Want to live longer? Some lessons in longevity from Iris Apfel | Another age pension payrise coming | Epic letters
She died this week at 102 and a half and she left us a few very important lessons about how to live a good life. Plus - a pension payrise is coming. And - your letters!
In this edition
Feature article: Want to live longer? Here's how you can, according to the science of longevity
Titbit: Pension payrise coming
Prime Time Podcast: 'How much can you really afford to spend each year in retirement?' with Aaron Minney
Letters: Just one letter today, on super and insurance
From Bec’s Desk: Last week was pretty epic!
Before we start - a little ad for our upcoming course …
The How to Have an Epic Retirement Flagship Course kicks off on Monday 11th March!
Hundreds of people have booked for the upcoming How to Have an Epic Retirement Flagship Course. Launching on the 11th March, the course offers 8.5 hours of online lessons, and a practical 85 page workbook, dripped over 6 weeks; weekly live Q&As with some of the retirement industry’s most respected leaders, a community of people approaching retirement to learn with… and me - Bec Wilson, as your educator and coach! You also get a signed copy of the 2024 edition of the book! Find out more or register here. You can use the discount code EPIC25 to get 25% off the price this week.
Lessons in longevity from Iris Apfel
Iris Apfel, a woman we all got to watch age in the public eye, died over the weekend at the age of 102 and a half. Most people only knew her for her very bold outfits, big round black glasses, and wild combinations of accessories. What you may not know is that this woman had a passionate unwillingness to retire, having worked, mostly running her own businesses and creative pursuits, and influencing popular designs, for more than 80 years.
She famously told the American TV show, Today shortly after she turned 100, “I think retiring at any age is a fate worse than death. Just because a number comes up doesn’t mean you have to stop.”
She was irreverant. She was colourful. She broke every stereotype of ageing and retirement. But most of all she stayed engaged all the way through her life - engaged with her passions, curiosity and creativity through her work.
Iris admitted back in her 100th year in an interview with People that she felt that there were three things that contributed to her longevity. She looked after her diet, having eaten well all her life and avoided junk food. She exercised periodically, for her health too. And, she acknowledged that her attitude was probably an important part.
“Attitude can significantly impact how old you actually feel,” she said in the interview.
“It’s a matter of the way you look at things. I know 30-year-old people who are old and 90-year-old people who are young,” she said. “Everything is your attitude. When you think about things a certain way, you look at them a certain way.”
Her husband Carl Apfel died in 2015 at the age of 101. They had been married 67 years in what she called a ‘beautiful marriage’. Another thing we know from the Harvard Study of Adult Development can contribute to longevity and happiness in later life.
Vale Iris Apfel. Now let’s dive into the lessons on longevity we can all take away.
Don’t stop dreaming, and don’t live a small life
Iris Apfel's life was a testament to the idea that living boldly and passionately contributes to longevity. "I think you have to have a dream. I couldn't get through life without a dream," she said.
I want all of us to latch onto the concept that we don’t have to stop dreaming in midlife or to start living small. In this new age of longer life, we can set and fulfil our dreams, goals and ambitions all the way through life, trying things, and building out a portfolio of activities we enjoy and do regularly and semi-regularly. We just have to get up and be proactive and curious enough to do so.
Seek eudaimonic well-being
It’s important to seek out eudaimonic wellbeing as a priority in later life. But if we want to seek what’s otherwise known as ‘a purposeful life’ which Iris certainly lived for, we need to go beyond the pursuit of mere happiness and pleasure in the everyday. We need to look for ways to bring greater meaning and more passion into our lives, in all stages. The science of positive psychology says that engaging in activities aligned with your passions can enhance your sense of purpose, contributing to a holistic well-being that can extend your life expectancy.
Cultivate curiosity
Apfel famously said, "You have to be interested. If you're not interested, you can't be interesting." Iris Apfel had a keen interest in art, fashion, and culture right up to her very last days. She was interested in them, read widely and considered developing her own views on subjects important.
We can all take a leaf out of this book. Curiosity is crucial! Cultivate a curious mind, stay open to learning, and explore a variety of interests throughout your life. And anytime you find your curiosity waning, give yourself a kick, and go looking for fresh interests or renewed energy.
With purpose often comes community
Purpose-driven activities often lead you to participate in communities and social networks. Connecting with others who share similar passions not only deepens the joy of shared experiences but also reinforces the importance of social connections. We know from the research conducted in the Blue Zones that community is an enormous and powerful driver of longevity.
And finally, be alive, not old.
My favourite quote from Apfel is "I don't have time to be old. I'm too busy being alive." That says it all. And I leave you with the question - what did you do today that made you feel alive? And what will you do tomorrow?
An age pension payrise
The Age Pension indexation for 20 March 2024 has been announced, with full age pensions set to rise by $19.60 a fortnight for singles and $29.40 a fortnight for couples combined. Including Pension Supplement and Energy Supplement, the maximum rate of pension will be increased to a total of $1,116.30 a fortnight for singles, and $1,682.80 a fortnight for couples. Commonwealth rent assistance will also be indexed. This is the twice-yearly indexation of the pension that occurs in March and September each year.
'How much can you really afford to spend each year in retirement?' with Aaron Minney
In episode 14 of the Prime Time podcast we're talking about spending in retirement, covering two topics. We talk about ‘safe spending’ or how you calculate the amount you can afford to spend, based on your super balance at retirement if you want your super to last to your life expectancy or a little beyond. We also talk about spending patterns in retirement, and the various different ways that people plan their annual spending budget to work over their lifetime. To talk about these tricky and interesting topics, we have Aaron Minney, the Head of Retirement Income for Challenger, who for 12 years has been researching ways to generate income from investments in retirement.
