Life's tough for Coffs Coast retirees
COFFS Coast retired couples need to spend more than $50,000 a year to live comfortably as the cost of living skyrockets, according to a new report.
Figures provided by the Westpac ASFA Retirement Standard, which benchmarks the budget a person needs in post-work years, shows that since last year there were significant rises in transportation, health and recreation costs, which make up a large part of retiree budgets.
The report found a retiree couple would need to spend $50,086 a year to live comfortably, while a modest retirement for couples would cost $27,151.
The figures are based on increases to living costs, an issue that Association of Independent Retirees Coffs Harbour Branch deputy president, Floyd Ballard, said is at the forefront of retirees' minds.
“There are many retirees in Coffs Harbour living on less than $50,000 a year, and to retain this amount of income in retirement requires substantial personal investment and a sound return from it,” Mr Ballard said.
“This has become increasingly difficult to achieve in the current economic climate.”
From last year, milk has increased by 12.1 per cent, bread by 6.8 per cent, and petrol by 8.7, while health care continues to increase by 4.8 per cent.
Retirees who splurge on takeaway meals are paying 6.5 per cent more than last year, 4.5 per cent more for restaurant meals, and 5.3 per cent more for snacks and confectionery.
Living Costs…% increase