How much money do you need to retire?

SUPERANNUATION savings have been hit recently, but the cost of living a comfortable retirement is rising. See how much you'll need.

Retirees

How much money do you need to retire?

A COUPLE in retirement now needs nearly $50,000 a year to maintain a comfortable lifestyle with higher food and petrol prices hitting their budget, new data says.

Inflation for a couple living comfortably in retirement rose 1.1 per cent during the March quarter, new figures released for the Westpac ASFA Retirement Standard show.

They would need to spend $49,502 a year to maintain their lifestyle, up from 0.6 per cent in the December quarter.

A single person would need $37,002 a year for a comfortable lifestyle in retirement.

Couples with a more modest lifestyle need $26,851 a year, a 1.2 per cent rise, up from 0.9 per cent in the December quarter. A single person leading a modest lifestyle would need $19,141 a year.

Food prices were up 2.1 per cent in the March quarter, with a 2.9 per cent increase in the cost of vegetables and a 4.0 per cent rise in bread prices, while beer prices were up 1.6 per cent.

Food can account for up to one third of retirees' household budget, the standard estimates.
Transportation costs were up by 1.9 per cent while fuel prices rose 5.4 per cent.

Clothing prices fell by 2.4 per cent, with the rising Australian dollar at the time helping to reduce the cost of imported goods.

Prices for audio, visual and computing equipment also fell by 5.8 per cent. The data series assumes retirees own their own home.