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Message: <blockquote data-quote="Omnipotent" data-source="post: 657539" data-attributes="member: 1120"><p>back in the day men retired at 65 and women 62 and were entitled to a liveable pension but politicians saw into the future and knew people not only lived longer but they wouldn't be able to pay large pensions so they devised at plan in the 1990s a way to forcibly take 9% ( it used to be 6%) of your weekly pay and put it into a superannuation fund. Your employer pays it. Then when you retire you either live on a part pension and your superannuation... it can go something like this for arguments sake... $300 from your part pension and $300 from your superannuation per week.... or whatever...it depends how much you squirreled away in your super fund. Your superannuation fund gives you 9% interest.... BUT as the stock market goes up and down so does your super and that freaks me out.</p></blockquote><p></p>