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National Pension Program Needs a Fresh Start, Says One Actuary

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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.

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