Most Australian retirees and pre-retirees lack understanding of Division 296 and its potential impact on their investments, according to Felipe Araujo from Generation Life. Research shows that 84% of retirees are unaware of how proposed super taxes could affect their retirement plans or tax situations. Additionally, only 16% of unadvised pre-retirees feel confident about their retirement. Araujo emphasizes the need for accessible financial advice, especially with changes in superannuation legislation. He suggests that investment bonds could be a beneficial alternative for wealth transfer, urging advisers to engage clients in discussions about diverse investment strategies.