In Australia, the national Age Pension program is a rough equivalent to the American Social Security system—offering recurring payments to citizens over 65 to support their retirement. But while the country has recently lowered its Age Pension obligations as a percentage of GDP, the government lacks a clear objective for the program and needs to evaluate whether it’s meeting the broader needs of retirees, says actuary Michael Rice.
How can the government create a more accurate means test for the program? And what should be done to help middle- and high-income retirees who don’t receive full benefits? See the full article now at Financial Standard.