ASFA report on rising cost of living for retirees – minimum for comfortable retirement

Couples need $55,000 a year and singles $40,000 minimum for comfortable retirement, according to research. The Association of Super Funds of Australia ASFA report said today’s retirees were doing it tougher than their recent counterparts after a big jump in the cost of living for retirees on basic items including food, energy and health care. In 2006, couples needed $48,000 and singles $36,000 a year to enjoy a comfortable post-work standard of living. Today’s retirees face the extra burden of a general fall in the value of share portfolios after the global financial crisis. ASFA chief executive Pauline Vamos said the research, released 15 Nov, showed why it was necessary for Federal Parliament to pass the Gillard Government’s Bill to introduce a 12 per cent superannuation guarantee. “The only way to ensure a comfortable retirement is to put away 12 per cent of wages over a lifetime,” she said.
Full Article Kim McDonald, West Australian newspaper

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