According to the latest Westpac ASFA Retirement Standard the annual budget needed by Australians to fund either a comfortable or modest standards of living in the post-work years has fallen by 0.2%in the June 2010 quarter. The benchmark findings have indicated that a couple looking to achieve a comfortable retirement will require $53,456 pa; whilst those seeking a modest lifestyle will require $30,399. Theses figures assume that the retirees own their own home.
A modest lifestyle in retirement is described as better than the Age Pension, but still only able to afford fairly basic activities. A comfortable retirement lifestyle enables 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, electronic equipment and occasional travel, both domestic and international.
Always speak with your financial planner when making decisions about your financial future.
Come and talk with Leenane Templeton Chartered Accountants & Financial planners call 02 4926 230
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