March 2015 living standards
For a modest lifestyle (better than a Government pension but fairly simple living), the annual guidelines for older retirees are now $22,798 for a single or $33,915 for a couple. For a more comfortable lifestyle, the estimates for older retirees are now $38,075 for a single and $53,424 for a couple.
These overall benchmarked costs of retirement have increased between 0.3% and 0.5% over the quarter.
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.