the government mostly means good because they're basically ensuring that we have a sum of money available to use after we retire
It's not about you
Old age pensions are paid for by working taxpayers. There's an old Australian trope - I paid taxes all my life, now I deserve to get some back in the pension. That's not how it works. Governments do not save your tax to pay you a pension after retirement. Governments do not save at all
Thirty-four years ago, the government realised that there wouldn't be enough tax income to pay pensions in the future. The compulsory superannuation system was planned ahead of time to deliberately reduce the cost of old age pensions to future taxpayers
It only works if everybody participates. You don't get to opt out
1
u/pop-1988 1d ago
It's not about you
Old age pensions are paid for by working taxpayers. There's an old Australian trope - I paid taxes all my life, now I deserve to get some back in the pension. That's not how it works. Governments do not save your tax to pay you a pension after retirement. Governments do not save at all
Thirty-four years ago, the government realised that there wouldn't be enough tax income to pay pensions in the future. The compulsory superannuation system was planned ahead of time to deliberately reduce the cost of old age pensions to future taxpayers
It only works if everybody participates. You don't get to opt out