to start to 149 00:07:28,014 --> 00:07:31,654 Speaker 2: collate all of your assets to use for your retirement income. 150 00:07:31,774 --> 00:07:34,774 Speaker 2: So it could be investment properties, even the home you're 151 00:07:34,774 --> 00:07:37,774 Speaker 2: living in if you're thinking about downsizing it and moving 152 00:07:37,774 --> 00:07:40,534 Speaker 2: to a smaller place, then you could release some money 153 00:07:40,534 --> 00:07:44,014 Speaker 2: that way. So it's talking about everything that's at your fingertips, 154 00:07:44,014 --> 00:07:47,054 Speaker 2: all your resources that you can use to fund your 155 00:07:47,054 --> 00:07:48,014 Speaker 2: retirement lifestyle. 156 00:07:48,454 --> 00:07:50,894 Speaker 1: Okay, if there's no magic number, how on earth do 157 00:07:50,934 --> 00:07:53,414 Speaker 1: we plan for our retirement? Linda, Like, how do we 158 00:07:53,414 --> 00:07:54,734 Speaker 1: make sure we're on the right track. 159 00:07:55,774 --> 00:07:58,294 Speaker 2: Yeah, it's tricky, but it's important again to remember that 160 00:07:58,334 --> 00:08:01,374 Speaker 2: it's not just about the magic number, it's about the 161 00:08:01,414 --> 00:08:04,254 Speaker 2: lifestyle you want to live, and that planning is key 162 00:08:04,494 --> 00:08:06,734 Speaker 2: because we know that people who plan and engage with 163 00:08:06,734 --> 00:08:09,494 Speaker 2: their super are much more likely to have a better outcome. 164 00:08:09,894 --> 00:08:12,374 Speaker 2: There are some guiding principles we can use to help 165 00:08:12,454 --> 00:08:14,934 Speaker 2: us work out our own magic number. So a starting 166 00:08:14,974 --> 00:08:17,854 Speaker 2: point is to think about what you're spending now. Really 167 00:08:17,934 --> 00:08:21,774 Speaker 2: understand that. We find that most people need around seventy 168 00:08:21,814 --> 00:08:25,134 Speaker 2: percent of their take home pay that they get today 169 00:08:25,614 --> 00:08:29,534 Speaker 2: to maintain their current lifestyle, and that's because some expenses 170 00:08:29,574 --> 00:08:31,934 Speaker 2: are reduced. A lot of people have paid off most 171 00:08:31,974 --> 00:08:35,014 Speaker 2: of their debt. You don't have to travel to work anymore, 172 00:08:35,214 --> 00:08:38,254 Speaker 2: funder a corporate wardrobe, et cetera, et cetera. 173 00:08:38,294 --> 00:08:41,374 Speaker 3: Pay for your kids education, hopefully your kids. 174 00:08:41,334 --> 00:08:45,774 Speaker 2: Education if that's not cheap, and to get a little 175 00:08:45,774 --> 00:08:48,374 Speaker 2: bit more accurate. Then that's where you start thinking about 176 00:08:48,414 --> 00:08:51,534 Speaker 2: the lifestyle you want in retirement and how that compares 177 00:08:51,574 --> 00:08:53,734 Speaker 2: to the lifestyle you have today. So might you need 178 00:08:53,774 --> 00:08:56,494 Speaker 2: more or might you need less than that amount each year? 179 00:08:56,894 --> 00:09:00,494 Speaker 2: And then you can use online calculators like my Retirement 180 00:09:00,534 --> 00:09:03,654 Speaker 2: Planner that can help you understand what you could get 181 00:09:03,654 --> 00:09:05,894 Speaker 2: from the age pension based on what you're likely to have. 182 00:09:06,374 --> 00:09:09,054 Speaker 1: Will the government actually help me out even if I 183 00:09:09,094 --> 00:09:11,134 Speaker 1: do have some super later on in life. 184 00:09:11,174 --> 00:09:14,414 Speaker 2: Probably most people can get some money from the age pension. 