You say you are in your twenty's and that "there is no retirement future for anyone under 40"
These remarks seem somewhat defeatist no matter what your beliefs in political or gov't policy etc. It is true that some tuning needs to be made, paticularly to charges and administration fees etc, but nevertheless, (believe it or not) you will reach retirement age and wonder how your retirement age has come about so fast!! If you want to give yourself a chance of a reasonable retirement future then, start now!
I can only assume that you are not self employed and that your employer pays your 9% super. At your age, whatever you have in a fund will seem miniscule, but depending on your salary and circumstances, you would be very wise to further self contribute.
I suppose the fact that you are on H.C. you have an interest in the sharemarket, real advantages exist in buying, holding, trading shares in a SMSF and if you consider yourself astute in the market, far better to keep and grow your profits in that fund.
As for your comment: "My parents will probably have to work part time forever. They are in the low income earner 'soon to be retired' category. Five-digit superannuation is not a pretty thing."
It is a pity that your parents fall into the category of never having been able to afford to add to the relative employer contribution. Also, more than likey, no super scheme existed during their early employment years and when their contributions started, they were probably a low 5%. For the very unfortunate circumstances your parents find themselves in now, this alone should make you strive to achieve a good retirement for yourself.
I am not trying to sound patronising, BUT when I was your age, my only future retirement focus was to never be on a gov't pension and to be self supporting and never having to do without. The sacrafices made in those early years by self contributing and adding to the fund/s have paid off and even in the current market turmoil, those early and current years have and will pay handsomely.
Anyone can sit back and say it's all too hard or why bother. As I said previously, not knowing your circumstances, such as low/med/high income, marital status etc, etc, (and I am not asking you to tell me) but if you believe there is no retirement future, because your accumulated contributions (until now) seem low and the goal posts change etc.etc......... then, you will be fortunate to receive any kind of gov't pension and no doubt you are well aware of this.
It is also unfortunate that Australia only started compulsory superannuation approx 21 years ago (much, much later than most other countries) and this also does not help the current situation.
It is all to easy to say the "baby boomers" fault etc, but it is previous Australian Gov'ts who erred in not introducing compulsory super in the 1970's or even sooner and if we can thank Keating for anything, Super was his baby and no one listened when he advocated the lifting of the contribution rate nor are they listening now when he is saying leave retirement age as it is.
Go for it, accept it, believe in it, add to it and you will never regret it.
