March 2016 living standards

The overall benchmarked costs of retirement for older retirees decreased a little this quarter. Once again, the savings—such as from a 10% drop in the price of automotive fuel—were mostly offset by increased costs, notably for medical and hospital services, and pharmaceuticals.

For a modest lifestyle (better than a Government pension but fairly simple living), the annual guidelines for older retirees decreased about 0.1% and are now $23,160 for a single or $34,363 for a couple. For a more comfortable lifestyle, the estimates for older retirees are now $38,587 for a single and $54,122 for a couple (down 0.2%).

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.

The full break down of these estimates is available on the ASFA website, along with a simple calculator to show how much you may need according to your marital status and which state you live in.

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.

Phone 1300 128 751 (Local call)