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Retirees need savings of $940K

11/08/2011

A couple wanting a “comfortable” retirement - where they can afford to have some fun, not just pay the bills - now needs more than $1000 a week, according to the Association of Superannuation Funds of Australia (ASFA) Retirement Standard.

A “modest” lifestyle requires $600 a week.

A couple, with each partner aged 60, would need to retire with a nest egg of about $535,000 to have only a modest lifestyle lasting as long as the official life expectancy of the partner likely to live longest - that is, 26 years (to 86) for the woman.

If the couple wanted a comfortable lifestyle, they'd need to retire with about $940,000 in capital.

Source: Sydney Morning Herald



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