185 00:09:14,734 --> 00:09:17,894 Speaker 2: And every dollar that you do get from the government 186 00:09:17,934 --> 00:09:20,014 Speaker 2: is a dollar less that you need to take from 187 00:09:20,054 --> 00:09:23,374 Speaker 2: your super so it's a really important point. The reason 188 00:09:23,414 --> 00:09:26,534 Speaker 2: that most people can get some is because if you're 189 00:09:26,574 --> 00:09:29,934 Speaker 2: a single homeowner, you can have almost nine hundred and 190 00:09:30,014 --> 00:09:34,294 Speaker 2: fifty thousand dollars of savings, so things like super term deposits, 191 00:09:34,774 --> 00:09:38,134 Speaker 2: investment properties even in addition to your home. If you 192 00:09:38,174 --> 00:09:41,494 Speaker 2: own your own home before you're cut off from getting anything, 193 00:09:41,774 --> 00:09:43,894 Speaker 2: and if you're a couple, that numbers one point three 194 00:09:43,974 --> 00:09:47,374 Speaker 2: million dollars. If you're not a homeowner, those numbers go 195 00:09:47,494 --> 00:09:50,454 Speaker 2: up again. So even if it's only a small amount 196 00:09:50,614 --> 00:09:54,694 Speaker 2: at the start, it's still worth applying because as you 197 00:09:54,854 --> 00:09:59,214 Speaker 2: start using some of your own money and you start 198 00:09:59,254 --> 00:10:02,214 Speaker 2: dipping into your own savings, the amount you'll get from 199 00:10:02,214 --> 00:10:04,494 Speaker 2: the government will get bigger and bigger as you go along. 200 00:10:04,774 --> 00:10:07,454 Speaker 2: And also, even if it's only one dollar in the 201 00:10:07,494 --> 00:10:10,534 Speaker 2: first year, it's still worth applying because you can get 202 00:10:10,574 --> 00:10:14,774 Speaker 2: other benefits like concession card that will save you thousands 203 00:10:14,814 --> 00:10:19,774 Speaker 2: potentially on bills like water, electricity, car registration, medications, and 204 00:10:19,814 --> 00:10:21,774 Speaker 2: we start needing more of those as we get older. 205 00:10:22,174 --> 00:10:24,774 Speaker 2: It's still very worthwhile even if it's a small amount. 206 00:10:25,174 --> 00:10:27,174 Speaker 1: Linda, I imagine this is an issue that you come 207 00:10:27,254 --> 00:10:30,374 Speaker 1: up against pretty often. But like, how do you make people, 208 00:10:31,334 --> 00:10:34,574 Speaker 1: you know, my age, who twenty thirty years away from retirement. 209 00:10:34,734 --> 00:10:36,534 Speaker 1: How do you get people like me to care about 210 00:10:36,574 --> 00:10:39,334 Speaker 1: something that's decades down the track When I'm like, in 211 00:10:39,374 --> 00:10:42,294 Speaker 1: my current lifestyle still having to worry about a mortgage 212 00:10:42,374 --> 00:10:44,174 Speaker 1: or even getting into the housing market, or I've got 213 00:10:44,174 --> 00:10:47,734 Speaker 1: some very immediate financial needs that need to be addressed. 214 00:10:47,774 --> 00:10:49,534 Speaker 1: How do you get people like me to care about 215 00:10:49,534 --> 00:10:50,374 Speaker 1: that down the track. 216 00:10:50,734 --> 00:10:53,414 Speaker 2: It's really hard, you know, we know that cost of 217 00:10:53,454 --> 00:10:56,734 Speaker 2: living pressures are real. It's really difficult to focus on 218 00:10:57,134 --> 00:11:01,014 Speaker 2: future self when the here and now feel quite daunting. 