So you're saying you can't think of it in those terms?

Well, yeah, you don't necessarily need a million dollars.

A million dollars makes a great headline, but it's definitely not a universal retirement requirement.

What you need depends on your spending, housing, and your other savings and investments, and also what sort of potential age pension eligibility you have.

And I think more and more we're seeing this modern retirement, whether you want to stop working completely or ease into retirement.

Absolutely.

That sort of relieves the burden a bit if you can keep working a bit as well.

Have I left it too late?

So you're saying you can't think of it in those terms?

Well, yeah, you don't necessarily need a million dollars.

A million dollars makes a great headline, but it's definitely not a universal retirement requirement.

What you need depends on your spending, housing, and your other savings and investments, and also what sort of potential age pension eligibility you have.

And I think more and more we're seeing this modern retirement, whether you want to stop working completely or ease into retirement.

Absolutely.

That, you know, that sort of relieves the burden a bit if you can keep working a bit as well.

Have I left it too late?

Is that something that was really important to you, to turn this thing that's sometimes seen as a difficult thing into something that can be celebrated?

Yeah, definitely.

Obviously, there is a struggle at the start.

The letters are tumbling and creating a mountain and an obstacle for the character.

And I do feel that way with my dyslexia, but I also treat letters as a playground.

I get to build worlds out of letters by being a writer and an author.

So it's something that I wanted to make sure that the children who read it also took away that sort of playful inspiration as well.

Can you explain how you've made it so that this book aids children with dyslexia?

Let's talk about what are the outcomes of helping the, you know, the 28% that help with a deposit.

Yeah.

So the support can be really, um, life-changing.

You know, they enter the housing market sooner than they would've otherwise, and that can provide a better sense of fu- of future for the recipients with an established place to live for the long term.

But for the person giving that support, it can also be deeply rewarding.

However, it's, the support is happening informally without the full consideration of those tax consequences, and none of these reasons are not to help, but they're reasons to get really good advice before you act.

So I mean, some of the impacts of those outcomes could be that any withdrawal is going to have an impact on a person's overall retirement plan.

So what should people do about that? What should super fund members do about that?

How many Australians are walking around right now with no will, no plan, and no idea about what happens to everything that they've worked out for?

[laughs] It's a great question, James, and honestly, most people don't think about it until it's too late.

There are-- about six out of 10 Australians don't have a valid will.

Um, and estate planning is how you make sure that that transfer happens the way that you intend.

So without it, things can become complicated, and that can create stress, delays, and even conflict for families.

So the earlier you get the, the planning right, the more control you have, and the more that you're protecting the people that you care about.

And the good news is it's becoming easier and more affordable to put these plans in place.

[lips smack] How often do you think should people actually be revisiting their will and their super nominations? A-and what can actually go wrong when they don't, Kate?

How many Australians are walking around right now with no will, no plan, and no idea about what happens to everything that they've worked out for?

[chuckles] It's a great question, James, and honestly, most people don't think about it until it's too late.

There are about six out of ten Australians don't have a valid will.

Um, and estate planning is how you make sure that that transfer happens the way that you intend.

So without it, things can become complicated, and that can create stress, delays, and even conflict for families.

So the earlier you get the, the planning right, the more control you have and the more that you're protecting the people that you care about.

And the good news is it's becoming easier and more affordable to put these plans in place.

How often do you think should people actually be revisiting their will and their super nominations, a-and what can actually go wrong when they don't, Kate?

So if I only have a short amount of time to look at this document and really engage with it, what are the three numbers I should be looking for?

Great question.

Here's your three-point checklist.

First of all, your closing balance.

Did it grow? If it didn't move much, or worse, went backwards, it's worth digging into why.

Maybe your contributions didn't go through, or your investment option may not be right for you.

Number two is your total fees paid.

What is that, and why is it important to fill it in rather than leave it blank?

If I have a decent chunk of super, does that mean I'm automatically disqualified from the Age Pension?

No, it doesn't, and this one catches a lot of people out.

Having a healthy super balance does not automatically disqualify you from the Age Pension.

When you reach Age Pension age, Centrelink looks at your whole financial picture, not just your super, and they apply two tests.

The first test is what you own, and that's called the assets test, and the second test is what they assume your money earns.

That's called the income test.

Plenty of people with solid savings still qualify for a part pension.

Without getting too into the weeds, what is an asset in the government's eyes? Does owning my own home count against me?