Cost of comfortable retirement increases – again
Things are getting tougher on the retirement front, according to the Westpac/Association of Superannuation Funds of Australia Retirement Standard data released today.
The data revealed that the cost of a couple living comfortably in retirement had actually risen by 1.1 per cent, meaning they would have to spend $49,502 a year to maintain a comfortable lifestyle.
The cost of a more modest lifestyle in retirement has also gone up, increasing by 1.2 per cent to $26,851.
According to the data, the major drivers for the increases were food prices, which had risen by 2.1 per cent in the March quarter, and transportation costs, which had risen by 1.9 per cent.
On the plus side for retirees, the cost of clothing fell by 2.4 per cent and if they could afford to buy new audio, visual or computing equipment, retirees would have found that prices had fallen by around 5.8 per cent.
AUTHOR
Mike Taylor
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