Investor research has shown Australians have changed their attitudes towards retirement as a result of the coronavirus pandemic.

The Retirement Income Covenant will create further opportunities for financial advisers who can map out the income needs of clients beyond the accumulation phase and well into their retirement years.

ASFA statistics have revealed the increased cost of living in the past year has put greater pressure on retirees.

Imposing a retirement income strategy on SMSFs under a new covenant will have little benefit for members who will still be required to pay for it each year.