Point taken, HD, but going by your example that's a paltry $500,000 (per couple) - and $250,000 for a single person. On today's figures, which indicates that couple needs $70,000 PA to sustain a slightly better than Spartan lifestyle in retirement, then said $70,000 PA would last a couple circa 8 years and a single person circa 5 years, and that's with a bit of bank interest thrown in. But everybody doesn't fit into that neat little box. There are many where the women interrupted their careers stayed home to look after kids, small business owners that couldn't afford to accumulate super and those with disabilities (mental or physical) with no super at all. So, without the pension, many oldies would wind up on the streets. Even those with a paltry super payout after 5 to 8 years. Not something any of us would wish to see.
