For the second consecutive quarter, costs for retirees have remained steady and are marginally down, according to new figures released by the Association of Superannuation Funds of Australia Retirement Standard.
The new figures show that retired couples looking to achieve a comfortable living standard in their post-work years need a total sum of $55,080, while those seeking 'modest' retirement lifestyle need $31,643 a year.
The aggregate costs for a couple living comfortably in retirement were down by 0.3% in the March quarter 2012 from the December quarter 2011.
According to the Association of Superannuation Funds of Australia (ASFA), the difference largely reflects the fall in the price of goods and services in the leisure category, which makes up a larger proportion of the budget at the comfortable level.
The movement in costs over the quarter for retirees at the modest level was similar to the 0.1% increase recorded in the All Groups Consumer Price Index (CPI).
However, in some quarters the price increases recorded will differ as retiree households on average have somewhat different spending patterns to the rest of the population.
The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years.
It is updated quarterly to reflect inflation, and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.