From johnmenadue.com: Australians have substantial superannuation balances, but major reforms are needed to ensure these funds are effectively used to provide adequate retirement incomes instead of becoming a transfer of wealth to heirs.

The Grattan Institute suggests that retirees should be encouraged to purchase annuities with a portion of their superannuation to guarantee income for life, addressing the complexities and uncertainties they face.

Implementing these reforms could significantly enhance retirement income without additional costs to the government, presenting a valuable opportunity for the Albanese Government.