AMP's (ASX:AMP) superannuation arm, AMP Super, introduced a new retirement package designed to convert superannuation savings into a lifetime income stream, aiming to improve retirement confidence and provide additional support for aged-care needs, according to a Monday statement.

The package offers a guaranteed lifetime income product to support higher retirement spending, a temporary 20% income boost for up to two years for those needing high-level home care, and a digital financial advice platform that provides personalized guidance, income projections, and retirement planning tools.

The initiative addresses Australians' rising concerns about retirement stress and aged-care affordability by strengthening income stability and later-life care support, per the statement.