Unlike many other countries Australian baby boomers have contributed to super for only a little more than half their working lives. Therein lies a problem.
When Hawke/Keating introduced compulsory super contributions for workers, it was Keating's intention to increase it in the very early years to make up the shortfall for future retirees.
This is something Keating has repeatedly asked former governments to remedy over more than 20 years.
Those that make sacrifices and contribute over and above the employee contributions will never regret it.
If I was of retirement age right now, and without any further changes to super, it would mean that I would be a self funded retiree after working and paying taxes for more than 40 years and without receiving or being entitled to one cent from government pensions.
Maybe I should feel hard done by like some would, but you only get what you put in and besides, it must give a great sense of satisfaction to know you steer the ship.
