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**Today’s Story**

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A recent report by the Grattan Institute highlights that many Australian retirees are hesitant to spend their superannuation savings, fearing they won't last through retirement. This cautious approach has led to the accumulation of funds rather than their intended use for retirement living expenses. 

To address this issue, the institute proposes that the government offer a lifetime annuity in exchange for 80% of retirees' superannuation balances exceeding $250,000. This strategy aims to boost retirees' incomes by up to 25%, providing financial security and encouraging using saved funds. The report also suggests simplifying the superannuation system to alleviate financial stress among retirees.

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**Poll of The Day**

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**Fun Fact of The Day**

In Australia, the superannuation system is a compulsory retirement savings plan, requiring employers to contribute a percentage of an employee's earnings into a superannuation fund.

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