ASFA Retirement Standard
ASFA has released their Retirement (Income) Standard for the June 2017 quarter as follows for those aged around 65:
The full rate of payment of the Age Pension is shown, including supplements, as at 20 September 2017. ASFA also produce retirement income benchmarks for those aged around 85.
The amount required for a comfortable retirement lifestyle envisage home owning, healthy retirees who can participate in a range of leisure activities, and have a relatively good standard of living, including allowances for replacement of household goods, car, private health insurance, and occasional domestic and international holiday travel. ASFA estimates that for those retiring at age 65, singles would need super/investments of $545,000 and couples need $640,000 to achieve the comfortable level of retirement income. This assumes that retirees will draw down their super/investment and have access to a part age pension.