Latest news with #Danes
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Retirement at 70? It's coming, whether we like it or not
The full Danish folkepension pays around AUD $57,000 a year, but after tax, most retirees take home between roughly AUD $40,000 and $42,000. That includes a base pension, which everyone gets, and a supplement, which is means-tested. About half the payment is universal; the rest tapers off if you have higher income from savings or investments. Loading It's a lot more generous than our pension, but it's still a safety net, not a luxury. But if you haven't built up your own retirement savings, you'll be working longer or retiring lean. Meanwhile, in Australia we haven't made any big statements about retirement age recently, but we've quietly been moving in the same direction. The age pension age is now 67. Access to super starts at 60. Most Australians retire somewhere in the middle, not because of the rules, but because of redundancy, burnout, or the long-awaited chance to actually enjoy life. We don't really have a set retirement age. What we have is a cluster of access points at 60, 65 and 67, and a silent expectation that you'll figure it out for yourself. And while we've built one of the best savings systems in the world in superannuation, we've failed to finish the job. We've neglected the retirement phase almost entirely. Most Australians don't know how much to take out, how long it will last, how it works together with the age pension, or whether they're even on track. And let's be clear: there's no $40,000-a-year pension coming to everyone at 67 or even 70 here. Ours is fully means-tested, a fair amount lower and difficult to understand. So maybe our government doesn't need to lift the retirement age to 70. Perhaps they'll just wait for superannuation to lift many Australians out of eligibility for it, and won't have to make any bold or controversial moves that might see one party lose an election because of angry pensioners revolting in the streets. So while we're not lifting our pension age to 70 just yet, we shouldn't assume we'll never go there. The economics of longer lives don't just go away. Here's what we need to face. We're living longer. Much longer. One in four 50-year-olds today will live past 95. That means a 30-year retirement isn't extreme – it's average. Maybe even an underestimate. Raising the retirement age to 70 feels harsh to today's retirees. But if you're 50 today and not planning for retirement, knowing you might live such a long life? That's reckless. And expecting the pension to carry the full load of your living costs, when we've got one of the best private savings systems in the world in super - that really is a missed opportunity. So what happens next? Honestly, I think we should expect change. Maybe not next year, but eventually. The pension age will rise, and the system will have to adapt. But here in Australia, we're on a different path to the Danes so it might not need to be as extreme. We don't pay every citizen more than $20,000 a year for 20 plus years - so the pressure on our public system isn't the same, despite what headlines might suggest. Over the next 20 years, superannuation will take on more of the heavy lifting. Most Australians who've worked throughout their lives won't rely on the age pension the way 44 per cent of retirees do today. They'll have their own savings, and with that comes greater choice and flexibility - but also a bigger need to plan and prepare. Loading That's what we need to recognise now. Retirement is increasingly going to be on our own backs. So let's stop treating it like a finish line or a grand holiday. It's a phase. A long one. And we need a system that reflects that - supporting phased retirement, guiding drawdown decisions, and offering real help without a $5000 advice bill for the basics. Right now, we're leaving people to guess. And that guesswork is costing Australians their lifestyle, their confidence, and sometimes their dignity. Will we raise the retirement age to 70? Eventually - maybe, maybe not. But honestly? It doesn't matter. Because whether the number shifts or not, the burden is already shifting away from the government. Superannuation is steadily replacing the pension. The responsibility for funding your own retirement is now sitting squarely on your shoulders.
The Age
2 days ago
- Business
- The Age
Retirement at 70? It's coming, whether we like it or not
The full Danish folkepension pays around AUD $57,000 a year, but after tax, most retirees take home between roughly AUD $40,000 and $42,000. That includes a base pension, which everyone gets, and a supplement, which is means-tested. About half the payment is universal; the rest tapers off if you have higher income from savings or investments. Loading It's a lot more generous than our pension, but it's still a safety net, not a luxury. But if you haven't built up your own retirement savings, you'll be working longer or retiring lean. Meanwhile, in Australia we haven't made any big statements about retirement age recently, but we've quietly been moving in the same direction. The age pension age is now 67. Access to super starts at 60. Most Australians retire somewhere in the middle, not because of the rules, but because of redundancy, burnout, or the long-awaited chance to actually enjoy life. We don't really have a set retirement age. What we have is a cluster of access points at 60, 65 and 67, and a silent expectation that you'll figure it out for yourself. And while we've built one of the best savings systems in the world in superannuation, we've failed to finish the job. We've neglected the retirement phase almost entirely. Most Australians don't know how much to take out, how long it will last, how it works together with the age pension, or whether they're even on track. And let's be clear: there's no $40,000-a-year pension coming to everyone at 67 or even 70 here. Ours is fully means-tested, a fair amount lower and difficult to understand. So maybe our government doesn't need to lift the retirement age to 70. Perhaps they'll just wait for superannuation to lift many Australians out of eligibility for it, and won't have to make any bold or controversial moves that might see one party lose an election because of angry pensioners revolting in the streets. So while we're not lifting our pension age to 70 just yet, we shouldn't assume we'll never go there. The economics of longer lives don't just go away. Here's what we need to face. We're living longer. Much longer. One in four 50-year-olds today will live past 95. That means a 30-year retirement isn't extreme – it's average. Maybe even an underestimate. Raising the retirement age to 70 feels harsh to today's retirees. But if you're 50 today and not planning for retirement, knowing you might live such a long life? That's reckless. And expecting the pension to carry the full load of your living costs, when we've got one of the best private savings systems in the world in super - that really is a missed opportunity. So what happens next? Honestly, I think we should expect change. Maybe not next year, but