While it may be prudent to ‘tighten the belt buckle’ a little, continuing to save during retirement can reduce the enjoyment and comfort of later life. The cost of retirement is now 2 to 3 per cent more expensive, on average, than a year ago.” “Small price rises across the board can add up to have a big impact on the average retiree budget. When you add in the fact that aged and heath care costs are rising above inflation and retirees get no benefits from price decreases in other areas (such as childcare, education and whitegoods), this means retirees are hit even harder.ĭr Fahy says the price increases for retirees were considerably higher than the underlying rate of inflation for the CPI of around 1.5 per cent over the year to June. For further information about the methodology used by Chant West, see standards also found that over the past year, up until June 2021, prices increased by around 2.3% for couples on a comfortable budget and by 2.6% for singles on a comfortable budget.Īccording to ASFA CEO Dr Martin Fahy, price increases in essentials such as petrol (up 27.3%), hospital and medical services (up 6.7%), and fruit and vegetables (up 4.7% and 5.5%) have all accelerated following COVID-19 led delays, hitting retirees harder than other population groups. Go to for details of its ratings criteria. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Past performance is not an indicator of future performance. Further information regarding Rest’s awards can be found at /about-rest/awards.
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Apart from this, Rest does not have any relationships or associations with any related body corporate or product issuer that might reasonably be expected to be capable of influencing any advice provided by Rest in providing financial services.Īwards and ratings are only one factor to consider when deciding how to invest your super. Super Investment Management Pty Limited ABN 86 079 706 657, AFSL 240004, a wholly owned company of Rest, manages some of the Fund's investments. An advice fee may be payable for complex advice and you should read the Rest Advice Financial Services Guide, which you can obtain by calling us on 1300 300 778, before accessing these services. Rest Advice may be accessed by members without incurring additional fees for simple phone-based advice. Rest Online Advice is provided by Link Advice. Rest Advisers are staff members of Rest and provide advice as authorised representatives of Link Advice. Rest Advice is provided by Link Advice Pty Ltd ABN 36 105 811 836, AFSL 258145 (Link Advice). Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness, our Financial Services Guide, the relevant Product Disclosure Statement (PDS) and the Target Market Determination (TMD). This website contains information which may include general advice but does not take into account your individual objectives, financial situation or needs. This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, A(Rest), as trustee of the Retail Employees Superannuation Trust ABN 62 653 671 394 (Fund), of which Rest Super, Rest Corporate, Rest Pension and Acumen are part. They estimate the lump sum needed to support a modest and comfortable lifestyle for a single or couple set out in the table below: This assumes a partial Age Pension.ĪSFA estimates that a modest lifestyle, which covers the basics, is mostly met by the Age Pension. ASFA estimates that the lump sum needed at retirement to support a comfortable lifestyle is $640,000 for a couple and $545,000 for a single person. These guidelines can help you work out the lifestyle you’ll be happy with. They work out a retirement standard guidelines to help us understand the minimum annual cost of a comfortable or modest standard of living in retirement. The other things you’ll need to consider are: That means you will have less things eating into your retirement savings. Let’s start with the big costsīefore you retire you might want to try and pay down big costs like a mortgage, personal loans, and credit cards. You can work this out by thinking about the lifestyle you want and the big costs you’ll have when you retire. The next thing you need to know is how much you think you’ll need to retire Book an appointment with a financial adviser.
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