219 00:11:01,494 --> 00:11:04,414 Speaker 2: But it's about thinking about some small steps that you 220 00:11:04,454 --> 00:11:08,294 Speaker 2: can take now and trying to imagine yourself in retirement 221 00:11:08,414 --> 00:11:11,694 Speaker 2: so future clear, what's she going to be needing and wanting, 222 00:11:11,814 --> 00:11:14,374 Speaker 2: and really working hard to try and imagine that and 223 00:11:14,694 --> 00:11:18,694 Speaker 2: try to demonstrate the power of putting a dollar away 224 00:11:18,734 --> 00:11:21,214 Speaker 2: today the dollar to be is worth three dollars in 225 00:11:21,254 --> 00:11:23,814 Speaker 2: your reqirement. And then there's other things that even if 226 00:11:23,854 --> 00:11:26,174 Speaker 2: you don't have that extra few dollars today that you 227 00:11:26,214 --> 00:11:30,454 Speaker 2: can do to help grow your super for retirement. One 228 00:11:30,534 --> 00:11:33,054 Speaker 2: thing you can do is make sure you've consolidated your 229 00:11:33,094 --> 00:11:36,814 Speaker 2: super accounts. People tend to accumulate multiple accounts as they 230 00:11:36,894 --> 00:11:39,934 Speaker 2: change jobs, but you can put them all into one 231 00:11:40,014 --> 00:11:42,254 Speaker 2: to make sure you're only paying one set of fees. 232 00:11:42,654 --> 00:11:45,294 Speaker 2: That can actually mean an extra nine thousand dollars in 233 00:11:45,334 --> 00:11:47,934 Speaker 2: retirement just from moving all your accounts together. 234 00:11:48,334 --> 00:11:48,494 Speaker 3: You know. 235 00:11:48,534 --> 00:11:51,534 Speaker 2: Another really great tip is to take an interest in 236 00:11:51,614 --> 00:11:54,334 Speaker 2: how your SUPER is invested and make sure you're in 237 00:11:54,374 --> 00:11:56,654 Speaker 2: the best investment option for your age and for your 238 00:11:56,734 --> 00:12:00,414 Speaker 2: risk profile. Because thirty percent of your retirement income is 239 00:12:00,454 --> 00:12:02,974 Speaker 2: going to come from the investment returns on your SUPER, 240 00:12:03,414 --> 00:12:06,734 Speaker 2: so getting that right can have a big impact on 241 00:12:07,094 --> 00:12:09,454 Speaker 2: your retirement even if you're not adding extra money. 242 00:12:09,734 --> 00:12:12,614 Speaker 1: Can we touch on the fact that women often retire 243 00:12:12,654 --> 00:12:14,974 Speaker 1: with less SUPER than men do for various reasons, and 244 00:12:15,014 --> 00:12:17,574 Speaker 1: that could be time out to have babies. 245 00:12:17,134 --> 00:12:18,094 Speaker 3: And that is changing. 246 00:12:18,134 --> 00:12:20,574 Speaker 1: We are having discussions now about paying super well women 247 00:12:20,614 --> 00:12:23,014 Speaker 1: or maternity leaf. But also you might have only worked 248 00:12:23,094 --> 00:12:25,454 Speaker 1: part time as you looked after kids or cared for 249 00:12:25,654 --> 00:12:28,854 Speaker 1: other family. How do we manage the fact that we 250 00:12:28,974 --> 00:12:31,414 Speaker 1: might end up with a bit less. 251 00:12:31,454 --> 00:12:34,614 Speaker 2: Yeah, Unfortunately, many women just don't have the same financial 252 00:12:34,654 --> 00:12:37,614 Speaker 2: outcomes in retirement for all of the reasons that you mentioned, 253 00:12:37,654 --> 00:12:39,614 Speaker 2: and in very welcome news. One of the great things 254 00:12:39,614 --> 00:12:42,614 Speaker 2: that's recently been announced is that the government's going to 255 00:12:42,814 --> 00:12:47,294 Speaker 2: pay super parental that the government scheme. Unfortunately, a lot 256 00:12:47,334 --> 00:12:50,934 Speaker 2: