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Articles archive
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Quarter 1 of 2012
Articles
Securely transfer your personal and business information to your Financial Planner.
Coping with instant wealth
Some industry terminology
Home alone
Market Update - 29th February 2012
Little savings, big rewards
Love and money ........
Market Wrap - 21-2-12
Lessons from a rocky road
Quarterly Market Report to 31-12-2011
Securely transfer your personal information over the Internet
Retirees make a comeback
Some Terminology
Retirement evolution
Identifying Market Trends
Market and Economic Update - December 2011

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Home alone

Single retirees can face particular challenges in financing their desired standard of living in retirement.

Central to these challenges is the reality that the living costs of a retired single person are approximately 70 per cent compared to a retired couple, according to the Association of Superannuation Funds of Australia (ASFA).







In other words, the living costs of single retirees are certainly not half of those of their married counterparts - far from it.

The latest ASFA Retirement Standard report, released this month, reports that a "modest" lifestyle costs a single retiree $21,930 a
year against $31,675 for a couple. (These figures are adjusted for the December
quarter 2011 CPI.)


And a single retiree would have to spend $40,407 for a so-called "comfortable" lifestyle whereas a couple would have to pay $55,249.
(Of course, there could be endless debates about what constitutes a
"comfortable" lifestyle.)


A long-time single person who recognises that the gap between the living costs of singles and couples is not as wide as many perceive
is arguably in a better position to save for retirement.


However, individuals who unexpectedly become single, perhaps late in their working lives, following the breakdown of a relationship
or death of a partner can find their retirement planning suddenly turned upside
down.


Obviously, prudent retirement planning makes much sense whether you are currently single or in a relationship.


Taking into account your personal circumstances, perhaps the fundamental issue to consider when planning for retirement is
whether your regular savings are enough to eventually produce a sufficient
retirement income. This can lead on to other matters such as the
appropriateness of your portfolio's asset allocation and your tolerance to
investment risk.


 


By Robin Bowerman
Smart Investing
Principal & Head of Retail, Vanguard Investments Australia


1st March 2012


 





18th-March-2012