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A comment on The Investor Class Hates Pensions. Parent comment

Re:The Investor Class Hates Pensions by Arbalest on Monday March 05, 2018 @05:57PM (#16525336)
Here in Australia, Superannuation (essentially 401k) is compulsory and the process to get the money out before you retire is quite arduous. It is contributed by your employer and often isn't included in the advertised income. The compulsory contribution is about 9% of your income (exact value eludes me).
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Re:The Investor Class Hates Pensions by dragontamer on Monday March 05, 2018 @06:01PM (#16525359)
Sounds like "Social Security" in the USA.

Social Security is only a little bit of money however. It taxes 12.4%, half of which is employer contribution, and the other half is an individual tax. Most people only see 6.2% individually. (Self-employed get taxed at the full 12.4%)

No one actually expects to live on Social Security alone in the USA. Supplemental savings (such as Pension Plans or 401k plans) are needed for a real retirement.

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Re:The Investor Class Hates Pensions by photojosh on Monday March 05, 2018 @07:28PM (#16525879)
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/centre... [1]: https://en.wikipedia.org/wiki/Superannuation_in_Australia

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Re:The Investor Class Hates Pensions by kgwgk on Monday March 05, 2018 @06:22PM (#16525501)
Except the part where the money you’re giving to the SS is no longer yours.
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Re:The Investor Class Hates Pensions by jcwayne on Monday March 05, 2018 @06:10PM (#16525428)
> No one actually expects to live on Social Security alone...

None should, but plenty do.

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Re:The Investor Class Hates Pensions by dbjacobs on Monday March 05, 2018 @06:22PM (#16525497)
To be more precise. Among elderly Social Security beneficiaries, 23% of married couples and about 43% of unmarried persons rely on Social Security for 90% or more of their income [1].

[1] - https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf

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Re:The Investor Class Hates Pensions by srtjstjsj on Tuesday March 06, 2018 @01:29AM (#16527261)
That doesn't account for spending past income, as in a savings account, cost-basis of investments, or home ownership.
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