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Rise in costs for retirees
The cost of living comfortably in retirement has risen by 1.8% in a year for couples and 1.6% for singles according to the Association of Superannuation Funds of Australia (ASFA).
ASFA’s Retirement Standard September quarter 2020 figures show that retired couples aged around 65 need to spend $62,083 annually and singles $43,901, up by 3% and by 5% from the previous quarter. The increase from a year earlier was 1.8% for couples and 1.6% for singles.
The rise is largely driven by COVID-19 and increases in childcare costs. “COVID-19 has had a substantial impact on Australia’s financial and economic conditions but there has been a partial unwinding of both price increases and decreases that immediately flowed from the impact of the pandemic,” says ASFA CEO, Dr Martin Fahy.
“Dramatic changes in our lifestyles had a big impact on demand and prices right across the economy but for at least some categories of expenditure there is a return to something closer to normal.”
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