For those thoroughly planning for their retirement you may be interested in the latest statistics of the actual amount spent by current retirees.
The Westpac ASFA Retirement Standard for the December 2010 quarter shows that a couple wanting a comfortable lifestyle in retirement need to target to be able to afford to spend approximately $53,879 per year.
Those seeking a ‘modest’ retirement lifestyle need to spend $30,708 a year.
The Westpac ASFA Retirement Standard assumes the retirees own their own home. It defines a modest retirement lifestyle as “better than the Age Pension, but still only able to afford fairly basic activities.”
A comfortable retirement lifestyle is defined as: “enabling an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.”
I suggest most people do their planning with the aim of a comfortable retirement lifestyle. Our lifestyle expectations only seem to be expanding with every generation.