The latest figures from the Association of Superannuation Funds of Australia’s (ASFA) quarterly update claimed couples would need over $62,000 a year to live “comfortably” in retirement.
That number equates to a little over $1,100 a week for a healthy and able couple aged over 65 who don’t have any rent expense.
The quarterly update stated when people have finally stopped working, they would need a lump sum of $640,000, with an investment earning rate, to support that budget requirement.
For a single person that annual budget drops to $40,000 with a weekly budget of about $770.
After the age of 65 the ASFA predicts retired coupled would need around $59,000 a year until they were 90 years old and relying on the age pension.
The current annual age pension rate in Australia is approximately $24,770 for a single person and approximately $37,341 for a combined couple.
The report was released after figures from the Federal Government’s Retirement Income Review concluded many older Australians die with the bulk of their savings intact because of fears they will run out of money during their retirement years.