eventually. The pension age will rise, and the system will have to adapt. But here in Australia, we're on a different path to the Danes so it might not need to be as extreme. We don't pay every citizen more than $20,000 a year for 20 plus years - so the pressure on our public system isn't the same, despite what headlines might suggest. Over the next 20 years, superannuation will take on more of the heavy lifting. Most Australians who've worked throughout their lives won't rely on the age pension the way 44 per cent of retirees do today. They'll have their own savings, and with that comes greater choice and flexibility - but also a bigger need to plan and prepare. Loading That's what we need to recognise now. Retirement is increasingly going to be on our own backs. So let's stop treating it like a finish line or a grand holiday. It's a phase. A long one. And we need a system that reflects that - supporting phased retirement, guiding drawdown decisions, and offering real help without a $5000 advice bill for the basics. Right now, we're leaving people to guess. And that guesswork is costing Australians their lifestyle, their confidence, and sometimes their dignity. Will we raise the retirement age to 70? Eventually - maybe, maybe not. But honestly? It doesn't matter. Because whether the number shifts or not, the burden is already shifting away from the government. Superannuation is steadily replacing the pension. The responsibility for funding your own retirement is now sitting squarely on your shoulders.
Scottish Sun
2 days ago
- Scottish Sun
Blow to families after staff who served methanol laced drinks that killed Brit lawyer & 5 other backpackers in Laos FLEE
The shocking twist comes after six months without any charges being made following the horrific poisoning POISON FURY Blow to families after staff who served methanol laced drinks that killed Brit lawyer & 5 other backpackers in Laos FLEE Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) STAFF members who served a Brit backpacker and five other tourists deadly drinks laced with poison in Laos have sparked outrage by fleeing the country. The cruel twist came after Brit lawyer Simone White, 28, and five others died after consuming methanol-spiked vodka shots at the party hotspot last year. Sign up for Scottish Sun newsletter Sign up 6 Staff members who served Brit Simone White and five other poison-laced alcohol have fled the country Credit: PA 6 The Nana Backpacker Hostel, in Vang Vieng, Laos, where six backpackers died after drinking tainted alcohol laced with methanol Credit: Enterprise 6 Duong Duc Toan, the manager of Nana Backpackers hostel where the victims were staying According to the Herald Sun, at least two employees who were "detained" following the horrific ordeal have now fled Laos to neighbouring Vietnam. Tragic Simone was among five other backpackers who also lost their lives after drinking the same fatal beverages. Bianca Jones and Holly Bowles, both 19 and from Australia, as well as two young women from Denmark, Danes Anne-Sofie Orkild Coyman, 20, and Freja Vennervald Sorensen, 21, and American man James Louis Hutson, 57, were also killed. All of them were staying at the hostel along with 100 more guests. After hearing that two of the suspects had fled Laos, Bianca's dad told the Herald Sun: "We want the Australian Government to apply as much pressure as they can to bring justice to all those involved in the methanol poisoning of our girls, the Danish girl and the British girl in Laos." The group died after they consumed vodka and whiskey laced with deadly methanol at the Nana Backpackers hostel in the town of Vang Vieng last November. Simone was among the victims after she was rushed to hospital in a near paralytic state before being placed on life support for three days. Her mum Sue took a hellish 16-hour journey from Kent to Laos after hearing of her daughter's grave condition. She said she feared Simone would die after being called by the hospital who told her she needed emergency brain surgery. After arriving at Laos hospital Sue was given the devastating ultimatum over whether to leave her daughter on life support or not. Brit lawyer Simone White, 28, dies in 'methanol-laced alcohol poisoning' that left 4 others dead in backpacking hotspot Doctors refused to switch off the machine due to their religion - but told Sue she could do it herself. The distraught mum said she had to take a tube out of her dying daughter's mouth before making the incredibly painful and "traumatic" decision to switch off the machine. Simone's official cause of death was confirmed as a bleed on the brain, an inquest heard. No charges have been made six months after the fatal ordeal, despite Laotian authorities reportedly preparing charges for up to 13 people. The 13 suspects have been accused of violating food and health security, unlawful business operations and the elimination of evidence, according to the Australian Department of Foreign Affairs. It comes just weeks after the families of Bianca and Holly, who died from suspected methanol poisoning, slammed cops over "appalling" charges. 6 Laos methanol poison victim, Simone White, with her mum Sue 6 Sue revealed her daughter's final message in an interview alongside Simone's friend Bethany Clarke Credit: 60 Minutes Australia 6 The two teens tragically died just days after the shocking incident. Holly's mother told 60 Minutes: "[The charges are] pretty appalling, I'd say pretty insulting.' Bianca's furious mum added: 'I think we're pretty furious about it … Food and beverage. "You know, that's like? What is that? We don't even know." The parents also said they had written to Laos Prime Minister Sonexay Siphandone 'a million times'. The desperate parents claimed to have even contacted his wife, but still say they have not received a response. Why is methanol so deadly? By Sam Blanchard, Health Correspondent METHANOL is a super-toxic version of alcohol that may be present in drinks if added by crooks to make them stronger or if they are brewed or distilled badly. The consequences can be devastating because as little as a single shot of contaminated booze could be deadly, with just 4ml of methanol potentially enough to cause blindness. Prof Oliver Jones, a chemist at the Royal Melbourne Institute of Technology, said: 'The body converts methanol to formic acid. 'Formic acid blocks the action of an enzyme that is critical to how the body uses oxygen to generate energy. 'If it stops working, cells cannot take up or use oxygen from the blood and lack of oxygen causes problems in a range of organs as the cells start to die. 'Symptoms of methanol poisoning include vomiting, seizures and dizziness. 'The optic nerve seems to be particularly vulnerable to methanol toxicity, so there is the potential for temporary or permanent blindness, and even death. 'While thankfully rare, methanol poisoning is very serious, and treatment should be given at a hospital.' An unexpected but key way of treating methanol poisoning is to get the patient drunk with normal alcohol - known as ethanol - to distract the liver and stop it processing the methanol.
