The New Amount Australians Require for a Comfortable Retirement
The Rising Cost of Retirement in Australia
Retirement costs are increasing, leading to a need for more savings and income in retirement years. According to the latest figures from the Association of Superannuation Funds of Australia (ASFA) for the June quarter, annual costs have risen by 3.7% over the past twelve months. Couples aged 65 to 84 who own their home need at least $73,337 per year for a comfortable retirement, while singles need $52,085.
Required Superannuation for Comfortable Living
- According to ASFA, singles require a lump sum of $595,000 in retirement savings.
- Couples need around $690,000 for a comfortable lifestyle.
ASFA chief executive Mary Delahunty expressed that the standard for a comfortable retirement continues to rise, affecting many retirees.
Inflation and Rising Expenses
- Home and vehicle insurance costs - significant increases reported.
- Private health insurance increased by an average of 3.03%.
- Annual food inflation eased, but essentials still up by 3.7%.
Delahunty emphasized that while some costs are increasing, retirees can still benefit from strong returns on their super funds, which are essential for maintaining a good lifestyle post-retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.