Australia faces a retirement crisis as 2.8 million retire in next decade, risking $136K losses due to complex rules and unclaimed super.

Australia faces a surge in retirements, with 2.8 million people expected to retire in the next decade, doubling annual retiree numbers. A report warns system complexity could cost the average retiree up to $136,000 in lifetime income, as many still hold super in taxed accounts past age 65. Despite strong demand for advice, few seek help, and nearly $19 billion in unclaimed super awaits return to over 7 million people. The Super Members Council calls for reforms including automatic tax-free transitions at 65, simplified drawdown rules, better digital tools, and stronger consumer protections to ensure secure, confident retirements.