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