Australian Retirees Need $455,000 of Savings to Live Comfortably

Australians will need as much as A$690,000 ($455,000) of pension savings to retire comfortably, according to a new report that highlights how rising living costs are stretching household budgets even under the country’s globally admired pensions system.

The Association of Superannuation Funds of Australia estimates couples need to save A$690,000 and singles A$595,000 by age 67, assuming retirees also receive a part government pension. The quarterly guidance also shows day-to-day costs climbing: a couple who owns their own home needs A$75,319 a year for a comfortable life — up almost A$1,500 in three months.