The costs for couples and singles living comfortably in retirement have risen.
The costs for a couple living comfortably in retirement have risen again, the latest Westpac/Association of Superannuation Funds of Australia (ASFA) Retirement Standard research report has shown.
National figures for the 2010 March quarter revealed that a couple looking to achieve a comfortable retirement lifestyle needed to spend $53,565 a year, while those seeking a modest retirement lifestyle needed to spend $30,399 a year.
These are increases of 3.3 per cent and 4.1 per cent respectively compared to the previous quarter.
Meanwhile, a single person wanting to achieve a comfortable retirement lifestyle needed to spend $39,159, while a single person wanting to achieve a modest retirement lifestyle needed to spend $20,981. This represented increases of 3 per cent and 7.3 per cent, respectively.
ASFA chief executive Pauline Vamos said retirement patterns of retirees were changing.
"It is becoming more about private health insurance, access to the internet, recreation and transport," she said.
"Whether people want to pursue interests such as golf, knitting, tapestry or bird watching - they all take time and cost money."
She said people who were active in retirement were happier and healthier and that was something worth taking note of.
"The big thing is to get people to save enough today for tomorrow so that when they're in retirement they can spend," Vamos said.
She reiterated that the figures acted as an important message that the earlier people started contributing to their super, the more they would have in the long term and the more comfortable they would be.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
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