This is a topic that anyone approaching or in retirement with a fear of running out of money will really enjoy.
And on the Prime Time newsletter which accompanies our podcast we provide you with a really helpful and detailed ‘safe spending’ analysis, thanks to the team at Challenger who have done the calculations.
Listen now
LISTEN HERE - LATEST EDITION (E14) - OMNY
or listen on APPLE PODCASTS
Hi Bec,
I am currently reading and loving your book 📕 🙏🏼
Loving the podcast too - keep up the great work! Wish I had found you 20 years ago!
I am 60. Taking the deep dive on my super funds to try and sort out which one to keep (I have two).
One (with UniSuper has a low balance) has insurance the other (with North which holds the bulk of my super) doesn’t have insurance. My husband has retired (he is 65) and I am currently working 3 days a week.
Following your advice in the book, on page 96, about trying to review the fees can I please ask if insurance premiums are to be included as a fee when trying to work out the fees as a percentage? Hopefully once I can work this out it will be possible to make a more informed choice.
I must admit that I am finding navigating retirement/superannuation all very complicated and overwhelming and my husband has no desire to try and understand (numbers are not his thing but he has many talents in other areas) but trying my best to understand it as much as I can.
I would sincerely appreciate your help with this question 🙏🏼
Many thanks, Kathy
Hi Kathy
This stuff is not easy to navigate on your own. It can get incredibly complex! So let’s start with some simple rules of thumb. Always remember - I'm not a financial adviser so I can only explain ‘how’ people do things in a general sense - not tell you ‘what to do’.
If you want to compare superfund apples with apples, you need to leave the insurance out of the fund comparison. Just compare the funds first. And you do this by reviewing the superannuation fund’s core investment returns and their fees for providing that service, which are best considered in line with the balance. Anyone can use the instructions on page 96 of the book for this.
Then, separately, compare each fund’s insurance offering, if both funds have them, or simply reassess and re-quote for insurance that suits your next stage. If you review, you’ll need to understand whether you hold a basic low cost group insurance policy or an individual policy with customised features and benefits. Again, so you compare apples with apples. At times of change in life it’s often worth taking the time to think about your needs for insurance, and doing a full review with an adviser.
I’ll be honest, I use a financial adviser for the insurance part because insuring yourself against not being able to work in the years you need to is important to get right. Each fund should give you access to some sort of advice to help you review your insurances. That’s usually free to members. They won’t do the comparisons of your funds unless they’re a personal adviser, but you can drill them with questions about the fund they manage. Then, if it’s still unclear you can get some personal advice.
It really can be tricky to navigate the intricate details of insurance on your own.
Thanks for the letter. Hope you enjoy the book! Bec Xx
Got a letter for me? Email me at bec@epicretirement.com.au.
Wowsers! What a week just gone.
You might remember we launched the How to Have an Epic Retirement Flagship Course just over a week ago! Well, it now has HUNDREDS of people booked for our flagship launch on 11th March! I’m still pinching myself. Really though, it’s an incredible course and I’m delighted you can see the value packed into the 6 week program. You can learn more about it here. And if you still want to book for this one, you can use the discount code EPIC25 to get 25% off the price this week.
Last week I flew to Adelaide to speak at two terrific pre- and post retirement events for the superannuation fund Hostplus. It was a buzz. So many really interested members, devouring information to help them navigate retirement. There was hundreds of people in each of the two different sessions and thousands of people online. I even met a few epic retirement community members at the event who brought their books with them. (Gosh how much do I love that! 😊). The vibe was terrific and left me in no doubt that people want more education on how to approach retirement. Thanks for the invite Hostplus. I really hope to do more of this with funds. It’s definitely where I find my own eudaimonic happiness (sense of purpose).
While I was in Adelaide I stopped in on a long time female entrepreneur friend Tania Jolley (a Prime Timer) who is building an ethical business in mascara that could change the way we can use and buy mascara with her beautiful brand Lashes of Change… The mascara formula is divine, designed to be low irritant on our more sensitive eye skin as we get older. The stylish canister is refillable, and you can choose your brush type so the experience of mascara can be right for you. My pick for my long lashes is the brush called Eliza. As a breast cancer survivor, she donates a portion of her profits to breast cancer! Take a look. She’s offered all Epic Retirement subscribers free shipping with the code EPIC. This gal is up for South Australian business woman of the year this year 🥰. I’m just a proud friend and think you should know about this fairly new product. And I love the mascara.
I hope you’ve had time to read up on my big safe spending feature last week. Both the Prime Time podcast and my article in the Sydney Morning Herald and The Age faced into the subject of how we spend in retirement and what we can learn to build our confidence on spending. I’m hoping it helped!
And that’s it. The week ahead is all about women! Speaking, writing and podcasting on womens’ issues knowing that we still have a lot of equality to fight for. And there’s some really practical information we can offer women approaching retirement today with a superannuation gap. Keep an eye out ladies.
Wishing you a wonderful week! Make it Epic!
Many thanks! Bec Wilson
Author, podcast host, columnist, retirement educator, and guest speaker
In case you haven’t got a copy yet - you can buy How to Have an Epic Retirement, the book on Amazon and Booktopia and in many of the major bookstores.