The Government has released a discussion paper seeking community and industry views on how the superannuation system can best provide the security and income Australians need as they live longer and healthier lives in retirement.
More Australians are looking to their super to play a greater role in providing for their retirement. Over the next 10 years, the number of retirees with a super account will more than double, with an estimated 2.5 million Australians set to retire.
While there is recognition of super’s importance in building nest egg savings, there has been less attention on optimising its role in retirement.
This discussion paper increases the focus on the retirement phase by examining three key areas:
- Supporting members to navigate the retirement income system,
- Supporting funds to deliver better retirement income products and services, and
- Making lifetime income products more accessible.
The Government welcomes views from all interested parties, with submissions open until 9 February 2024.