While the growth in the projected pool of superannuation savings is impressive, it belies the harsh reality facing those not far off retirement. Increasing life spans, the effect of the GFC on superannuation accounts and the fact that the superannuation guarantee started only in 1992 is leaving older workers underfunded.

And most of those retiring in the next 20 years will not have the lifestyle in retirement they are seeking. They will have to work for longer and increase contributions to their super if they are to afford a comfortable retirement.

When a million dollars is just not enough: Expert says young Australians won't have enough super to live on. Credit:Louie Douvis

That's the bottom line from the latest report on superannuation by Deloitte. While the super pool is projected to rise to $7.6 trillion by 2033 from $1.6 trillion now, many are going to be disappointed with their standard of living in retirement, Deloitte Actuaries and Consultants partner Wayne Walker says.

''Many Australians approaching retirement have received super only for a limited portion of their working lives as our [super] system is still maturing,'' he said.