December 2015 living standards
This quarter saw the overall benchmarked costs of retirement for older retirees increase again quite modestly (between 0.4% and 0.6%), as some larger increases (such as domestic holiday travel and accommodation up 5.9%) were offset by decreased costs such as fuel (down 5.7 per cent), fruit and communications.
For a modest lifestyle (better than a Government pension but fairly simple living), the annual guidelines for older retirees are now $23,176 for a single or $34,388 for a couple. For a more comfortable lifestyle, the estimates for older retirees are now $38,675 for a single and $54,215 for a couple.
So how much do you need?
If you take the relevant annual figure and multiply it by the number of years* you expect to be in retirement, you will get a rough idea of how much super you need to have when you retire.
What does this mean for you?
It may mean you need more super than you thought – this could be a good reason to contact our Member Advice Consultants for personalised advice about how to maximise your savings.
*You can use the Australian Bureau of Statistics life tables for an idea of your life expectancy.