Latest retirement cost statistics

For those thoroughly planning for their retirement you may be interested in the latest statistics of the actual amount spent by current retirees.

Previously I’ve written a more detailed article about retirement planning and this statistic – this article just advises you of the latest update.

The Westpac ASFA Retirement Standard for the September 2010 quarter shows that a couple wanting a comfortable lifestyle in retirement need to target to be able to afford to spend approximately $53,729 per year.

The Westpac-ASFA Retirement Standard reports that the detailed budgets for various households and living standards as at September Quarter 2010 are:

Modest lifestyle

– single

Modest lifestyle

– couple

Comfortable lifestyle

– single

Comfortable lifestyle

– couple

Housing – ongoing only $55.60 $53.39 $64.46 $74.72
Energy $30.36 $40.32 $30.81 $41.78
Food $71.20 $147.49 $101.71 $183.09
Clothing $17.97 $29.17 $38.89 $58.34
Household goods and services $26.18 $35.50 $73.65 $86.27
Health $33.51 $64.67 $66.48 $117.34
Transport $88.41 $90.92 $131.76 $134.26
Leisure $72.87 $108.56 $220.82 $302.61
Communications $9.15 $16.02 $25.15 $32.01
Total per week $405.26 $586.03 $753.73 $1,030.42
Total per year $21,132 $30,557 $39,302 $53,729

The Westpac ASFA Retirement Standard assumes the retirees own their own home. It defines a modest retirement lifestyle as “better than the Age Pension, but still only able to afford fairly basic activities.”

A comfortable retirement lifestyle is defined as: “enabling an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.”