Cost of basics for retirees up substantially over 2018/19

While the headline inflation rate is low, retirees are seeing “steep” increases in the costs of basic items. The Association of Superannuation Funds of Australia (ASFA), with the release of its latest Retirement Standard, has found that over the year to June 2019 costs for retirees increased by around 1.5%, compared to 1.6% for CPI.… Continue reading Cost of basics for retirees up substantially over 2018/19

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 and down 0.1% for singles… Continue reading Isolated price rises, and low interest rates, putting pressure on retirees

Super setting current generations up for comfortable retirement: ASFA

Superannuation is setting current generations up for a comfortable retirement, according to the Association of Superannuation Funds of Australia (ASFA). Though a faster increase to the 12% Super Guarantee rate wold make this even more likely. For people who own their own home, ASFA calculates that a couple needs $60,063 a year to be comfortable… Continue reading Super setting current generations up for comfortable retirement: ASFA

Cost of retirement outpacing inflation, due to health, food and electricity

Significant increases in the cost of health care, food, electricity and rates over the past 10 years is driving the cost of retirement higher at a faster rate than CPI. The Association of Superannuation Funds of Australia (ASFA) Retirement Standard modest budget has increased by 36% for a couple, and 33% for a single person,… Continue reading Cost of retirement outpacing inflation, due to health, food and electricity

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 more in savings to have… Continue reading Retirees renting need almost twice as much super to be comfortable

Older retirees have lower cost of living: ASFA Retirement Standard

Australian 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… Continue reading Older retirees have lower cost of living: ASFA Retirement Standard

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

The 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… Continue reading Cost of a comfortable retirement rises $1,131: ASFA

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

New 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… Continue reading $510,000 now required for a ‘comfortable retirement’ says ASFA