Comfortable retirement costs increase, ASFA says
The amount needed for retirees to fund their post-work lifestyle continues to increase, albeit slowly, according to the Association of Superannuation Funds of Australia (ASFA) Retirement Standard.
A couple looking to achieve a comfortable retirement will need to spend $55,316 a year, while those seeking a 'modest' retirement lifestyle need to spend $31,767 a year, according to figures from the September quarter - an increase of 0.7 per cent from June 2011.
Retiree households on average have somewhat different spending patterns to the rest of the population, ASFA said.
"Along with generally owning their own home outright, they don't tend to spend as much on education services," ASFA stated. "In contrast, food, health, transportation and recreation spending form a large part of retiree budgets."
Despite a slight decrease in cost of food in the September quarter, there was an increase of 6.4 per cent over the year to September 2011.
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November by Money Management's sister brand Super Review.
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
