Close to two in three Australian non-retirees don’t know about existing retirement income products offered by their super funds, according to new research by Investment Trends and life insurer TAL. 

The 2023 Retirement Income Report found that of those who are familiar with retirement products, the majority also have a limited understanding of how they work and the benefits of each.  

For the first time in nine years, a greater proportion of retirees expect their savings will outlast their retirement (35 per cent in 2023, up from 28 per cent in 2022) than those who expect to outlive their retirement savings (33 per cent in 2023, down from 48 per cent).  

Retirees with the lowest super balances (less than $100,000) are the most worried about rising costs (53 per cent) and the cost of medical treatment (54 per cent).