According to the ASFA Retirement Standard June 2013 quarter, below is the annual budget needed by Australians to fund a comfortable standard of living in their retirement years.
|
Expenses |
ASFA Modest Standard of Living |
ASFA Comfortable Standard of Living |
|
Housing – ongoing only |
$59.40 |
$83.14 |
|
Energy |
$54.64 |
$56.62 |
|
Food |
$153.92 |
$191.07 |
|
Clothing |
$29.15 |
$58.30 |
|
Household goods and services |
$35.54 |
$86.37 |
|
Health |
$74.89 |
$135.87 |
|
Transport |
$96.29 |
$142.20 |
|
Leisure |
$105.83 |
$295.00 |
|
Communications |
$16.61 |
$33.19 |
|
Total per week |
$626.27 |
$1,081.76 |
|
Total annual expenses |
$32,656 |
$56,406 |
Quinn Financial Planning has the expertise to help you build your wealth.
Here at The Quinn Group our experienced team of Financial Planners and Accountants can provide you with advice and assistance in regard to your retirement. For more advice please contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.