Retirement costs rising... again

[Andrew from Vista Financial]

The latest figures from The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard for December 2012 show an increase of 2.0% for a comfortable lifestyle and 2.8% for a modest one. Couples will now need $56,339 and $32,555 a year, respectively.

 

Contributors to the price rise were domestic travel and accommodation (6.2%) and automotive fuel (2.6%), particularly affecting those living a ‘comfortable’ lifestyle. Over the past 12 months medical expenses have also had a major increase, with hospital services up 9.4%, pharmaceutical products up 5.4% and dental services up 3.4%.

 

The price of food decreased for the December quarter, with vegetable prices falling 5.7%. This was partially offset by the 6.0% rise in poultry. Audio, visual and computing equipment also fell 4.3%.

ASFA produced a table of various household and living standards, based on the assumption that retirees own their own house:

 

[TABLE=width: 100%]

[TR]

[TD][/TD]

[TD]Modest lifestyle - single

[/TD]

[TD]Modest lifestyle - couple

[/TD]

[TD]Comfortable lifestyle - single

[/TD]

[TD]Comfortable lifestyle - couple

[/TD]

[/TR]

[TR]

[TD]Housing – on-going only

[/TD]

[TD]$60.77

[/TD]

[TD]$58.34

[/TD]

[TD]$70.43

[/TD]

[TD]$81.65

[/TD]

[/TR]

[TR]

[TD]Energy

[/TD]

[TD]$40.45

[/TD]

[TD]$53.72

[/TD]

[TD]$41.05

[/TD]

[TD]$55.67

[/TD]

[/TR]

[TR]

[TD]Food

[/TD]

[TD]$74.83

[/TD]

[TD]$154.99

[/TD]

[TD]$106.89

[/TD]

[TD]$192.41

[/TD]

[/TR]

[TR]

[TD]Clothing

[/TD]

[TD]$18.05

[/TD]

[TD]$29.30

[/TD]

[TD]$39.06

[/TD]

[TD]$58.60

[/TD]

[/TR]

[TR]

[TD]Household goods and services

[/TD]

[TD]$26.29

[/TD]

[TD]$35.64

[/TD]

[TD]$73.95

[/TD]

[TD]$86.63

[/TD]

[/TR]

[TR]

[TD]Health

[/TD]

[TD]$36.96

[/TD]

[TD]$71.34

[/TD]

[TD]$73.34

[/TD]

[TD]$129.43

[/TD]

[/TR]

[TR]

[TD]Transport

[/TD]

[TD]$94.01

[/TD]

[TD]$96.67

[/TD]

[TD]$140.10

[/TD]

[TD]$142.76

[/TD]

[/TR]

[TR]

[TD]Leisure

[/TD]

[TD]$72.19

[/TD]

[TD]$107.56

[/TD]

[TD]$218.77

[/TD]

[TD]$299.80

[/TD]

[/TR]

[TR]

[TD]Communications

[/TD]

[TD]$9.45

[/TD]

[TD]$16.54

[/TD]

[TD]$25.97

[/TD]

[TD]$33.06

[/TD]

[/TR]

[TR]

[TD]Total per week

[/TD]

[TD]$433.14

[/TD]

[TD]$624.35

[/TD]

[TD]$789.88

[/TD]

[TD]$1,080.47

[/TD]

[/TR]

[TR]

[TD]Total per year

[/TD]

[TD]$22,585

[/TD]

[TD]$32,555

[/TD]

[TD]$41,186

[/TD]

[TD]$56,339

[/TD]

[/TR]

[/TABLE]

 

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