I was interested to hear Trump mention Australia's retirement system the other day (amongst the endless stream of what he normally talks about, it really stood out).
In Australia you have a universal Age Pension which is a backstop against extreme hardship set at the equivalent of US$20.5k, but your rate of Age Pension reduces linearly with income levels between US$9k and US$44k.
Similarly, the rate of Age Pension reduces linearly with asset levels between US$213k and US$474k, but you don't count your own home in that.
The private retirement savings system is similar to the 401(k) and Roth 401(k) except the employer doesn't typically do a match, they are just legally obligated to pay 12% of your salary. You can then contribute an extra US$20k as an income tax reduction or pretty much however much you want after-tax.
Inside the superannuation system, the gains are only taxed at 15%.
In general, it's a pretty perfect system that just leans a little too far towards being a rich person's wealth preservation tool, but overall it enables self-sufficiency while also preventing real poverty in old age.
In Australia you have a universal Age Pension which is a backstop against extreme hardship set at the equivalent of US$20.5k, but your rate of Age Pension reduces linearly with income levels between US$9k and US$44k.
Similarly, the rate of Age Pension reduces linearly with asset levels between US$213k and US$474k, but you don't count your own home in that.
The private retirement savings system is similar to the 401(k) and Roth 401(k) except the employer doesn't typically do a match, they are just legally obligated to pay 12% of your salary. You can then contribute an extra US$20k as an income tax reduction or pretty much however much you want after-tax.
Inside the superannuation system, the gains are only taxed at 15%.
In general, it's a pretty perfect system that just leans a little too far towards being a rich person's wealth preservation tool, but overall it enables self-sufficiency while also preventing real poverty in old age.