by Sanjeev Sah | June 13, 2023 | Market Updates

With annual inflation tracking at 7.0% over the March quarter, the cost of living continues to soar.  

This, in turn, means the cost of a ‘comfortable’ retirement is getting more expensive, according to the Association of Superannuation Funds of Australia. 

The ASFA Retirement Standard for the March quarter found: 

• Retired couples need to budget $70,482 to live comfortably each year
• Singles will need to find $50,004  

ASFA chief executive Dr Martin Fahy said retiree budgets have been under substantial pressure for over 18 months due to the higher cost of essential goods and services. 

“Self-funded retirees will not be eligible for Federal Budget measures aimed at relieving cost-of-living pressures, and despite recent adjustments to the Age Pension, payments continue to lag inflation,” he said.  

Concerned you won’t be able to live out your golden years in comfort?   

Investing in property can be a great solution as it can help you build wealth for retirement.