Let’s call them Phil and Mary. Since Phil retired more than 15 years ago and predominantly invested in a portfolio of fully franked Australian shares, this elderly couple, now in their late 60s, have lived comfortably on the income their $1.1 million SMSF generates.

An urban myth: the Collins dictionary defines it as “a strange or surprising story that many people believe, but which is not actually true”.

The latest superannuation statistics from the Australian Prudential Regulation Authority (APRA) say it all. At 30 June 2017, SMSF assets stood a shade under $700 billion at $696.7 billion, confirming the sector’s status as the largest superannuation segment with 30 per cent of all assets.

The good news is most Australians are living longer and healthier lives. For once, the adage, “lies, damned lies and statistics”, doesn’t ring true.

It’s high time superannuation stopped being seen as a cure-all for the country’s social and economic problems.