Retiree cost of living increases
Domestic and international holiday travel pushed a moderate rise in the cost of living for retirees in the December quarter, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA figures found couples aged around 65 living a comfortable retirement needing to spend $59,236 per year and singles $43,184, both had 0.5 per cent increases on the previous quarter.
ASFA chief executive, Pauline Vamos, said it was positive for current retirees that the cost of retirement had not substantially increased over the past few quarters.
"However, many Australians are still retiring with an inadequate amount of superannuation. In order to achieve a comfortable standard of living in retirement, an individual requires a minimum of around $545,000 and a couple around $645,000," she said.
ASFA's report found domestic holiday travel and accommodation had an increase of 5.9 per cent to annual budgets, followed by international holiday travel and accommodation (+2.4 per cent). The most significant offsetting price falls were automotive fuel (-5.7 per cent), fruit (-2.6 per cent), and communications (-2.4 per cent).
Insurance prices also increased 2.1 per cent in the quarter, and over the last 12 months it increased 3.8 per cent.
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