Modest or comfortable retirement?
Retirement means something different to everybody. For some it’s about slowing down and having time to relax with family and friends. For others it’s a time to do all the things they never had time for. Either way before entering retirement, it’s a good idea to work out what type of lifestyle you want, and how much you think you’ll need.
To help Australians with an idea of how much they’ll need in retirement the Association of Superannuation Funds of Australia (ASFA) produce the ASFA Retirement Standard. The tables have been taken from ASFA and show the difference between a modest and comfortable lifestyle in retirement, and assumes that individuals are aged around 65, healthy, own their home outright and without dependants.
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Single
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Couple
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Single
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Couple
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Considered to be better than relying on the Age Pension a modest retirement lifestyle is enough to support fairly basic activities. Where as according to ASFA a comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living.
