POWERED BY MOMENTUM MEDIA
Retirees’ cost of living up slightly in September quarter
The aggregate costs for a couple living comfortably in retirement rose 0.5 per cent over the third quarter of 2010 to $53,729 per year, according to the latest Westpac and Association of Superannuation Funds of Australia (ASFA) Retirement Standard.
The costs for a retired couple with a modest retirement lifestyle increased by a similar proportion to $30,557. A single living modestly would need to spend $21,132, and $39,302 to live comfortably.
The 0.5 per cent increase was actually slightly lower than the overall consumer price index increase of 0.7 per cent due to a lower emphasis on housing and financial and insurance costs.
For retirees the increase was led by higher water and sewerage rates, electricity rates and property rates and charges, which saw their annual increases implemented in July, according to ASFA.
These were somewhat offset by decreases in the price of petrol, vegetables, pharmaceuticals and audiovisual equipment, partly due to a stronger Australian dollar. The easing of the drought also helped reduce food costs but the cost of takeaway and restaurant meals increased.
There was a slight increase in the costs of domestic and overseas travel and accommodation, while communication costs were largely unchanged.
AUTHOR
Mike Taylor
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