Everyone likes to hear that something is more affordable. My parents are retirees and I know for a fact that their eyes light up at the phrase.
The Association of Superannuation Funds of Australia commission Westpac to produce the Westpac AFSA Retirement Standard. These are national figures that outline the projected costs of living in retirement. The study provides detailed budgets for singles and couples looking forward to either a modest or more comfortable lifestyle in retirement. The assumptions are based on the single or couple owning their own home. Their most recent figures were:
|
|
Modest lifestyle - single |
Modest lifestyle - couple |
Comfortable lifestyle - single |
Comfortable lifestyle - couple |
|
Costs per year |
$18,375 |
$25,780 |
$35,668 |
$47,766 |
The media release suggested that for couples seeking a comfortable lifestyle in retirement, costs had fallen for the second quarter in a row mainly due to a fall in food prices however health and transport costs had risen.
This study is good news for retirees. It also provides a great resource for anyone planning for retirement who need help determining what income they will require.
For more details please go to www.superannuation.asn.au/Media-Release-17-May-2007/default.aspx
Regards,
Scott Keefer
