No. We have the 'Age Pension' [0], which is the equivalent of your Social Security. It kicks in once you're 65 and not working (much), and pays up to $23k a yea

No. We have the 'Age Pension' [0], which is the equivalent of your Social Security. It kicks in once you're 65 and not working (much), and pays up to $23k a year (which IMHO is enough to live on as long as you own your own home). The funds for it come out of general income tax. "Superannuation" was the 401k-alike system started in 1992 which has the 9.5% minimum. You can choose your investment allocation, and there's a bunch of tax incentives if you choose to contribute extra. [0]: https://www.humanservices.gov.au/individuals/services/centrelink/age-pension https://www.humanservices.gov.au/individuals/services/centre... [1]: https://en.wikipedia.org/wiki/Superannuation_in_Australia https://en.wikipedia.org/wiki/Superannuation_in_Australia