The popular claim that Australians need more than $1 million in superannuation to fund a comfortable retirement is a myth that risks undermining the strength of the system by discouraging ordinary people from saving a little extra while making them more vulnerable to poor advice, warns a new report.

"Increasingly, the public commentary around superannuation is telling us that you need at least $1 million to retire in comfort. Some financial 'professionals', many with vested interests, go even further and claim $2 million is a more realistic figure," Australian Institute of Superannuation Trustees chief executive Tom Garcia said.

AustralianSuper chief executive Ian Silk wants people to be reassured that even a modest superannuation balance will make their retirement more comfortable. Credit:Arsineh Houspian

"Concern about not having enough super to retire with could encourage those approaching retirement to take on unnecessary risk or see them vulnerable to the next get-rich-quick financial scam."

'Busting the $1 million retirement myth' is the title of the paper to be released on Monday that has been produced by the institute in conjunction with AustralianSuper.