Have you considered what’s on the agenda, such as how often you see yourself eating out and whether you want to travel domestically or afar?
If you’re in or approaching retirement, you may be prioritising things such as living costs, utility bills, health care and even potentially helping the kids out with their future financial goals.
With many Australians looking at a retirement (which in reality, could span a few decades), another thing to give some thought to is keeping some money aside for your own recreation and social life.
Think about what you enjoy doing, what you’re likely to want to do more of, or even get into with more time on your hands.
If you need a guide, the Association of Superannuation Funds of Australia (ASFA) benchmarks the annual budget needed to fund a comfortable and modest standard of living in retirement, with figures based on an assumption people own their home outright and are relatively healthy.
According to September 2018 figures, individuals and couples around age 65, looking to retire today, would need an annual budget of $43,200 and $60,843 respectively to fund a comfortable lifestyle, or $27,595 and $39,666 respectively to live a modest lifestyle1.
According to ASFA, a comfortable retirement lifestyle would enable an older, healthy retiree to be involved in a broad range of leisure and recreational activities, whereas a modest retirement lifestyle would enable an older healthy retiree to afford more basic activities2.
According to research, singles and couples (aged 65 to 85) living a comfortable lifestyle in retirement would spend about $180 and $270 of their weekly budget respectively on leisure and recreation3.
This takes into account a broad range of recreational activities, including4:
Meanwhile if your seeking further assistance on this topic , please contact us on the office phone number 8357 3999.
1, 2 ASFA Retirement Standard table 1
3, 4 ASFA Retirement Standard – Detailed budget breakdowns – September quarter 2018 page 4
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