From financialnewswire.com.au: Research from the Super Members Council reveals that approximately 700,000 retirees in Australia are unnecessarily overpaying taxes on their superannuation, averaging an additional $650 annually, by leaving their funds in accumulation accounts.

The Delivering Better Financial Outcomes reforms aim to provide essential advice to help retirees transition to tax-free pension accounts, saving them significant sums over time.

Currently, only 26% of retirees seek advice from their super funds, highlighting the need for improved access to financial guidance.