Reported at johnmenadue.com: Australians have substantial superannuation balances due to reforms implemented in the 1990s, leading many to rely more on superannuation than the Age Pension for retirement income.

However, four out of five pre-retirees find retirement planning complicated, resulting in retirees cautiously managing their funds and leaving a significant proportion unspent, which undermines the purpose of superannuation.

The Grattan Institute recommends that the government encourage retirees to purchase annuities with a portion of their superannuation to guarantee lifelong income, while also establishing a separate agency to provide financial advice.