Huh. Australia used to have “social security” (it’s now referred to as the cryptic “Centrelink”), but I thought it was essentially only unemployment/disability payments, and specifically not pension payments.
Does the US S/S cover unemployment benefits as well as those who are retired?
Re:401k wow. I cannot fathom a government preventing its citizens from saving more money for retirement. Seems bonkers to me.
> Does the US S/S cover unemployment benefits as well as those who are retired?
No. Unemployment benefits are a separate program, run by the individual state governments. (Social Security is run by the Federal government.)
> Re:401k wow. I cannot fathom a government preventing its citizens from saving more money for retirement.
You can save as much as you like for retirement outside of your 401k. The limit on the 401k only puts a cap on how much you can save in tax-deferred accounts.
Does the US S/S cover unemployment benefits as well as those who are retired?
Re:401k wow. I cannot fathom a government preventing its citizens from saving more money for retirement. Seems bonkers to me.