Could you be missing out on $136,000 in retirement?

It's a big number. And it's a real one.

Research from the Super Members Council found that a typical new retiree could miss out on as much as $136,000 over the course of their retirement — around $6,500 a year, every year — not because they did anything wrong, but because the system is complicated.

How can this happen?

Retirement income in Australia often comes from more than one source, leading to several decisions on when and how to draw income. It's these decisions that can make the difference to how much you end up with

• Superannuation can be drawn as a lump sum, an income stream, or a mix of both — and the choice affects how long your money lasts and how it's taxed.

• Tax treatment changes depending on your age, how you access your super, and what other income you have.

• While you may not immediately consider the Age Pension as an income source now, it may become available to you later, so it worth keeping in mind. It is assessed on both an income test and an assets test, so how much you draw from super, and when, can affect how much pension you may become entitled to.

• And timing ties it all together — drawing on your resources in the right order and at the right time can help you make the most of compound growth, structure your contributions well, pay only the tax that's actually necessary, and potentially open up pension entitlements you may become eligible for.

Decisions are often made in isolation, without considering impacts on the other parts. The opportunities and value emerge when their connections are understood, and they are all considered and coordinated together.

Preparing well

Most people approaching retirement run their numbers thoroughly, but the range of options and opportunities are not always obvious, or visible. The issue isn't effort. It's that the system is complicated.

How professional advice helps

A good financial adviser doesn't remove the complexity — they work through it with you. They look at what you have now, what you might have with different approaches, and how the different parts of the system — tax, super, pensions, timing — can work together for you, rather than as disconnected factors that could cost you.

$136,000 has to be worth a bit of research. If you'd like to understand what your own situation could look like, Her Best Move Now can introduce you to a trusted adviser, for a complimentary first meeting.

If you're not ready for that advice yet, look through our other helpful information, resources and tools to help you plan your retirement.

Source: Super Members Council, "Retirement Revolution: Simpler, Smarter Retirement" report.