Yuyutsu, I agree that the age pension, especially the one for couples, does not provide a comfortable-retirement. But $50,000 a year for one person is more than enough. The Association of Superannuation Funds of Australia Retirement Standard says $38,822 is enough for a "Comfortable lifestyle". This will get you: "One annual holiday in Australia", "Regularly eat out at restaurants", "Good range and quality of food", "Owning a reasonable car", "Good clothes" and "Private health insurance": http://www.superannuation.asn.au/resources/retirement-standard

I don't expect to have to draw on an age pension in retirement, but I have paid my taxes over the years and if I need to, will do so.

Tom W.