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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Are you being priced out of the market? Have you got the Tuesday blues? And are ...

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There is $17.5 billion in lost and unclaimed super across ...

Retirement

Good news for retirees on living costs

By Katarina Taurian

June 02 2016
Share

Retirement

Good news for retirees on living costs

By Katarina Taurian
June 02 2016

A substantial fall in petrol prices has seen the cost of living decline for retirees in the March quarter this year, in spite of persistent increases in previous quarters.

Good news for retirees on living costs

By Katarina Taurian

June 02 2016
Share

A substantial fall in petrol prices has seen the cost of living decline for retirees in the March quarter this year, in spite of persistent increases in previous quarters.

The Association of Superannuation Funds of Australia (ASFA) Retirement Standard for the March quarter indicated the cost of a comfortable retirement for a couple aged around 65 is now $58,922 per year, a 0.5 per cent drop from the previous quarter.

The cost of living also fell for singles, with the March figures showing a comfortable retirement for a single aged around 65 is now $42,893 per year, down 0.7 per cent from the previous figure.

ASFA chief executive Pauline Vamos said the small decline in the cost of living is welcome news for retirees, but many people still find it difficult to achieve a comfortable standard of living.

According to ASFA, to achieve a comfortable standard of living in retirement, an individual requires a minimum balance of around $545,000 and a couple around $645,000.

"Currently, less than 20 per cent of single people and 30 per cent of couples [aged over 65] are able to reach this standard of living," said Ms Vamos.

"Unfortunately, saving an adequate amount for retirement is anticipated to get harder, with a low interest rate environment and an ageing population, which will place more strain on governments as they seek to fund the increasing costs of health and aged care."

For the March quarter, the most significant price drops were automotive fuel, down 10 per cent, fruit, down 11 per cent and holiday travel down 2 per cent.

The cost of medical and hospital services on the other hand rose 1.6 per cent, along with pharmaceutical products which increased 4.8 per cent.

Ms Vamos said in the lead-up to the end of the financial year, ASFA is advising consumers to start thinking about what additional contributions they can make to boost their superannuation.

"The earlier you engage with and contribute to your superannuation, the easier it will be to reach a comfortable lifestyle in your post-work years as you will get greater benefits from compound interest," she said.

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