The Retirement Revolution: Super’s Coming of Age report is the first study on Australia’s retirement incomes since the government’s Retirement Income Review in 2020.

It publishes first-of-its-kind modelling by SMC, showing the newest retirees in the middle wealth group were receiving an average of $20,800 a year more in super income than similar retirees two decades ago and $11,388 extra after accounting for lower age pension entitlements.

Over the past two decades, super balances have more than tripled for middle wealth retiree households and more than doubled for the second-lowest wealth retiree households.

However, it also found that retirees who rent, live alone, or retire involuntarily due to health or caregiving responsibilities face significantly lower incomes and wealth. Retired renters, for example, have median incomes three times lower than homeowners and median wealth nearly 30 times lower.

Additionally, women, single retirees, and those in insecure work are also more likely to be knocked back by unpaid super, lower lifetime earnings, and less access to tax concessions than higher-income Australians.

The report said these gaps underscore the need for targeted reforms to ensure super delivers for all Australians.

Misha Schubert, chief executive of the Super Members Council, said the super system is doing what it was designed to do to transform incomes and standards of living for everyday people, but there is more work to do.

“Australia’s super system is lifting the retirement incomes for millions of everyday Australians, ensuring they have more money for the things they love and need.”

“Without super and with Australia’s population ageing, the age pension would be under enormous strain, leaving the budget worse off and less money to spend on things like health, education, roads and rail.

“Super is one of Australia’s great social and economic success stories. It’s time to build on that success and ensure it works even better for those who need it most.”