WHAT ARE THE AVERAGE COSTS OF AUSTRALIAN RETIREMENT LIVING?
The figures below are from The Association of Superannuation Funds of Australia (ASFA)
A Comfortable lifestyle in Australia is estimated to be;
- Single – $45,239 per year – which suggests the need for est $800,000 in super and investments and a Seniors Healthcare Card
- Couple – $63,799 per year – which suggests the need for est $1,064,000 in super and investments and possibly a Seniors Healthcare Card
A Modest lifestyle in Australia is estimated to be;
- Single – $28,775 per year – which suggests the need for est $450,000 OR $100,000 plus the Age Pension
- Couple – $59,389 per year – which suggests the need for $950,000 OR est $350,000 and the Age Pension
NOTES TO CONSIDER
- Australian’s have a long-life expectancy compared to other countries so this needs to be factored into budgets and longterm planning.
- Investments need to produce growth and income to help funds keep pace with inflation.
- Professional Financial Planning advice can make the difference between a Comfortable versus a Modest retirement.