The aggregate costs for a couple living comfortably in retirement fell by 0.2 per cent in the June quarter of this year, according to national figures released by the Westpac ASFA Retirement Standard.
The benchmark findings indicated that a couple looking to achieve a comfortable retirement need to spend $53,456 a year, while those seeking a modest retirement lifestyle need to spend $30,382 a year.
Between the March and June quarter of this year, retirees received the benefit of a 0.3 per cent decrease in the cost of food, mostly due to a fall in the cost of fruit and vegetables.
Over the year to the June quarter, the study indicated food prices rose by a moderate 1.4 per cent, with the easing of the drought a contributing factor.
Also in this period, there was a 2.2 per cent increase in the cost of health services, largely due to an increase in private health insurance premiums.
There was a 0.7 per cent increase in transportation costs, mainly because of a 2.1 per cent increase in petrol prices.
For recreation, there was a fall of 1.8 per cent in the quarter, the largest quarterly drop since the CPI series began in 1989.
The cost of domestic holiday travel and accommodation fell by 6 per cent, with the cost of overseas holiday travel and accommodation falling by 1.9 per cent.
Along with generally owning their own home outright, retirees don’t generally tend to spend much on education services, according to the study.
However, food, health, transportation and recreation spending form a large part of retiree budgets.
