Retirement lifestyle for a couple who wish to be comfortable requires $48,374 pa according to the latest Westpac ASFA Retirement Standard as at June 2007. Biggest categories out of the total $927 pw are Leisure $201 pw, Food $180 pw and Transport $201 pw. Modest Lifestyle for a single person costs $18,654 pa. You can obtain further details at http://www.superannuation.asn.au/mr070829/default.aspx
According to FinDem's Retirement Simulator, the comfortable lifestyle requires just over a million dollars ($1,020,000) in super at age 65 for a couple if they both expect to live to 95 (excluding any possibility of age pension entitlement).
Posted Saturday, 1 September 2007
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