Retirees continue to struggle to meet costs
Higher food and petrol prices are taking their toll on retirees’ budgets with inflation driving up the cost of a comfortable living.
A Westpac/Association of Superannuation Funds of Australia report on retirement says the cost of a couple living in retirement has risen 1.1% to $49,502 a year, and is up 1.4% to $26,851 for those living a more modest lifestyle.
Food prices were up 2.1% in the first quarter of the year, transport costs up 1.9% and fuel up 5.4%, making the need for a retirement plan and adequate superannuation more critical than ever.
The only good news for retirees is that clothing prices fell 2.4% in the quarter, and for those who can actually afford it, the cost of home entertainment and computing equipment fell 5.8%.
A Westpac/Association of Superannuation Funds of Australia report on retirement says the cost of a couple living in retirement has risen 1.1% to $49,502 a year, and is up 1.4% to $26,851 for those living a more modest lifestyle.
Food prices were up 2.1% in the first quarter of the year, transport costs up 1.9% and fuel up 5.4%, making the need for a retirement plan and adequate superannuation more critical than ever.
The only good news for retirees is that clothing prices fell 2.4% in the quarter, and for those who can actually afford it, the cost of home entertainment and computing equipment fell 5.8%.