The cost of a comfortable retirement for an Australian couple aged 65 now stands at more than $627,500, according to the latest Westpac ASFA Retirement Standard benchmarks.
This amount, revealed today, takes into account inflation and would enable a healthy couple to enjoy a broad range of leisure activities and a good standard of living.
The research also revealed that with a more modest budget of about $339,800, a retired couple could enjoy a lifestyle better than that provide by the age pension, but would only be able to afford basic activities.
The national figures, which are released annually and updated quarterly to reflect inflation, also showed that recent drops in petrol and pharmaceutical prices had resulted in a slight reduction in the amount of savings required annually in retirement.
The most significant offsetting price increases for retirees were the 6.2 per cent increase in the price of domestic travel and accommodation and the 4.1 per cent increase in the price of vegetables.
