Catholic Life, February 2017 - Page 11
Retirement - Great expections, underwhelming reality HSBC have recently published a report titled The Future of Retirement: Generations and Journeys. The report looks at the expectations of people still working and also at the reality of those already retired, and the differences between the two. Working Australians now face a longer stretch of time to achieve parity with those already retired. This is a global report but I’ll concentrate on the findings as they apply to Australians. For a start, the average Australian will have to save for 11 years longer, so for a start, we’re behind the game already. But our expectations of how things will work are somewhat optimistic, too. Interruptions to retirement plans are common – at least 40 percent of all those with plans have had their plans interrupted, and this is part of the reason why a plan is essential. Sometimes it’s parenthood, sometimes it’s injuries or illnesses, some expected some not. This can causes incomes to fall and savings to stall, so retirement savings get put on the back burner. It’s a bit like draining the swamp. It’s hard to remember that’s the objective
when there are crocodiles all around. The part of the survey I found interesting, though, is the gap between expectations and the reality of retirement. There are some important numbers, and they illustrate with David Wells the divide. 26 percent (of investment nature the respondents) expect to be able doing that in retirement. The quick lesson from all this more time you have the better to use their house to support retirement, and yet only 8 is that reality doesn’t match the the outcome. Knowing all this is fine, but percent of retirees actually do expectation, and finding this use their house for retirement out at retirement means it’s too avoiding as many pitfalls as late to do anything about it. possible is a different matter purposes. Some 31 percent expect to Most things are set in stone by altogether. So what are the lessons that younger people can use an inheritance (my children then. The answer is not just saving learn from our retirees? know better) but that happens The first is definitely start only with 9 percent when they for longer. That won’t cover low in especially problem, the Most retirees wished earlier. reach retirement. 17 percent expect to use a pension or interest rate times. Downsizing that they had done so. Not retirement scheme yet only 9 property may help, drawdowns necessarily so that they could of other investments may help, retire earlier, but so they could percent of retirees do so now. retire with a little more financial On the income front, 31 too. You may be in a situation security. percent expect to be able to use The second is to think about earned income in retirement where you can still work (even - that’s reduced to 10 percent to a small extent) and then what your expenses are and there’s Centrelink, but the full think of them critically. What among those already retired. On the expenses front, the pension roughly equates to the are you spending now and how numbers aren’t any better. 28 poverty line and who wants to much of those expenses will you have at your retirement. percent of pre-retirees expect go there? when times two are There You will probably have more still to be borrowing whereas 51 percent of retirees have people should be looking to than you think. Get professional. This is retired with debt. That’s a lot plan for retirement. Starting in You important. more debt, and the cost of the low-to-mid-20’s is probably critically passed you’ve If time. best the and ed qualifi educated, need that is substantial. 30 percent expect to be supporting others. that age, then the next best time impartial and trusted advice, The truth is that 45 percent are is today. Like all things of an even from a number of sources.
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You need to know the pitfalls, the possibilities and the methods to get you to a better place in your retirement, one that you can enjoy. And be prepared for the unexpected. We can never be sure of what’s around the corner and what the world may be like when you get to your retirement age. There will be shocks along the way. Be prepared and have a plan that lets you get through these, and leaves your retirement intact. In a future article I’ll discuss various things that may help people do better all the way through to retirement. This article is based on “The Future of Retirement: Generations and Journeys”, published by HSBC in Australia, November 2016. • This report is intended to provide general advice. In preparing this advice, David Wells and Shaw and Partners did not take into account the investment objective, the financial situation and particular needs of any particular person. Before making an investment decision on the basis of this advice, you need to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of your particular investment needs, objectives and financial circumstances.
Rising pastoral worker deaths are distressing CATHOLIC Mission has described a report claiming that 28 pastoral workers were killed in 2016 in the line of duty, the highest number reported since 2009, as “distressing”. The annual report, released by Agenzia Fides, suggests a rise in the number of pastoral
workers, priests, religious men and women, and lay Catholics killed worldwide, which in 2015 stood at 22. Last year’s figure includes 14 priests, nine religious women, four lay people and a seminarian. Once again, the most prolific
number of killings occurred in the United States, where 12 pastoral workers died violently. National director of Catholic Mission Fr Brian Lucas said the report was concerning and reflected increasing levels of global persecution against Christians.
Everyone should have right not to back same-sex marriage ALL members of religious groups deserve the right to not participate in same-sex marriage ceremonies if they hold a traditional view of marriage, according to an Australian Catholic Bishops’ Conference submission to the Senate. The Senate has established a select committee to examine draft exemptions for ministers of religion, marriage celebrants and religious groups so they do not have to participate in same-sex marriage ceremonies, should the law be changed. Chair of the ACBC Commission for Family. Youth and Life Archbishop Anthony Fisher OP said changing the definition of marriage would have an impact on all the members of the Catholic Church. “Perhaps the most significant impact would be on ordinary parishioners trying to live their Catholic faith in their daily lives. “So while the ACBC appreciates the basic protections offered, it must acknowledge that there are no
protections offered for the vast majority of the faithful who wish to continue to practise their beliefs.” People should be free to decline to endorse by participation, activities or ceremonies that were contrary to their beliefs. “For example, people may decline to involve their businesses in activities that they consider may be harmful to the community or which may be harmful to the environment. Likewise, in the case of same-sex marriage, people with conscientious objection should be free to decline to be involved, including where their business is approached to provide services. “The point at issue when services are declined is not the sexual orientation of the person involved: Christians and their businesses serve people of all backgrounds without question every day. “The issue is whether they wish to endorse someone else's activity or belief by providing marriage counselling and preparation, a wedding
“It is certainly distressing to see a seven-year high in the number of pastoral workers killed worldwide, although it is perhaps not surprising,” he said. “Once again, this report serves as a reminder of the great sacrifices made by men and women all around the world in their mission of sharing the message and love of Jesus, and promoting good in their communities. Sometimes, sadly, it is the ultimate sacrifice that they make.” While attempted robbery was the motivating factor in the majority of the killings, many of the priests, religious sisters and
lay people were outspoken on matters of injustice, corruption and poverty in the name of the Gospel, according to Agenzia Fides. The Vatican-based Catholic news agency claims that “hardly any” of the investigations into the killings led to convictions or even charges against their perpetrators, let alone uncovering the reasons for the crimes. Fr Lucas called for prayers for all missionaries around the world, especially those killed during the past year and those at risk of violence and persecution.
Archbishop Fisher reception venue, or some other support for a samesex 'wedding' ceremony or celebration.” Archbishop Fisher said that if religious liberty was not given greater support than the minimal exemptions allowed, any redefinition of marriage in law was very likely to infringe upon the right of faith-based schools to choose staff that accord with their beliefs and mission and upon the right of parents and families to choose a school that accords with their beliefs and best suits their child. A copy of the full submission is available at www.catholic. org.au.
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