Retirees are increasingly choosing to access their super through income streams rather than withdrawing lump sums, according to new statistics released by the Australian Bureau of Statistics (ABS).
The data reported almost 1.2 million people were receiving an income stream from their super in 2013-14, averaging $502 per week.
Over one in four people aged 65 years and over (excluding those in nursing homes and retirement villages) were receiving a superannuation income stream in 2013-14, up from one in five in 2003-04.
In 2013-14, 420,000 people reported they had withdrawn a lump sum from their super in the previous two years; half were for amounts less than $25,000.
Three quarters of people used the lump sum to invest in their home, make other investments, buy or pay off a vehicle, or to pay off outstanding debts. The remaining quarter cited holidays, general living and medical expenses as reasons for withdrawal.