Andrew from Vista Financial

Increased Income Required In Retirement

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    The income required in retirement to fund a comfortable lifestyle for a couple is on the rise according to The Association of Australian Superannuation Funds of Australia’s (ASFA) Retirement Standard which regularly measures how much income is required for a couple to afford a comfortable retirement lifestyle (the definition of this is):

     

    Enabling an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.

     

    In the June 2013 quarter the amount required was $56,406, the latest September Quarter research suggests that now an annual income of $57,195 is required. That’s a rise for the quarter of 1.39% which equates to over 5.5% on an annual basis.

     

    Quite a big jump this quarter and well above inflation, well worth keeping an eye on though so that navigating your path towards retirement doesn’t hit you out of the blue!!

     

    The breakdown of the expenses looked at to calculate these figures can be found here: http://www.superannuation.asn.au/resources/retirement-standard

     

    Regards

     

    Andy

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