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
Except the part where the money you’re giving to the SS is no longer yours.
> No one actually expects to live on Social Security alone...
None should, but plenty do.
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
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.