Price increases returning to normal after the easing of COVID-19 restrictions has resulted in a rise in the cost of living for retirees in recent months.

The compulsory superannuation system has been so focused on the accumulation phase that many people are unsure how to use their savings in retirement.

Time frames based on a better understanding of retiree longevity are crucial to providing adequate retirement planning advice, a technical expert says.

The Retirement Income Review finding that improving people’s understanding of three key elements of the current system will lead to better decumulation outcomes has been endorsed during an industry discussion forum.

The absence of new annuity products reflects a lack of alignment with the needs of retirees from products providers.

Self-funded retirees have welcomed the Retirement Income Review final report as a necessary, fact-based appraisal useful for creating new policies.