How is it possible to build your nest egg? The video below (from superguru.com.au) shows how superannuation can be one way to build enough money to live on in retirement, just by contributing the current minimum (Super Guarantee Levy) - 9.5% of your wages or salary.
Superannuation is not the only way to fund your life in retirement: You could also rely on savings or personal investments (like property income or sharemarket funds)
Or rely on the age pension - if you meet the eligibility conditions, including being over 65; have been an Australian resident for at least 10 years; and 'pass' the income and assets tests for pensions.
This presentation accompanies the Economics Teachers Association of WA (ETAWA) professional development material written for Western Australian and Australian Curriculum Economics and Business. This material is being developed for all Year levels 5-10.