The latest figures from ASFA’s Retirement Standard for December 2012 show an increase of 2.0% for a comfortable lifestyle and 2.8% for a modest one. Couples will now need $56,339 and $32,555 a year, respectively.
Contributors to the price rise were domestic travel and accommodation (6.2%) and automotive fuel (2.6%), particularly affecting those living a ‘comfortable’ lifestyle. Over the past 12 months medical expenses have also had a major increase, with hospital services up 9.4%, pharmaceutical products up 5.4% and dental services up 3.4%.
The price of food decreased for the December quarter, with vegetable prices falling 5.7%. This was partially offset by the 6.0% rise in poultry. Audio, visual and computing equipment also fell 4.3%.
ASFA produced a table of various household and living standards, based on the assumption that retirees own their own house:
|
|
Modest lifestyle - single
|
Modest lifestyle - couple
|
Comfortable lifestyle - single
|
Comfortable lifestyle - couple
|
|
Housing – on-going only
|
$60.77
|
$58.34
|
$70.43
|
$81.65
|
|
Energy
|
$40.45
|
$53.72
|
$41.05
|
$55.67
|
|
Food
|
$74.83
|
$154.99
|
$106.89
|
$192.41
|
|
Clothing
|
$18.05
|
$29.30
|
$39.06
|
$58.60
|
|
Household goods and services
|
$26.29
|
$35.64
|
$73.95
|
$86.63
|
|
Health
|
$36.96
|
$71.34
|
$73.34
|
$129.43
|
|
Transport
|
$94.01
|
$96.67
|
$140.10
|
$142.76
|
|
Leisure
|
$72.19
|
$107.56
|
$218.77
|
$299.80
|
|
Communications
|
$9.45
|
$16.54
|
$25.97
|
$33.06
|
|
Total per week
|
$433.14
|
$624.35
|
$789.88
|
$1,080.47
|
|
Total per year
|
$22,585
|
$32,555
|
$41,186
|
$56,339
|