Among those who have retired, 25 per cent of SMSF trustees expect they will outlive their retirement savings compared with 44 per cent average across the retired Australian adult population.

SMSF trustees who were not yet retired were also asked what they planned to do if their retirement savings turned out to be insufficient for retirement.

The results showed 39 per cent planned to continue working in retirement, 37 per cent planned to downsize their home, and another 37 per cent planned to reduce spending in retirement.

The survey also showed 35 per cent planned to become dependent on the age pension which was below the average of the overall Australian adult population in the survey where 44 per cent planned to become dependent on the pension.

MLC general manager of retirement solutions Andrew Barnett said addressing issues such as longevity means retirees may not be faced with difficult decisions later in life such as working longer, downsizing their family home or relying on the age pension.

“Retirement planning should not be an afterthought,” he said.

“Whether someone is starting out in the workforce or reaching retirement age, it is important for people to be informed and educated about their retirement options.”