Retirement costs up in September quarter

www.moneymanagement.com.au
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The cost of retirement went up during the September quarter, driven by factors such as a rise in childcare expenses, following the end of free childcare, despite these expenses not typically relevant to retirement budgets, according to the Association of Superannuation Funds of Australia (ASFA).

Couples aged around 65 living a comfortable retirement needed to spend $62,083 per year, up 0.3%, and singles $43,901, up 0.5% on the previous quarter. The increase from a year earlier was 1.8% for couples and 1.6% for singles.

ASFA chief executive, Dr Martin Fahy, said: "COVID-19 has had a substantial impact on Australia's…
Jassmyn Goh
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