Comfortable retirement now costs couples $78,998 yearly
ASFA says a couple needs $78,998 annually for comfortable retirement. Singles need $56,166.
Australians need higher super balances to retire comfortably as living costs climb. A couple who own their home need $78,998 yearly for comfortable retirement.
That's about $1,513 each week. A single homeowner needs $56,166 yearly.
That's about $1,076 each week. The Association of Superannuation Funds of Australia released these figures on Tuesday.
Costs rose 0.5% for couples and 0.4% for singles in the June quarter. Retirees are hit hardest by rising costs.
Electricity, car costs, and medical services are growing faster than the 3.8% official inflation rate. A comfortable retirement means you can afford quality private health insurance.
You can eat out most weeks. You can take a yearly holiday in Australia or overseas every few years.
- $78,998
- Couple homeowner needs yearly for
- $56,166
- Single homeowner needs yearly for
- 22.4%
- Electricity cost rise
- 0.5%
- Cost rise for couples in June quarter
Why it mattersKnowing the target helps Australian savers check if their super balance is on track. It helps them plan the retirement they want.
AustraliaAustralians need to reassess their super savings to maintain their desired lifestyle in retirement as costs keep rising.
✓ Claims checked against the source and corrected before publish. checked 9 d ago
