The costs for a couple living comfortably in retirement continue to rise, the latest Westpac/Association of Superannuation Funds of Australia (ASFA) Retirement Standard research report shows.
During the September quarter of 2008, expenses were up 0.9 per cent from the June quarter of 2007, and by a substantial 3.9 per cent from the September quarter a year earlier, the report said.
The expenses of a retired couple living comfortably rose to $50,561 a year, and for those seeking a modest retirement lifestyle, expenses rose to $27,454 a year.
“The important message for people is the earlier you start contributing the more you will have in the long-term and the more comfortable you will be,” ASFA chief executive Pauline Vamos said.
“It is important people not just consider the balance of their savings but also the amount of time they need to save for.”
Between the June and September quarters of 2008, retirees faced a 1.4 per cent increase in the cost of food and a 1 per cent increase in transport costs.
There also was a 1.3 per cent increase in the cost of recreation goods and services, in part due to a 4.9 per cent increase in the cost of overseas holidays.
According to the findings, an easing of price pressures is expected in future months, with official forecasts from the Reserve Bank indicating that capacity pressures were easing.
