Emperor Augustus’ scheme for retired soldiers paid a decent sum after 25 years, so retirement age could be as young as 42 while they were still strong and healthy.
Articles on superannuation system
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Australians have been told for decades that they’re not saving enough for retirement. But the vast majority of retirees today and in future are likely to be financially comfortable.
As a person now closing in on retirement, I admit I had no idea in my 20s how much my future, and the futures of those close to me, would depend on my superannuation savings.
If you’re considering putting more money into your super, and want to know more about how the whole system works, here are the basics.
Compelling Australians to put even more into super runs the risk of giving them a better standard of living in retirement than they had while working.
Despite recent reforms, the superannuation system is still beset with problems such as high fees and patchy performance. You need to pay attention if you want to make sure your nest egg’s in the best hands.
The Australian superannuation system was originally meant to be government-run, and so many necessary protections weren’t included.
Top contributors
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Adjunct Professor, Curtin Law School and Curtin Business School, Curtin University
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Program Director, Housing and Economic Security, Grattan Institute
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Associate, Grattan Institute
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Professor and Head of the Department of Banking and Finance, Monash University
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Deputy Program Director, Housing and Economic Security, Grattan Institute
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Professiorial Fellow, The University of Melbourne
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Associate Professor in the UNSW Business School, UNSW
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Lecturer/Co-Ordinator, Queensland University of Technology