@ramble81 @BrikoX In Australia, if you work full time, your employer is required to deposit 11% of your income into a retirement savings account, known as a superannuation (or "super") account.

Most people use a member-owned industry super fund, but you can also opt for a super account from a for-profit private financial institution (but the fees can tend to be higher).

In most cases, you can access the money in your super account once you turn 65 (but there are some conditions where you can get early access).

The Australian government also offers a (government provided) aged pension, but it's quite low.

401k, RRSP, etc.

Retirement investment account.

Pension type fund.

Kinda like americans 401(k)

To be clear, the percentage of your income paid in superannuation is in addition to/on top of your regular wage. So you don't lose access to money you've earned through super, it's like a bonus payment your employer makes to an investment fund that you can access at retirement. The basic idea is that the payments and interest build into something that can replace the age pension in retirement, which reduces financial pressure on the Australian government.

Historically super has been a very hands-off investment with strict rules about who can access it and when. People cannot be trusted to use the money wisely and so it is locked away for our own benefit. In 2020 the conservative government in power at the time allowed people in "financial stress" to withdraw their super early. There have been reports that this completely fucked some people who, unsurprisingly, wasted all their super on nothing of long-term value. In 2022, the conservative government promised in the lead up to the election that people buying their first home would be able to withdraw up to $50,000 of their super to spend on a deposit. Thankfully they lost the election.