If you're an Australian native, you already know it's one of the best countries in the world. But guess what? Things just got even better for residents Down Under. Australia has just been ranked as having one of the best retirement income systems in the world.
This is good news for those just reaching their golden years, especially living in or around Sydney (as it's been named the best city to live in) – the fun has just begun for those transitioning to an independent lifestyle.
What makes it one of the best retirement income system in the world?
Australia's system is the envy of policymakers all around the world, so what's the key to its success? The compulsory superannuation system, of course.
Our policy makes employers pay 9.5 per cent of wages into their employees' retirement funds (though that is scheduled to rise to 12 per cent in 2025). In total, this retirement fund actually contributes to 130 per cent of Australia's gross domestic product, reports Australia Financial Review.
This makes our retirement income system third best in the world, but Australia still thinks it could do better. Because, in order to retire comfortably in Sydney, residents need to save more than a million dollars in superannuation, according to Association of Superannuation Funds of Australia's Retirement Standard report. It's reasons like this that Australia's policymakers are attempting to bump the per cent employers pay employees, but for now, Sydneysiders are still living it up with their super funds.
How to transition comfortably in Sydney
While any place in Australia would be ideal for retirement, there is still one city that stands out from the rest. Sydney has beat 230 other cities around the world to be titled as the world's best city in which to live, revealed Knight Frank's Global Lifestyle Review of 2016.
In home care packages are designed to help seniors stay in their homes for longer.
Don't forget, the fun doesn't have to stop as you get further into your golden years – in home care packages are designed to help seniors stay in their homes for longer. That means can live independently and enjoy the activities that make Sydney such a spectacular place to live.
Sydneysider seniors can enjoy all kinds of sports, from fishing to golfing, swimming to water polo, and all kinds of field sports, there are senior leagues for pretty much everything. Of course, there are also tonnes of clubs that you can join based on your interests as well, and you can even join a local council and continue to help form legislation, policymakers welcome a different point of view. Visit sites like City of Sydney to find activities close to your neighbourhood!
So there you have it – those transitioning to retirement in Sydney really can't make it any better than that! For more information on in home care packages, contact the team here at Bannister today.