of women though it will take longer out of their 257 00:12:50,974 --> 00:12:53,494 Speaker 2: career than the six months that that covers, or it 258 00:12:53,494 --> 00:12:56,414 Speaker 2: will only partially cover their usual super payments because it's 259 00:12:56,454 --> 00:12:59,694 Speaker 2: based on minimum wages. So if you're planning a break 260 00:12:59,774 --> 00:13:02,094 Speaker 2: to care for a child or even an aging parent 261 00:13:02,174 --> 00:13:05,134 Speaker 2: for example, and you have a partner, try to think 262 00:13:05,174 --> 00:13:08,214 Speaker 2: like a team. Your partner can choose to split their 263 00:13:08,254 --> 00:13:11,214 Speaker 2: contributions with huge during that period so that you share 264 00:13:11,374 --> 00:13:13,894 Speaker 2: the impact of the break, or they could be able 265 00:13:13,894 --> 00:13:17,174 Speaker 2: to make extra contributions to your account and they can 266 00:13:17,174 --> 00:13:19,694 Speaker 2: receive a tax self set as a result. So I know, 267 00:13:20,294 --> 00:13:24,334 Speaker 2: money discussions can be really daunting with your partner and stressful, 268 00:13:24,374 --> 00:13:27,574 Speaker 2: but if you can open a conversation about evening the 269 00:13:27,614 --> 00:13:30,534 Speaker 2: playing field, it can have a really big impact at retirement. 270 00:13:31,134 --> 00:13:33,254 Speaker 1: Can we talk about the fact that a divorce might 271 00:13:33,294 --> 00:13:35,374 Speaker 1: happen in that time too, Like what if you've taken 272 00:13:35,414 --> 00:13:38,094 Speaker 1: time out and you have less than your then partner 273 00:13:38,134 --> 00:13:39,214 Speaker 1: and then you separate? 274 00:13:39,294 --> 00:13:40,534 Speaker 3: Is there anything that can be done there? 275 00:13:40,854 --> 00:13:44,814 Speaker 2: Yeah, there is, So if you're unfortunately managing through a separation, 276 00:13:45,534 --> 00:13:48,694 Speaker 2: it's important to remember that super counts as part of 277 00:13:48,734 --> 00:13:52,414 Speaker 2: the asset pull for the couple. So no doubt you'll 278 00:13:52,454 --> 00:13:55,214 Speaker 2: get advice, but your SUPER can count and it can 279 00:13:55,254 --> 00:13:58,334 Speaker 2: be evened up throughout that process or be considered as 280 00:13:58,414 --> 00:13:59,414 Speaker 2: part of the separation. 281 00:13:59,934 --> 00:14:03,574 Speaker 1: So, Linda, how do we then start working out what 282 00:14:03,614 --> 00:14:05,894 Speaker 1: our number is? Where's a good place to sort of 283 00:14:05,934 --> 00:14:07,494 Speaker 1: get our grounding and move forward. 284 00:14:07,934 --> 00:14:11,854 Speaker 2: Something to think about when we're retiring is that retirement 285 00:14:11,894 --> 00:14:14,214 Speaker 2: is not a static thing. Just like our careers and 286 00:14:14,254 --> 00:14:17,094 Speaker 2: our working lives, it generally has different phases where you 287 00:14:17,174 --> 00:14:20,214 Speaker 2: might need more or less income. We refer to them 288 00:14:20,214 --> 00:14:23,054 Speaker 2: as the go go, the slogo, and the no goo stages. 