ASFA Retirement Standard December quarter

The cost of living increased slightly in December, while there were cost increases for some essentials such as medical, postage, and meat, according to the ASFA Retirement Standard.

Key updates include:

  • Couples aged about 65 need to spend $60,977 annually, and singles $43,317, for a comfortable retirement (up 0.2 and 0.3 per cent respectively on September 2018 figures)

  • Retirees aged around 85 saw an increase in the average cost of living by about 0.3 per cent for a comfortable retirement and 0.2 per cent at the modest level

Grey nomads have seen a price hike of fuel by 6.7 per cent, and supply shortages of fruit, vegetables and meat due to drought contributing to cost increases. Lamb costs have increased by 11.2 per cent.

Urban retirees had far lower price increases, with wine down 0.4 per cent in a year, technology costs down by 1.5 per cent, and telecommunications costs down by 4.7 per cent.

Inflation has been low, but some specific expenses grew by a considerable amount:

  • Medical/hospital expenses up by 4.2 per cent

  • Domestic holidays up by 6.2 per cent

  • Postage charges up by 10.4 per cent

  • Beer up by 3.5 per cent

  • Spirits up by 2.5 per cent

  • Eating out up by 2.0 per cent

  • Haircuts and hairdressing up by 3.2 per cent

  • Gas and other household fuels up by 3.2 per cent

  • Car fuel up by 6.7 per cent

  • Public transport up by 2.5 per cent

  • Fish prices up by 3.3 per cent

See the full Retirement Standard