A study has found that among retirees who drew down their super at the minimum legislated rate last financial year, 19 per cent thought the number was a government recommendation, highlighting a gap in understanding about the requirements among the public.  

The research, conducted by Super Consumers Australia, revealed that over half (61 per cent) of retirees were accessing their super at the minimum drawdown rate.  

Among them, 65 per cent suggested they have no desire to spend more, 37 per cent said they are following expert advice, and 30 per cent have additional income sources.  

Other insights include: 

  • About 80 per cent of older Australians feel financially comfortable or are getting by on their current income; 
  • However, older renters, people with a disability, and people without super face greater financial difficulties; and 
  • Over half (58 per cent) of over 65s who have an inactive accumulation account (which they are no longer contributing to) said they do not need to start drawing on their super. 

The survey was completed by 1100 Australians aged 65 and older.