289 00:14:23,134 --> 00:14:26,214 Speaker 2: So typically during the ten to fifteen years at the 290 00:14:26,254 --> 00:14:28,534 Speaker 2: start of retirement, that's your go go phase. You might 291 00:14:28,574 --> 00:14:32,854 Speaker 2: be traveling, joining golf clubs, living it up, learning new hobbies, 292 00:14:33,134 --> 00:14:36,774 Speaker 2: really just out and about enjoying the freedom that retirement brings, 293 00:14:36,774 --> 00:14:40,494 Speaker 2: and obviously that comes with a higher income need. And 294 00:14:40,534 --> 00:14:43,534 Speaker 2: then at some point, unfortunately, you typically move into more 295 00:14:43,534 --> 00:14:46,814 Speaker 2: of a slogo phase or a more passive, slower paced lifestyle, 296 00:14:47,174 --> 00:14:49,854 Speaker 2: and your expenses will drop, and then if you're lucky enough, 297 00:14:49,894 --> 00:14:53,414 Speaker 2: there's the even later years where there's really not much 298 00:14:53,454 --> 00:14:56,574 Speaker 2: you're outdoing and health can impact what you can do. 299 00:14:56,774 --> 00:14:59,894 Speaker 2: So the phase where if we've got grandparents who are 300 00:14:59,934 --> 00:15:02,334 Speaker 2: solely on the age pension, they're still managing to stuff 301 00:15:02,454 --> 00:15:05,174 Speaker 2: money under their beds or in the curtain rods because 302 00:15:05,294 --> 00:15:07,774 Speaker 2: they just don't have the expenses that they used to have. 303 00:15:07,934 --> 00:15:11,614 Speaker 2: So when you are doing planning and again chopping online 304 00:15:11,614 --> 00:15:14,334 Speaker 2: and using tools, you can factor that in. Rather than 305 00:15:14,374 --> 00:15:18,014 Speaker 2: thinking about your early years, which is a common mistake 306 00:15:18,094 --> 00:15:19,814 Speaker 2: to think about what I might need and all the 307 00:15:19,854 --> 00:15:21,534 Speaker 2: things I want to do in the early years and 308 00:15:21,534 --> 00:15:24,134 Speaker 2: that I'll need that amount of money for the entire retirement, 309 00:15:24,494 --> 00:15:27,814 Speaker 2: you won't. You'll typically start reducing the amount of money 310 00:15:27,854 --> 00:15:30,334 Speaker 2: you need. Therefore, include that in your plan because it 311 00:15:30,374 --> 00:15:31,454 Speaker 2: can make a big difference. 312 00:15:34,054 --> 00:15:37,134 Speaker 1: Looking ahead, the superannuation landscape is set to evolve. The 313 00:15:37,214 --> 00:15:39,654 Speaker 1: number of ossies with more than three million in super 314 00:15:39,934 --> 00:15:42,774 Speaker 1: is expected to increase by forty five percent to eighty 315 00:15:42,854 --> 00:15:46,174 Speaker 1: thousand this year. Currently, only zero point three percent of 316 00:15:46,214 --> 00:15:50,654 Speaker 1: Australians have balances exceeding that mark. Also this year, approximately 317 00:15:50,734 --> 00:15:53,694 Speaker 1: fifty percent of OSSIE retirees are projected to afford a 318 00:15:53,734 --> 00:15:56,934 Speaker 1: comfortable retirement. That's up from the current thirty percent, and 319 00:15:56,974 --> 00:16:00,534 Speaker 1: this progress is partly attributed to the superannuation guarantee reaching 320 00:16:00,654 --> 00:16:03,894 Speaker 1: twelve percent. So how are you traveling? Go log onto 321 00:16:03,894 --> 00:16:05,134 Speaker 1: mi gov and see for yourself. 322 00:16:13,854 --> 00:16:14,854 Speaker 3: Have you ever had a UTI? 323 00:16:15,414 --> 00:16:18,254 Speaker 1: If you haven't, come with me on a rather painful 324 00:16:18,294 --> 00:16:21,694 Speaker 1: journey and prepare yourself for getting personal. The first time 325 00:16:21,734 --> 00:16:24,054 Speaker 1: I ever got one was actually quite recently, which I 326 00:16:24,094 --> 00:16:27,254 Speaker 1: now understand is linked to the start of perimenopause. I 327 00:16:27,294 --> 00:16:28,694 Speaker 1: went for a WII and at the end of it 328 00:16:28,694 --> 00:16:31,814 Speaker 1: it felt just a little uncomfortable, like a slight burning sensation. 