this post was submitted on 06 Oct 2023
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Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.

Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.

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[–] jcit878 22 points 11 months ago (1 children)

in Australia 12% (used to be 10) of your salary is automatically invested for your retirement that you can't touch until then except in extreme circumstances (or you have a shit PM who let's anyone withdraw it during covid). even then, it will be hard to say it will be enough and you want some other side investments. if you don't own a house, like many my age, things would be grim.

and even in bad scenarios, we accept none of us will ever see a pension. currently boomers can get a rediculous amount on top of owning a large valuable house and they will screech black and blue about "entitlements" but for everyone else it's a "handout"

[–] [email protected] 12 points 11 months ago* (last edited 11 months ago)

They lose their mind when you tell them the aged pension costs the taxpayer 5x what unemployment benefits do

https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook45p/WelfareCost