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.