However, projections indicate that the average retiree might forfeit approximately $136,000, translating to an annual loss of $6,500 throughout their retirement unless proactive measures are taken.

“This situation is pressing as nearly three million Australians are swiftly approaching retirement age in the coming years,” experts warn.

Although there is a substantial appetite for financial support, many retirees hesitate to seek professional advice. While over 80 percent of those nearing retirement express willingness to utilize complimentary financial guidance from their superannuation funds, only about half are prepared to invest in comprehensive paid advice.

“The goal is to better align resources and unlock investments, boosting productivity while keeping a strong emphasis on rigorous testing and prioritizing returns for members,” industry leaders suggest.

“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