June | July 2015 Restoration House The French Way Sparkle at Sixty Secrets to Fabulousness Rice & Beans Super Good, Super Tasty Budget Special What You Need to Know Second Time Around Redefining Love Hayley Mills “I went to ballet and wanted a pony” contents June | July 2015 18 Life Lines Child star First Up Hayley Mills, now 69, is still on stage doing what she 9 Letters loves most. She chats with 12 News Rosemary Desmond. 14 Executive Diary 20 Just Good Friends? 16 Campaigns In ditching the wedding lace, older couples are presenting challenges for the courts. Epicurean Margaret Arthur explains. 30 Books & Movies 38 Top Shelf The stylish 24 Restoration House In a Margaret Woodberry shares her little French town Barbara secrets to looking fabulous at 60. Booth rolls up her sleeves to help preserve a piece of history. 40 Super Good Nutritionist Chrissy Freer’s hearty legume 28 Budget Special Around recipes are full of goodness. 325,000 retirees are set to either 42 Wide Blue Yonder Torres lose or see their pensions cut. del Paine is a place of barren Sarah Saunders reports. landscape and brooding skies, Rosemary Desmond discovers. 31 Agony Planner Struggling with superannuation, pensions or shares? Time Out Colin Lewis has answers. 47 Puzzles 34 Starting Point Australia 48 Tech Spec Keeping computer is shifting to a system of viruses out. ‘consumer-directed’ aged care. 50 The Last Word Tackling The government explains. climate change. 24 40 42 Cover: Hayley Mills still treading the boards, 2015 50 SOMETHING June/July 2015 5 first up executive diary The pension assets test and rich and income poor home owners to draw down this contained superannuation reform debates have wealth. I say this having observed people living their later years sharpened the focus on retirement with a lesser dignity because they have no access to an income income. Debate initially centred on stream. However, it is also clear that the current model for reverse pension reform alone. But reform mortgages remains unattractive for consumers. Interestingly a cannot be undertaken in one part number of major banks decline to offer the product. One senior of retirement income in isolation. executive indicated to me that his bank would not offer such a product because of the reputational risk. Development of an equity Rice Warner Actuaries has confirmed draw down product that consumers can trust is a challenge the a substantial impact on pension finance sector must deal with. Innovation is essential. Suggestions eligibility and the subsequent need that Government should widely offer such a product are fanciful. Michael O’Neill for greater super savings. The CEO National Government’s underlying philosophy Finally in the context of debate about the house, it is notable that Seniors revolves around people treating early responses to the proposed taper rate and pension changes their retirement income as that – include further investment in the family home. Having seen the savings to be spent in retirement and not preserved for following slow emergence of downsizing as important for older home owners, generations. It is not an unreasonable proposition. Despite the it is ironic that a policy change elsewhere in the retirement income bumper sticker messages about ‘Spending the Kids Inheritance’ system may derail such an important consideration. Similar there is a cultural tradition of wealth being transferred from one implications arise from changes to aged care. Whilst there has generation to the next. Changing this culture will not be easy. been a focus on the provision of so-called consumer directed care, Whilst baby boomers may be the great hope for change in this area, it is apparent that the cost to consumers of paying for their care, optimism outweighs reality. whether at home or in a residential situation, will involve drawing down on accumulated savings or other wealth. A continuing pressure point is the family home. It is currently Retirement income is a complex, interconnected area of policy excluded from the assets test. Both sides of politics accept that where there has been little product innovation. It should not be any change is a bridge too far. This has not stopped think tanks regarded as a panacea for short term budget savings. from targeting changes to the treatment of the home. Inevitably the debate lands on reverse mortgages as the mechanism to unlock Michael O’Neill equity in the home. I have some sympathy for enabling asset Chief Executive SENIORS COACH TOURS 2015/16 HOLIDAYS EARLY CLOSESBIRDS Aug 31 EARLY BIRDS CLOSES