Comfortable retirement costs more
The cost of a comfortable retirement continues to rise in Australia, according to the latest data compiled by the Association of Superannuation Funds of Australia (ASFA).
The latest data, released last week, reveals that retirees will need more than $600 a year extra to live comfortably in retirement compared to last quarter.
It said a couple looking to achieve a comfortable retirement would now need to spend $54,562 a year, while those seeking even a modest retirement would need to spend $31,263 a year.
The reason for the higher costs facing retirees were rises in the cost of food, fuel and pharmaceuticals.
According to the ASFA research, the largest increases were recorded in Melbourne, followed by Sydney and Adelaide.
The ASFA Retirement Standard research deems a “modest lifestyle” in retirement to be better than the age pension, but still able to afford fairly basic activities.
It deems “comfortable retirement lifetime” as being one which enables an older, healthy retire to be involved in a broad range of leisure and recreational activities and to have a good standard of living through purchases such as household goods, private health insurance, a reasonable car and good clothes.
AUTHOR
Mike Taylor
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