Retirees will need a bit more money in their nest eggs to have a comfortable twilight years. (Source: Getty) <\/p>\n
The amount of money<\/a> you’d need each year to have a comfortable retirement<\/a> has gone up. The Association of Superannuation Funds of Australia (AFSA) said older Aussies are being squeezed by “heightened price pressures”<\/a> across many areas.<\/p>\n A poll of nearly 8,500 Yahoo Finance readers found 65 per cent are worried they won’t have enough money in their super to retire comfortably<\/a>. According to ASFA, couples around 65 will now need $75,319 per year to enjoy their twilight years, while a single person would need $53,289 per year.<\/p>\n ASFA CEO Mary Delahunty said it’s getting harder for retirees to make their money go the distance<\/a>.<\/p>\n “We continue to see steep cost-of-living increases<\/a> for retirees. Superannuation matters more than ever in delivering the dignified retirement Australians deserve,\u201d she said.<\/p>\n ASFA’s figures from last year<\/a> showed that a couple needed $73,337 per year, and a single person would need $52,085 for a comfortable retirement.<\/p>\n That style of retirement is defined as one where retirees can afford a broad range of leisure and recreational activities and have a good standard of living.<\/p>\n Do you have a story? Email stew.perrie@yahooinc.com<\/p>\n The association said there have been several goods and services that have gone up in price just in the last quarter alone that have put a strain on retirees’ finances.<\/p>\n Private health insurance<\/a> jumped 3.7 per cent, which was the largest quarterly increase since 2018.<\/p>\n Additionally, electricity prices<\/a> lifted 8.1 per cent, which came after a 16.3 per cent increase in the previous quarter.<\/p>\n Meanwhile, in the grocery department, fruit and vegetables rose 4.3 per cent in price.<\/p>\n The only good news for older Aussies was that fuel prices fell 3.4 per cent due to lower global oil prices.<\/p>\n Delahunty said people who have a few decades left of working should be doing everything they can to make their superannuation as healthy as possible.<\/p>\n On July 1, the mandatory employer contribution rate went from 11.5 per cent to 12 per cent.<\/p>\n But the ASFA CEO said that Aussies can also contribute to their nest egg if they have some spare cash.<\/p>\n \u201cVoluntary contributions to super, with their significant tax benefits, can also make a big difference to those wanting to feel more certain about the future,” she said.<\/p>\n Story Continues <\/p>\n “Contributing extra to super can help some people ensure they won’t have to downgrade the lifestyle they’ve become accustomed to when they retire, whether that’s having a new iPhone and access to streaming, or the other pleasures of modern life.”<\/p>\n ASFA’s most recent figures revealed a single homeowner would need $595,000 in their superannuation fund by age 67. That jumps to $690,000 for a couple.<\/p>\n Those figures are based on the retirees drawing down all their capital and receiving a part Age Pension<\/a> from the government.<\/p>\n If you’re younger than 67 and wondering whether you’re on track for that amount, ASFA\u2019 Super Balance Detective Calculator<\/a> has calculated how much you would need to have at different ages.<\/p>\n These calculations are based on a single person receiving a relatively modest wage of $65,000 a year.<\/p>\n 25: $26,000<\/p>\n 30: $66,500<\/p>\n 35: $111,500<\/p>\n 40: $168,000<\/p>\n 45: $226,000<\/p>\n 50: $296,000<\/p>\n 55: $377,000<\/p>\n 60: $469,000<\/p>\n 65: $571,000<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n