News for hackers. Stuff that matters.

A comment on Americans Are Putting Billions More Than Usual in Their 401(k)s. Parent comment

Re:Americans Are Putting Billions More Than Usual in Their 4... by jacalata on Thursday January 05, 2017 @12:46PM (#13329396)
Not necessarily. The Australian superannuation program has compulsory contributions but the money goes into an account in your own name.
[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by snovv_crash on Thursday January 05, 2017 @01:04PM (#13329600)
Do you get to choose the bank that the account is with?
[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by jackvalentine on Thursday January 05, 2017 @01:47PM (#13330064)
Yes, 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.

[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by rch on Thursday January 05, 2017 @12:53PM (#13329474)
Interesting - I wasn't aware of this program even as I was writing a similar comment.
[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by merpnderp on Thursday January 05, 2017 @02:34PM (#13330565)
How does Australia deal with retirees with too little or nothing in this account, aka the poor who are past working age?
[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by jacalata on Thursday January 05, 2017 @03:05PM (#13330851)
We have an old-age pension if your income and assets are below a certain amount: https://www.humanservices.gov.au/customer/services/centrelin...
[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by jackvalentine on Thursday January 05, 2017 @03:11PM (#13330901)
And 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/centrelin...

[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by jacalata on Thursday January 05, 2017 @03:41PM (#13331192)
There is certainly room for discussion on the personal home exemptions to the asset test, I agree.
[ Parent | on HN ]
Re:Americans Are Putting Billions More Than Usual in Their 4... by linkregister on Thursday January 05, 2017 @05:32PM (#13332062)
The superannuation program is minuscule compared to the pension scheme in terms of expected payments.
[ Parent | on HN ]