Australians will be able to have their say on how the Federal Government can improve the superannuation system to give people income and security in retirement as the population lives longer. The Albanese Government will on Monday release a discussion paper to seek community and industry views on improving the retirement phase of superannuation so it delivers a better retirement for more Australians. The three key areas will paper will focus on include ensuring members can navigate the retirement income system, supporting funds to deliver better retirement income products and services, and making lifetime income products more accessible. Treasurer Jim Chalmers said Labor wanted to ensure super delivered on its foundational promise of “providing a dignified retirement for more Australians”. “While there is recognition of super’s importance in building nest egg savings, there has been less attention on optimising its role in retirement,” Dr Chalmers said. “There’s a clear need for better information, support and well-rounded income products to help retirees make the most of their super.” In the next 10 years, the number of retirees with a super account will more than double, with an estimated 2.5 million Australians set to retire. About 84 per cent of retirement savings are held in account-based pensions, with only 3.5 per cent held in a fixed-term pension. Unlike account-based pensions, fixed terms offer the option of receiving regular payments for life, regardless of how long a person lives. Assistant Treasurer Stephen Jones said more Australians were looking to their super to play a greater role in providing for their retirement. “With Australians increasingly living longer, healthier lives, many retirees are naturally concerned about outliving their savings,” he said. “The problem is most retirees do not have access to the appropriate products to help them maximise their super over their lifetime. “Super funds need to do more to understand their members’ retirement needs and provide products and services tailored for their retirement. We also recognise there is a role for government and regulators in creating an environment that supports these changes.” The discussion paper is available on the Treasury website with submissions open until February 9.