ASFA reports on living costs for singles and couples, and recognises two lifestyles – modest and comfortable – and what each one costs.
A modest lifestyle allows a retiree to enjoy the basics and is only a little more than you would receive on the government’s Age Pension. There’s no budget for overseas travel, and both home entertaining and dining out are limited. Private health insurance is not included in this budget.
A comfortable lifestyle allows for fortnightly entertaining at home, eating out a few times a week at a club restaurant, or once a week at a more expensive place. Private health insurance and an overseas, as well as a local holiday each year, are also possible within this budget.
|Status||Modest Lifestyle||Comfortable Lifestyle||Age Pension
(Maximum basic rate per fortnight).
Dept. of Human Services, 2016.
|Single||$23,996 p.a.||$43,372 p.a.||$873.90 ($22,721 p.a.)|
|Couple||$34,560 p.a.||$59,619 p.a.||$1317.40 ($34,252 p.a.)|
The annual modest and comfortable lifestyle budgets shown are approximately the same as those determined by ASFA Retirement Standard, September 2016.