Update- Cost of Living in Retirement If you are a retired couple who owns your own home and want a ‘comfortable’ retirement lifestyle then according to the ASFA Retirement Standard you need $54,562 per annum and $39,852 per annum if you are single. The survey defines a comfortable retirement lifestyle as one that allows for a broad range of leisure and recreational activities and to have a good standard of living through the purchase of things such as household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment and domestic plus occasionally international holiday travel. Ok, so if we assume a return rate of 8.0%per annum and an inflation rate of 5% per annum then you will need $1,200,000 today in addition to owning your own home just to recieve $54,562 per annum for the next 30 years. This is another stark reminder of why it is important to keep saving and keep investing for retirement, especially when you can buy more growth assets at discounted prices. At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me via ‘Contact Us’ at www.newealth.com.au or to call me on +61 2 9267 2322.
22nd-August-2011 | 
