Save now –cost of retiring going up

09/11/2009

The aggregate costs for a couple living comfortably in retirement were up 0.7% in the June quarter 2009 compared to the March 2009 quarter, according to the latest release of the Westpac ASFA Retirement Standard.

As a result a couple looking to achieve a comfortable retirement needs to spend $51,132 a year, while those seeking a ‘modest’ retirement lifestyle need to spend $27,695 a year.

For those wanting a comfortable lifestyle in retirement, costs rose by 2.1% over the year to the June quarter 2009.

The cost of both a comfortable and modest retirement varies from state to state, based on the figures for a retired couple, here is a city by city breakdown.

Perth is the most costly city for retirees for both a modest and comfortable lifestyle, followed by Brisbane and Darwin. Melbourne is the least costly city for both a modest and comfortable lifestyle for retirees, just less than Adelaide.

Source: ASFA

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