8 ms·
All of this is thankfully foreign to the average Australian, an employer in mandated to pay +9% of an employee's salary into a superannuation account that canno
by oliyoung 9y ago
All of this is thankfully foreign to the average Australian, an employer in mandated to pay +9% of an employee's salary into a superannuation account that cannot be withdrawn from unless you retire (or suffer “severe financial hardship").
The average 39 year old man will retire with AU$300k, while Women retire on AU$180k.
https://en.wikipedia.org/wiki/Superannuation_in_Australia https://en.wikipedia.org/wiki/Superannuation_in_Australia
- apexalpha 9y agoSame here in the Netherlands. Everyone has to pay into a pension fund (entrepeneurs and some fields excluded). In total, the Dutch pension system now has almost 2 trillion USD saved up and invested for 17 million people. This was implemented to prevent the dystopia that the article predicts: people who save money having to pay for people who didn't.
- xxxxxxxx 9y agoUnless you get divorced and lose half. Divorce twice? Now you 're in really big trouble. What if you die before retirement? You have made the mandatory payments, but got nothing for it. What if the stock market crashes the day you retire? The Australian system is not perfect - it's a compromise.
- oliyoung 9y agoI've been divorced, it's not included, if I die, it's my estate, and it survived 2007's crash