Additionally, it showed that pre-retirees believe their spouse/partner’s super is expected to account for 16 per cent and household savings and investments are expected to play a substantial role, contributing 25 per cent.

“As Australia – and the rest of the world – prepares for retiring baby boomers, the findings highlight the vital pillar our superannuation system is to supporting members in preparing for retirement,” said Irene Guiamatsia, head of research at Investment Trends.

Guiamatsia said the reality for retirees bears one similarity and several differences to those expectations – the contribution of their own superannuation is the only estimate pre-retirees get right.

“Around 29 per cent of retirees’ income comes from their superannuation. Retirees, however, find themselves relying more on social security entitlements – 23 per cent of retirement income — a source many pre-retirees significantly underestimate,” she said.

"There's a clear gap between expectation and reality, on a few levels. Whether it’s the actual income required, the mix of funding sources to generate that income or even the preferred retirement lifestyle itself. But superannuation is the unwavering pillar members know they can rest on as they transition to the reality of retirement."

Guiamatsia suggested that super funds have the opportunity to take a more active role in equipping pre-retirees with the knowledge they need to be better prepared for the reality that awaits by, for example, providing information on how superannuation interacts with social security.

"This is about empowering members to make better choices and take control of their future."

“Understanding how different income sources come into play can help pre-retirees to take action now to maximise their retirement income in the future.”