However, projections indicate that without necessary adjustments, the average retiree stands to lose out on a substantial $136,000 throughout their retirement, equating to an annual shortfall of $6,500.

This issue is becoming increasingly urgent as nearly three million Australians approach retirement in the upcoming years, underscoring the pressing need for strategic financial planning.

Interestingly, despite a high demand for financial support, a significant number of retirees remain hesitant to seek professional advice. While over 80 percent of those nearing retirement expressed willingness to accept free financial guidance from their superannuation funds, only about half are inclined to pay for in-depth financial advice.

The focus is on better aligning investments to enhance productivity without compromising the rigorous standards in place, ensuring that the primary emphasis remains on maximizing returns for members.

“It’s about better aligning and unlocking investment that also boosts productivity, while maintaining a robust test and a primary focus on member returns.”

$19 billion in lost super