New Straits Times
2 days ago
- Sport
- New Straits Times
World No. 1 Size Fei-Izzuddin crash out of Singapore Open
KUALA LUMPUR: World No. 1 Goh Sze Fei-Nur Izzuddin Rumsani were brought back down to earth after suffering a quarter-final exit at the Singapore Open on Friday. The Malaysians couldn't find answers against India's Satwiksairaj Rankireddy-Chirag Shetty, going down 21-17, 21-15 in a clash between the current and former world No. 1s. The defeat could prove costly, with their reign at the top potentially short-lived. With a slender gap in points separating them from Denmark's Kim Astrup-Anders Skaarup Rasmussen — the pair they overtook earlier this week — the Sze Fei-Izzuddin could relinquish their No. 1 spot if the Danes reach the final or beyond on Sunday.
Scottish Sun
3 days ago
- Sport
- Scottish Sun
‘Impressive' Celtic star ‘would be world class if he was five inches taller'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) FORMER Scotland boss Gordon Strachan claims Greg Taylor is inches away from being "world class." The Celtic full-back could leave the Premiership champions after failing to agree new terms and the impending return of fans' favourite Kieran Tierney. Sign up for the Celtic newsletter Sign up 3 Greg Taylor with Anthony Ralston and James Forrest Credit: Kenny Ramsay 3 Greg Taylor in action Credit: Alamy 3 Gordon Strachan Credit: Kenny Ramsay Hoops boss Brendan Rodgers wants him to stay, but the 27-year-old's availability has alerted Greek side PAOK who are on the lookout for a full-back. Strachan, who famously quipped "genetics" were holding Scotland back after failing to qualify for the 2018 World Cup in Russia, believes the 5 foot 6 inch full-back could be among the best in the world if he was bigger. He told Esports Insider: 'Celtic have Kieran Tierney coming back into the team for next season, which will be a huge boost and a great signing. 'However, I really like Greg Taylor. He's not tall, but he jumps well, plays the system as well as anybody; if he was six foot tall and slightly quicker, he'd be a world class left-back. 'Unfortunately, as I know too well, the lack of height can be a disadvantage at times. "He is still a consistent left-back though and he's been impressive.' Strachan believes Celtic will look to strengthen in the final third this summer. They've been linked with Brondby striker Mathias Kvistgaarden. The 23-year-old has enjoyed a prolific season for the Danes, with 23 goals in 38 games, but the Hoops could face competition for his signature from other European clubs. And Strachan thinks Celtic won't be able to compete with the spending power of Europe's elite. Celtic fans would never let their club die says Hoops hero Peter Grant He said: 'Celtic don't have the money to go big bucks, they'll need to pluck an attacker out of the air which they're good at. 'They'll be signings this summer you've probably never heard of, but you'll be talking about them big time in a year. 'The club have a plan, and it usually works. "I think they'll be looking at attackers overall and perhaps a goalkeeper, but they don't have the money to go all out in the window. 'I expect there'll be some other big decisions on Brendan Rodgers' mind for the rest of the squad. "Kasper Schmeichel will have a decision on whether he wants to keep going or call it a day. "Wide men and strikers are always in the conversation for Celtic and midfielders always want a striker to give the ball to. 'Fans were naturally worried about Celtic losing the cup final last week, but I wouldn't be too worried. "They hit the post and the bar, and Kasper made an uncharacteristic mistake. "If you account for those, you'd probably say it would've been a comfortable win for Celtic, so there's no need to enter panic mode and start demanding loads of transfers.' Keep up to date with ALL the latest news and transfers at the Scottish Sun football page