329 00:16:32,254 --> 00:16:34,574 Speaker 1: But after that I could not stop the feeling that 330 00:16:34,614 --> 00:16:37,374 Speaker 1: I needed to eat again and again and again. And 331 00:16:37,414 --> 00:16:39,414 Speaker 1: by the time I managed to squeeze onto my doctor's 332 00:16:39,414 --> 00:16:42,934 Speaker 1: patiently that day, it was serious that maybe we in 333 00:16:42,934 --> 00:16:44,974 Speaker 1: a cup to verify, but they were pretty certain I 334 00:16:45,014 --> 00:16:46,654 Speaker 1: had a UTI, and they sent me off to the 335 00:16:46,734 --> 00:16:49,774 Speaker 1: chemist to get a prescription for antibiotics. While I was 336 00:16:49,814 --> 00:16:51,854 Speaker 1: waiting for that script to be filled, I raced off 337 00:16:51,894 --> 00:16:54,134 Speaker 1: to the public toilet, where I thought I was actually 338 00:16:54,134 --> 00:16:57,374 Speaker 1: going to pass out from the pain. Like tiny knives, 339 00:16:57,414 --> 00:16:59,894 Speaker 1: stabbing me in the nether regions over and over. 340 00:17:01,494 --> 00:17:01,694 Speaker 4: Look. 341 00:17:01,734 --> 00:17:04,694 Speaker 1: Luckily, antibiotics work very quickly, but it happened again the 342 00:17:04,734 --> 00:17:07,414 Speaker 1: next month and the month after that, and we all 343 00:17:07,414 --> 00:17:10,974 Speaker 1: know taking antibiotics regularly is ideal due to the possibility 344 00:17:10,974 --> 00:17:13,934 Speaker 1: of resistance. Taylor Strano, have you ever had a UTI? 345 00:17:14,294 --> 00:17:14,574 Speaker 4: Do you know? 346 00:17:14,774 --> 00:17:17,454 Speaker 5: I had to think about this for a second, but yes, 347 00:17:17,694 --> 00:17:22,054 Speaker 5: at some stage in my teenagehood, I totally had a UTI. 348 00:17:22,174 --> 00:17:25,454 Speaker 5: Clar I can't believe you got away without experiencing one 349 00:17:25,814 --> 00:17:26,574 Speaker 5: till you're mid. 350 00:17:26,654 --> 00:17:28,694 Speaker 3: Forty y yeh, I feel very grateful for that. 351 00:17:28,854 --> 00:17:29,094 Speaker 4: Do you know? 352 00:17:29,134 --> 00:17:31,374 Speaker 5: It's not uncommon, though women are more likely to get 353 00:17:31,374 --> 00:17:34,974 Speaker 5: a UTI than mena. The reason that is is because 354 00:17:34,974 --> 00:17:38,014 Speaker 5: our urethra, which is the tube that the urine exits 355 00:17:38,014 --> 00:17:41,254 Speaker 5: our body from, is actually shorter, so it's quicker for bacteria, 356 00:17:41,254 --> 00:17:43,614 Speaker 5: which is what a UTI is. It's a bacterial infection 357 00:17:44,054 --> 00:17:48,214 Speaker 5: to reach our bladder and then spread chaos throughout our pelvis. 358 00:17:48,334 --> 00:17:50,574 Speaker 5: So that's why you and I both have had one. Statistically, 359 00:17:50,774 --> 00:17:53,134 Speaker 5: a lot of women will in fact experience a UTI 360 00:17:53,214 --> 00:17:56,334 Speaker 5: at least once in their lives. It affects the urinary system, 361 00:17:56,414 --> 00:17:58,614 Speaker 5: so things like your bladder, your kidneys. 362 00:17:58,214 --> 00:18:00,094 Speaker 4: The tubes that connect all those things. 363 00:17:59,894 --> 00:18:04,414 Speaker 5: The urethra, and traditionally to treat a UTI things like ural, 364 00:18:04,494 --> 00:18:05,494 Speaker 5: they dissolve it in water. 365 00:18:05,574 --> 00:18:06,654 Speaker 4: It's an alkalizer. 