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05/31/2013 12:36 pm ET Updated Jul 31, 2013

In Australia, Retirement Saving Done Right

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When President Barack Obama delivered a speech to Australia's Parliament in late 2011, he joked about bits of slang he'd picked up Down Under, including "earbashing"--the tendency to go on and on about a topic. "I really do love that one, and I will be introducing that into the vernacular in Washington," the president said, to laughter.

Here's another Aussie term D.C. lawmakers should get to know: superannuation. That's what Australia calls its retirement savings system, which in just two decades has become one of the most highly regarded in the world.

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