Imagine that guy from Crocodile Dundee saying this-
“G’Day Mate! Mind if we just force ya ta save a little? Oblige ya. Take it right out yer paycheck? Now go on, ya wouldn’t mind? If we do, there will be plenty of shrimp on the barbie for ya later!”
Yep, the Aussies have figured out how to solve their own pension and retirement crisis. They force their citizens to save. Imagine that. But instead of the way we do it, where the US Government takes your money for “Social Security” and then spends it three times over before it earns a penny, the Aussies take your money out of your paycheck and put it in your OWN account. Called a Super Annuation account. Employers are also obliged to put money in these accounts.
Employees are not allowed to crack open the account to pay off credit cards, student loans or bad spending habits. The money stays invested until retirement. Period. And guess what? It works! Would Americans go for this? We better start thinking about it.