Categories: Market News
Date: Dec 2, 2009
Title: Retirement Standards
The Westpac-ASFA Retirement Standard figures released on 6 November 2009 show the costs for a couple living comfortably in retirement were up by 0.7 per cent in the June 2009 quarter compared to the March 2009 quarter. For those with a comfortable lifestyle in retirement, costs rose by 2.1 per cent from the June 2008 quarter.
The Westpac-ASFA Retirement Standard benchmarks the annual retirement lifestyle budget needed by Australians. The research provides detailed budgets for both singles and couples.
Updated research on this data shows that the annual cost of living increased slightly in the June 2009 quarter. The new figures show that:
- a couple needs an annual income of $27,695 and a single person needs $19,686 to have a modest retirement lifestyle, and
- for a comfortable retirement lifestyle, a couple needs an annual income of $51,132 and a single person needs $38,101.
The budget for a comfortable retirement lifestyle generally includes costs that would enable an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of items including household goods, private health insurance, a reasonable car, good clothes, as well as domestic and occasional international travel.