366 00:18:06,854 --> 00:18:09,214 Speaker 5: There's also that traditional thing or that wives tale of 367 00:18:09,254 --> 00:18:12,894 Speaker 5: Chuck in cranberry juice, which actually has some truth to it, 368 00:18:13,254 --> 00:18:17,654 Speaker 5: and of course the traditional round of antibiotics. But there 369 00:18:17,694 --> 00:18:20,574 Speaker 5: may be more hope for people who experience UTI it's 370 00:18:20,574 --> 00:18:21,214 Speaker 5: more regularly. 371 00:18:21,454 --> 00:18:24,534 Speaker 1: Yeah, look, I have only stumbled across this recently, but 372 00:18:24,574 --> 00:18:26,774 Speaker 1: apparently this has been around for a while. I'm hearing 373 00:18:26,814 --> 00:18:29,454 Speaker 1: there is actually a vaccine for UTIs. 374 00:18:29,694 --> 00:18:30,614 Speaker 3: What is this all about? 375 00:18:30,934 --> 00:18:33,454 Speaker 4: Yeah, so you' immune which is the name of the vaccine. 376 00:18:33,774 --> 00:18:37,414 Speaker 5: It's really only been available for people who experience UTI's 377 00:18:37,454 --> 00:18:40,614 Speaker 5: super frequently, Like we're talking every couple of months. So 378 00:18:40,654 --> 00:18:42,894 Speaker 5: when we think about like a typical vaccine that's a 379 00:18:42,974 --> 00:18:45,254 Speaker 5: jab or a needle that you get a dead sort 380 00:18:45,294 --> 00:18:47,334 Speaker 5: of version of the virus is put into your body. 381 00:18:47,494 --> 00:18:50,494 Speaker 5: Your immune system can recognize it, it can find a 382 00:18:50,534 --> 00:18:52,294 Speaker 5: way to fight it off, and then when the real 383 00:18:52,374 --> 00:18:54,254 Speaker 5: thing does into your body, it knows what to do. 384 00:18:54,614 --> 00:18:56,974 Speaker 5: The difference with this one is that it's a spray, 385 00:18:57,214 --> 00:19:00,054 Speaker 5: so basically you pop it under your tongue every day 386 00:19:00,294 --> 00:19:03,254 Speaker 5: across a three month period. It again will put the 387 00:19:03,294 --> 00:19:06,054 Speaker 5: bacteria that you'd find in a UTI. Something like E. Coli, 388 00:19:06,174 --> 00:19:08,494 Speaker 5: for instance, is one of the bacterias in a UTI. 389 00:19:08,854 --> 00:19:12,014 Speaker 5: You sprayed on your tongue, your body becomes used to it. Hopefully, 390 00:19:12,054 --> 00:19:14,374 Speaker 5: then if you're one of these people that experiences a 391 00:19:14,494 --> 00:19:17,574 Speaker 5: UTI recurringly, it will help your body to adjust and 392 00:19:17,654 --> 00:19:19,454 Speaker 5: know how to fight it off for the next time 393 00:19:19,454 --> 00:19:21,734 Speaker 5: that that does happen to you. There was a recent 394 00:19:21,774 --> 00:19:24,294 Speaker 5: study out of Spain actually that involved more than a 395 00:19:24,374 --> 00:19:27,254 Speaker 5: thousand women. They're all given the U immune vaccine and 396 00:19:27,334 --> 00:19:30,374 Speaker 5: it found that ninety one point seven percent had an 397 00:19:30,414 --> 00:19:33,734 Speaker 5: effective chance at reducing a UTI after three months. That 398 00:19:33,774 --> 00:19:36,654 Speaker 5: figure did drop to fifty seven point six percent after 399 00:19:36,694 --> 00:19:39,694 Speaker 5: twelve months, but still that's some pretty good evidence and 400 00:19:39,774 --> 00:19:42,534 Speaker 5: making headway for this vaccine to become widely available. 401 00:19:42,894 --> 00:19:45,534 Speaker 1: So let's speak to our GPS and find out if 402 00:19:45,534 --> 00:19:48,454 Speaker 1: maybe we can get on this UTI vaccine train and 403 00:19:48,614 --> 00:19:51,134 Speaker 1: maybe remove it from our life experience altogether. 