Aggregate retirement costs rise 0.7 per cent in March quarter
The aggregate costs for a couple living comfortably in retirement rose 0.7 per cent between the December 2008 quarter and the March 2009 quarter, according to the latest Westpac ASFA Retirement Standard.
As a result, the benchmark found a couple looking to achieve a comfortable retirement needs to spend $50,771 a year, while those seeking a ‘modest’ retirement lifestyle needs to spend $27,547 a year.
For those with a comfortable lifestyle in retirement, costs were found to have risen by 2.6 per cent in the 12 months from the March quarter 2008 to the March quarter 2009.
Retirees also faced a 2.2 per cent increase in the cost of food in the period, and a 5.7 per cent increase over the 12 months to the March 2009 quarter.
There was a 4.4 per cent increase in the cost of health services between the December 2008 and March 2009 quarters, although a 1.5 per cent decrease in transportation costs, largely due to an 8.1 per cent fall in petrol prices.
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