"If you truly want to become independent of the government, a self-funded retiree, live off superannuation, you're going to have to put your own money in," Mr Costello told the ABC. 

"The occupational superannuation is not going to do it," he said. 

The superannuation guarantee currently sits at 9.5 per cent, with a staged increase to 12 per cent in the works. 

Mr Costello has previously hit out at persistent tinkering to superannuation, saying it destroys the confidence of Australians in making voluntary contributions. 

"People just don't trust superannuation as being a long-term vehicle anymore,” Mr Costello said.

"They know the rules are going to vary from year to year," he said. 

Superannuation is often dealt with in short-term budgetary cycles, which is a "kick in the guts" for clients, managing director at Heffron SMSF Solutions, Meg Heffron, recently told SMSF Adviser.

At the moment, there's uncertainty in particular with strategies related to franking credits, given Labor's major reformation plans.