The cost of a comfortable retirement has increased by 8.8 per cent in just the last three years, according to the latest Westpac Association of Superannuation Funds of Australia Retirement Standard survey released today.
The survey data shows that since the survey started in 2004, the costs of basic budget items such as food and petrol have risen the most, resulting in a higher proportionate jump in costs for those on a modest budget compared to those on a comfortable budget.
The cost of a comfortable retirement in 2004 was around $44,733 and today it would cost an additional $3,641.
The latest June quarter figures reflect recent rises in retirement living costs, with food, transportation and health costs all rising significantly, with retirees facing a 1.7 per cent increase in the cost of food, a 2.1 per cent increase in the cost of health services and a 3 per cent increase in transportation costs due to a 9.1 per cent increase in petrol prices.
These rises were partially offset by a 0.4 per cent decrease in the price of recreational goods and services, with the cost of domestic holidays falling through the winter months.
