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Not necessarily. The Australian superannuation program has compulsory contributions but the money goes into an account in your own name.
by jacalata 10y ago
Not necessarily. The Australian superannuation program has compulsory contributions but the money goes into an account in your own name.
- rch 10y agoInteresting - I wasn't aware of this program even as I was writing a similar comment.
- snovv_crash 10y agoDo you get to choose the bank that the account is with?
- jackvalentine 10y agoYes, and the money is easily portable between them and you choose what level of risk you're willing to tolerate. You can even run a self-managed superannuation fund and make all the investment choices yourself if you want but people rarely do better than a standard fund.
- deleted 10y ago[deleted]
- merpnderp 10y agoHow does Australia deal with retirees with too little or nothing in this account, aka the poor who are past working age?
- jacalata 10y agoWe have an old-age pension if your income and assets are below a certain amount: https://www.humanservices.gov.au/customer/services/centrelink/age-pension https://www.humanservices.gov.au/customer/services/centrelin...
- jackvalentine 10y agoAnd in my opinion the assets test is too generous. My grandmother is sitting in a multi million dollar inner suburb property and claiming a pension. It seems harsh but I think she should be required to get her pension via the Pension Loans Scheme: https://www.humanservices.gov.au/customer/services/centrelink/pension-loans-scheme https://www.humanservices.gov.au/customer/services/centrelin...
- jacalata 10y agoThere is certainly room for discussion on the personal home exemptions to the asset test, I agree.
- linkregister 10y agoThe superannuation program is minuscule compared to the pension scheme in terms of expected payments.