Retirement savings incentives in Australia

The problems facing Social Security in the US are well known.  Australia has developed a retirement savings system that seems to be much more secure and it offers lessons for how we can get our system back on a solid footing.  Australia runs two systems, according to a recent BW article.  One is a means-tested system funded by taxpayers that provides benefits to 75% of those over 65.  The other is a mandatory retirement savings plan that requires 9 percent contributions to self-managed funds.  Workers have the option of saving more; some companies provide matches.  The result is that the aged have a safety net, while individuals create their own nest eggs.