The cost of living for retirees increased by 7.5 per cent over the year, raising the level of super needed to fund a comfortable retirement.

Certain requirements need to be satisfied before an SMSF member can consider commencing a transition-to-retirement income stream.

The government should adopt an objective for the retirement system, including superannuation, and then review the tax payments operating within it.

The majority of Australians expect to fund their lifestyle in retirement from a variety of sources and not just their superannuation.