NEWS – An extra $100,000 is needed for retirement nest egg

NEWS – An extra $100,000 is needed for retirement nest egg

An extra $100,000 is needed for retirement nest egg

The Association of Superannuation Funds of Australia (ASFA), says an extra $100,000 is needed for retirement nest eggs. As Investor Daily reports –

“According to ASFA’s most recent Retirement Standard – for the June quarter – changes to the age pension mean that retirees will fall short on the amount of savings needed to live comfortably in retirement.

“ASFA now estimates that Australians will need a super balance at retirement of $640,000 for a couple and $545,000 for a single, an increase of $130,000 and $115,000 respectively from previous estimates,” an ASFA-issued statement said.

“The June quarter figures indicate a modest rise in the cost of living for retirees, with couples aged around 65 living a comfortable retirement needing to spend $58,784 per year and singles $42,861, a respective 0.6 per cent and 0.7 per cent increase on the previous quarter.

“Budgets for older retirees increased by 0.8 per cent at the comfortable level and by 0.7 per cent at the modest level,” the ASFA statement said.

Commenting on the findings, ASFA chief executive, Pauline Vamos, said that if there are further changes to the age pension eligibility age beyond what is already legislated, retirement savings targets will need to increase further.” Click for More

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