Andrew from Vista Financial

Retirement costs rising... again

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    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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