ASFA Retirement Standard

Isolated price rises, and low interest rates, putting pressure on retirees

Low interest rates, combined with rising costs in some areas, is putting pressure on retirement budgets. Costs for retirees were largely stable over the March 2019 quarter, according to the ASFA (Association of Superannuation Funds of Australia) Retirement Standard. The cost of the ‘comfortable’ retirement was up 0.1% for couples… Read More »Isolated price rises, and low interest rates, putting pressure on retirees

Cost of a comfortable retirement rises modestly in September 2018 quarter

The cost of living for retirees rose modestly in the September 2018 quarter, the Association of Superannuation Funds of Australia (ASFA) has found.

Based on the ASFA Retirement Standard the cost of a ‘comfortable’ retirement, at age 65, for couples is now $60,843 (up 0.4% from the previous quarter) and $43,200 for singles (up 0.6%).

Read More »Cost of a comfortable retirement rises modestly in September 2018 quarter

Retirees renting need almost twice as much super to be comfortable

Retirees living in Sydney, without a debt-free home, need almost twice as much in superannuation to enjoy the same level of comfort in retirement, says the Association of Superannuation Funds of Australia (ASFA). According to the latest ASFA Retirement Standard, for the December 2016 quarter, retirees who are renting need significantly… Read More »Retirees renting need almost twice as much super to be comfortable

Older retirees have lower cost of living: ASFA Retirement Standard

ASFA Retirement Standard for Older RetireesAustralian retirees in their 90s need to spend slightly less to maintain their standard of living than younger retirees, but this is still more than can be afforded solely on the Age Pension, according to the Association of Superannuation Funds of Australia (ASFA).

This finding is contained in a report by ASFA, titled Spending patterns of older retirees, released alongside a new retirement standard, the ASFA Retirement Standard for Older Retirees.

Read More »Older retirees have lower cost of living: ASFA Retirement Standard

Cost of a comfortable retirement rises $1,131: ASFA

ASFA comfortable retirementThe Association of Superannuation Funds of Australia (ASFA) says the cost of a comfortable retirement for couples has risen by $1,131 annually, compared to this time last year. The cost of a comfortable retirement for singles has risen by $767.

These estimates are contained in the latest update to the ASFA Retirement Standard. The cost of a comfortable retirement for couples rose 0.3% in the September 2014 quarter. ASFA says this would require a joint superannuation balance of “around $510,000.” The cost of a comfortable retirement for singles rose more, 0.4%, requiring a super balance of “around $430,000.”

Read More »Cost of a comfortable retirement rises $1,131: ASFA

$510,000 now required for a ‘comfortable retirement’ says ASFA

ASFA - comfortable retirement, modest retirementNew figures published by the Association of Superannuation Funds of Australia (ASFA) show the cost of retirement has risen, with $510,000 now required to fund a comfortable retirement.

According to ASFA, in the forth quarter of 2013/14 the cost of a ‘comfortable retirement’ rose 0.5%, to $58,128 per year. To fund this would require a superannuation balance of around $510,000 for a couple and $430,000 for singles, based on ASFAs calculations.

To arrive at these figures ASFA has assumed that people “do not retire before qualifying for the Age Pension” and that they will receive at least a part Age Pension.

A large portion of the increase in the cost of retirement was due to the rising costs of medical and hospital services, “which occurred mainly as a result of the increases in private health fund premiums effective from 1 April 2014” said ASFA.

Read More »$510,000 now required for a ‘comfortable retirement’ says ASFA