JUL 15 Destination Destination OUT NOW OUT NOW Tasmania K imberleyimberley K TChristmas & New Year 11 days - Darwin to Broome 11 days Kimberley up per person 2015 | Dec 23 2016 | May 26 Jun 9, 23, 30 Jul 14, 28 Aug 11, 18 SAVE to $200 pay from $4,190 up per person pay from $5,115 SAVE to $450 Tasmanian Highlights 12 days 2015 | Oct 13, 27 Nov 17 2016 | Jan 12, 26 Feb 9, 16 Mar 22, 29 Apr 19 Kimberley Shortbreak 8 days up 2016 | May 28, July 18 per person pay from $3,645 SAVE to $300 up per person pay from $3,715 SAVE to $300 Tasmanian Shortbreak 8 days Kimberley, Kakadu and Darwin 13 days 2015 | Oct 6 Nov 24 2016 | Mar 1, 8, 15 2016 | Jun 5, 19 up per person pay from $2,290 up per person pay from $6,015 SAVE to $200 SAVE to $500 first up campaigns Following last year’s We are quite happy to give a Clearly the government has unpopular announcements pension to Mary who lives in listened. And we can expect it seems the government has a $3 million home in Sydney more of the same next year listened and taken a softer so her kids can inherit the before the election. approach to budget repair. house but not happy for Yes, they have made some It is a good thing when Fred to get a pension because moves to restrict spending governments listen. his $3 million is in shares. in the family tax area People of my ripe old age We have decided that the pension is something you and in pensions but they will be happy with this softer are fairly gentle changes. Augustus approach. Gen Y appears should plan to get rather than something the rest of us will The government has also Inside Politics comfortable as well. However, announced moves to give small they will be deeply unhappy provide if you haven’t been able to provide for yourself. business a kick start. Money once they realise the debt is cheap to borrow and energy burden which will be left on So we know our expenses are on the up and up. costs are lower so the time their shoulders. is ripe for business to, as the If the economy doesn’t grow It is our income we cannot be Treasurer says, ‘have a go’. as predicted more changes sure of. The mini boom is over The Opposition in their budget will need to be made. and if another global financial crisis hits we would be in reply ignored the problem of If you plan your household deep trouble. Against this our growing costs and entered budget, but your expenses somewhat depressing outlook some sort of Dutch auction for suddenly go up at a time when we have told the government who could give bigger breaks your income unexpectedly we do not want any difficult to small business. They don’t goes down, you’re in trouble. cuts or savings and they have think there is any problem in Our economic position is a listened. the future. Frankly, as our bit clearer. We are absolutely problem becomes clearer, their If everything keeps growing state of denial will look sillier. certain our expenses are going we may be okay. But if the to skyrocket. More of us are world economy goes pear- Augustus is a high profile going on the pension or part shaped, our income will former member of federal thereof and staying on it wither. The government parliament. The views longer because we are living will just have to reduce expressed here do not longer. With more elderly expenditure and do it quickly. necessarily reflect those people the health budget is So, for a softer one now of National Seniors. going to zoom upwards. we risk a much tougher We the people told the budget in years to come. government in no uncertain Then those of us in our terms that we did not want later years might wish we to contribute to going to had accepted some harsher the doctor. medicine a little earlier. Parliament Sits June 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30 House of Reps only Both Houses Parliament enters winter recess in July 16 50 SOMETHING June/July 2015 first up 58,444 dollars a year required for couples to live a comfortable retirement 42,569 dollars a year required for singles to live a comfortable retirement “I’m volunteering both in Australia and overseas – on assignment now in Jordan,” says National Source: ASFA retirement income standards, May 2015 Seniors Member, Dr Bea Duffield, 61. (left) Seniors contribute 1.4 times more than the 2013 deficit As the federal government “Older Australians are Lifting the Professional, Ethical slashes the Age Pension, a volunteering and looking and Educational Standards in National Seniors’ report reveals after grandkids so mum the Financial Services Industry that older Australians are and dad can work.