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Is Australia’s Superannuation Superior to Social Security?
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09-10-2022, 06:24 PM
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- MuscleXtreme
- INTJ - Christian
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- MuscleXtreme
- INTJ - Christian
- Join Date: Aug 2011
- Location: United States
- Posts: 28,256
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Is Australia’s Superannuation Superior to Social Security?
For those who don’t know, Australia’s Superannuation basically makes every working Australian to contribute 9% of their income into mutual funds.
The US takes 13% total of your gross income to pay into Social Security to pay for those currently on Social Security. Social Security is adjusted for inflation, but still is under inflation (social security went up 5.3% for 2022, inflation is averaging over 8% for 2022).
So which system is better?
The US takes 13% total of your gross income to pay into Social Security to pay for those currently on Social Security. Social Security is adjusted for inflation, but still is under inflation (social security went up 5.3% for 2022, inflation is averaging over 8% for 2022).
So which system is better?
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