The latest data from The Association of Superannuation Funds of Australia (ASFA) suggests retiring Australians will need 33 per cent more income per year for a “modest” retirement compared to 10 years ago*.

The amount required for a “comfortable” retirement increased 23 per cent.

ASFA said this increase was driven by electricity costs jumping by 124 per cent, health costs by 60 per cent, property rates and charges by 83 per cent and food costs by 24 per cent.

ASFA’s website reveals the amount of income required by retirees for modest and comfortable retirements:

Table 1: ASFA Retirement Standard budgets for various households and living standards for those aged around 65

Retirement standard Modest Comfortable
Single Couple Single Couple
June 2006 $18,192 $25,603 $35,430 $47,507
March 2017 $24,250 $34,855 $43,665 $59,971

*Published in Investor Daily online edition 30 May 2017