POWERED BY MOMENTUM MEDIA
Costs of living for retirees highest in a decade
Australia has recorded the highest annual increase in retiree budgets since 2010 as costs of living pressures accelerate, says the Association of Superannuation Funds of Australia (ASFA).
The ASFA Retirement Standard September quarter 2021 figures showed couples aged around 65 living a comfortable retirement needed to spend $63,799 per year and singles $45,239, up by 0.9% and 1% respectively on the previous quarter.
The percentage increase in the budgets for those aged around 65 was higher than the increase in the September quarter All Groups CPI of 0.8%.
ASFA deputy chief executive, Glen McCrea, said: “Australian retirees are now facing significant pressure on their budgets, given a range of unavoidable price hikes including petrol and council rates”.
“It’s critical that future retirees are able to build sufficient retirement savings to ensure they can have dignity, health, vitality and connection in retirement.”
McCrea said moving Australia to the 12% superannuation guarantee (SG) setting was an important step towards ensuring future generations could be confident to meet the financial challenges of retirement.
Over the year to September 2021, prices were up by around 2.8% for the ASFA comfortable couple budget and by 3% for the ASFA comfortable single budget.
Recommended for you
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
HESTA has delivered a 10.18 per cent return for its MySuper Balanced Growth option in the 2024–25 financial year, marking the third consecutive year of returns above 9 per cent for the $80 billion industry fund’s default investment strategy.
Sally McManus, secretary of the Australian Council of Trade Unions (ACTU), commented on the proposal after former prime ...
Strong performance across domestic equities and infrastructure assets has seen the fund achieve solid returns for the 2024-25 financial year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
