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Active Retirees : Active Retirees Feb-March 2012
8 | www.probussouthpacific.org Money talk Your recent editions of Active Retirees have been well balanced with a mix of different articles covering not only travel. Well done! I would nevertheless like to point out that, given the age profile of your readers, the finance article in the October–November 2011 edition (issue four: ‘Ride it out?’), in my opinion, doesn’t sufficiently draw attention to the very real need for retired persons to be extremely circumspect before investing heavily in the share market. The article effectively advised readers that ‘riding out’ the economic downturn is the way to go. For a younger person still in employment I would agree with this, but I feel a word of caution would not be out of place for the majority of your readers, given that they are retirees. Notwithstanding the agreement reached by the European member countries for the rescue plan, there are still many concerns internationally. The world is still precariously balanced on the brink of another depression, with the European sovereign debt problem, the pressures in China to curb inflation, rising food prices internationally, artificially set currencies and, of course, America itself. The share market has changed markedly in recent times. No longer is the old ‘buy and hold’ strategy the sure bet it used to be over the long term. Today it is a traders’ market. Hedge funds and large institutional investors have their super computers, and are able to transact deals in microseconds and manipulate markets to their own advantage. In a changing world, with economic power shifting speedily (to China and India in particular), old-style investment advice like ‘ride it out’ is not best advice to give to retired folk like us Probians. The preservation of one’s capital sits far more comfortably on the shoulders of the majority of older people, even if at the cost of a lower return. David Brimblecombe Thank you and farewell At the beginning of 2000 I retired after a 41-year career in the airline industry and started giving lighthearted talks on travel to Probus clubs in Victoria, New South Wales and South Australia. In the past 11 years I have given 408 talks to 291 Probus clubs in the three states. I have spoken at many clubs more than once and might be one of the most prolific Probus speakers in Australia! In 2012 I want to undertake new community activities, hopefully helping Vision Australia, the radio station for the blind, with news-reading and other broadcasting duties. As this will be time- consuming it also means that I will no longer give talks to Probus clubs. I would like to express my sincere thanks to the members of all the Probus clubs who have put up with my rather amateur tales of travel adventures with courtesy, good humour and much hospitality. Special thanks to the guest speaker organisers of each club for contacting me and for their great assistance with my talks. I wish all Probians in Australia good health and the very best for the future. Tim Acton Travel insurance In May 2011, while planning a Queensland Outback Rail Tour, I decided to try Probus Travel Insurance and, with the assistance of staff at Probus South Pacific, completed the forms and arranged the insurance before confirming and paying for my travel arrangements. One month before the tour was to commence, I was admitted to hospital, resulting in my inability to join the tour. Although my specialist advised that the incident resulted from a new condition, there was a possibility that the insurance company could view it as similar to a pre-existing condition. I again enlisted the aid of staff of Probus South Pacific and lodged a claim for loss following cancellation of the tour. Within three weeks of lodgement my claim was settled within the terms of the policy, subject to policy excesses and limits. lettersYour
Active Retirees Dec-Jan 2012
Active Retirees April-May 2012