The cost of retirement is increasing, particularly healthcare costs, the latest Association of Superannuation Funds of Australia (ASFA) data shows. The ASFA Retirement Standard's June figures show:
- Couples aged about 65 will need $60,604 per year for a comfortable retirement (up 0.5 per cent on the previous quarter) and $39,442 for a modest retirement (up 0.2 per cent)
- Singles aged about 65 will need $42,953 per year for a comfortable retirement (up 0.5 per cent on the previous quarter) and $27,425 for a modest retirement (up 0.2 per cent)
- The total budget for those aged 85 and older increased by about 0.4 per cent (comfortable) and 0.3 per cent (modest)
The increases were mostly around healthcare, with costs rising over two per cent over the quarter, alongside a four per cent increase in private health insurance. Surgery, medication and dental work are significant costs.
Food costs have dropped, with fruit and vegetables dropping by about three per cent. Having fun now costs a bit less too, with leisure activities falling by 2.7 per cent in the off-peak season.