404 00:19:51,494 --> 00:19:54,974 Speaker 5: It's not currently available in Australia in the walk into 405 00:19:54,974 --> 00:19:57,414 Speaker 5: the chemist and purchase it over the counter kind of way. 406 00:19:57,494 --> 00:19:59,894 Speaker 5: So you might have seen some people on social media, 407 00:19:59,934 --> 00:20:03,494 Speaker 5: like Abby Chatfield for instance, has been taking your Immune. 408 00:20:03,654 --> 00:20:06,054 Speaker 5: The reason for that is that it's not been approved 409 00:20:06,054 --> 00:20:06,894 Speaker 5: by the TGA. 410 00:20:06,974 --> 00:20:08,294 Speaker 4: Now the TGA or the. 411 00:20:08,134 --> 00:20:11,694 Speaker 5: Therapeutic Goods Administration, they're the people who green light products 412 00:20:11,694 --> 00:20:14,574 Speaker 5: to be sold here like medicines. Some people have been 413 00:20:14,614 --> 00:20:16,814 Speaker 5: able to get the drug by asking their doctors for it, 414 00:20:16,894 --> 00:20:20,134 Speaker 5: so gps can access the drug via the TGA's Special 415 00:20:20,174 --> 00:20:23,774 Speaker 5: Access scheme or through the authorized Prescriber pathway, so they 416 00:20:23,774 --> 00:20:26,574 Speaker 5: basically apply to give it to their patient. The patient 417 00:20:26,574 --> 00:20:28,574 Speaker 5: would then take that form and then they purchase it 418 00:20:28,614 --> 00:20:32,094 Speaker 5: directly from the manufacturer. That's how we're seeing some people 419 00:20:32,094 --> 00:20:34,454 Speaker 5: in Australia take it. Like I said before, though, it's 420 00:20:34,494 --> 00:20:38,574 Speaker 5: really only being used to people who are experiencing recurring UTIs. 421 00:20:38,654 --> 00:20:40,894 Speaker 4: So everybody who gets a UTI it sucks. 422 00:20:41,014 --> 00:20:43,174 Speaker 5: We all think that it's the worst pain ever, but 423 00:20:43,254 --> 00:20:46,374 Speaker 5: that isn't necessarily enough for you to be given access 424 00:20:46,614 --> 00:20:49,654 Speaker 5: to the vaccine. It's also not yet on the PBS, 425 00:20:49,694 --> 00:20:52,934 Speaker 5: the Pharmaceutical Benefit Scheme, so it's costing people about three 426 00:20:53,014 --> 00:20:54,894 Speaker 5: hundred and twenty bucks every time they want to get 427 00:20:54,934 --> 00:20:57,694 Speaker 5: it prescribed and it's about a three month course like 428 00:20:57,734 --> 00:21:00,574 Speaker 5: we talked about before, and very quickly a little beacon 429 00:21:00,574 --> 00:21:01,854 Speaker 5: of hope. There are a couple of other. 430 00:21:01,814 --> 00:21:04,214 Speaker 4: Vaccines like this that are in testing phases. 431 00:21:04,294 --> 00:21:04,534 Speaker 1: Well. 432 00:21:05,014 --> 00:21:07,294 Speaker 5: Nothing available in the market yet, but that's not to 433 00:21:07,294 --> 00:21:09,894 Speaker 5: say that sometime, hopefully in the near few sure, there'll 434 00:21:09,894 --> 00:21:12,054 Speaker 5: be a vaccine for utigurarlies everywhere. 435 00:21:13,974 --> 00:21:15,574 Speaker 3: Thanks for taking the time to feed your mind with 436 00:21:15,654 --> 00:21:15,974 Speaker 3: us today. 437 00:21:16,014 --> 00:21:18,454 Speaker 1: The quickie is produced by me Claire Murphy and our 438 00:21:18,494 --> 00:21:21,174 Speaker 1: executive producer Taylor Strano who you just heard there, with 439 00:21:21,334 --> 00:21:23,094 Speaker 1: audio production by Teak and Sadler.