Retirement budgets surge almost 6 per cent as renters fall thousands short
A modest retirement now costs $36,548 for a single homeowner and $51,418 for a single renter, up 5.9 per cent.
Retirees' living costs are climbing faster than inflation, with a modest retirement for a single homeowner now costing $36,548 a year, up almost 5.9 per cent in 12 months. A couple needs $52,690, up about 5.4 per cent.
Renters face a steeper hit: a single renter needs $51,418 for a modest lifestyle, while a couple needs $69,376. Retirees are among those hit hardest by the cost-of-living crisis because their budgets are weighted towards the things going up most.
Electricity jumped 22.4 per cent as government rebates ended, vehicle maintenance rose 6.5 per cent, medical and hospital services 5 per cent, and insurance 4.9 per cent. Petrol prices have also rebounded as excise relief ended and Middle East conflict drove fuel costs higher.
A comfortable retirement for a couple costs $78,998, up about $3700 in a year.
Why it mattersIf you are retired or planning retirement, your budget must stretch further as essentials cost more than headline inflation suggests.
AustraliaAustralian retirees are facing real pressure on fixed incomes, with renters in particular needing significantly more than homeowners to live modestly.
✓ Claims checked against the source and corrected before publish. checked 9 d ago
