The Association of Superannuation Funds of Australia recently updated its Retirement Standards Budget for 2018.
The research updated the budget to contemporary living standards with prices current at April 2018. The updating has required a series of judgements on the items captured in the various bundles of goods and services included.
The modest and comfortable standards of living assume that the retirees own their own home and are aged between 65 and 85 years.
For couples, food was the biggest outlay for the modest budget at 22% and for the comfortable budget, 17%. Health costs (private health fund, prescriptions and out-of-pocket co-payments) for a couple represent a significant 12% of their weekly expenditure for the modest budget and 16% for the comfortable budget. Recreation was a big proportion of expenditure in the comfortable budgets as it includes overseas travel (see https://www.superannuation.asn.au/ArticleDocuments/269/2018-ASFA-Retirement-Standard-Budgets-Review.pdf.aspx?Embed=Y).