ASFA Retirement Standards
What is the ASFA Retirement Standard?
The ASFA Retirement Standard benchmarks the amount needed by Australians to fund either a comfortable or modest standard of living in the post-work years. It is updated quarterly (on http://www.superannuation.asn.au/resources/retirement-standard) to reflect inflation, and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.
Definitions of “comfortable lifestyle” and “modest lifestyle”
Modest retirement lifestyle:
Better than the Age Pension, but still only able to afford fairly basic activities.
Comfortable retirement lifestyle:
Enabling an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.
For further information, please visit the Westpac Retirement Standards page on the ASFA website: http://www.superannuation.asn.au/resources/retirement-standard