Australia’s Retirement System: Does It Have a 401k Plan and How Does Superannuation Compare?
Australia does not have a 401(k) plan. Instead, tax residents can contribute to superannuation accounts. Superannuation contributions are made with after-tax dollars. Tax advantages apply during growth. Eligible members can make tax-free withdrawals when they reach retirement age. Superannuation contributions grow over time through investment earnings, and individuals can access these funds upon reaching retirement … Read more