The Price of Retiring in Australia Jumps as Cost of Living Bites

The recommended nest egg for retired Australian homeowners has surged in the past six months as cost-of-living pressures add to the squeeze on pension balances.

Couples aged 67 and over now require A$730,000 ($515,000) in pension savings for a comfortable retirement, according to a report released Tuesday by the Association of Superannuation Funds of Australia — a A$40,000 leap from its September update. For singles, the target has climbed A$35,000 to A$630,000.