Retirement costs rising... again

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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

 

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