Retirement living expenses calculator software#
Entertainment: Newspaper and magazines computer, printer and software lunches and dinners out cinema, plays, sport and day trips.Hobbies: Music and CDs membership clubs tv, dvd, digital camera.Groceries: Food (groceries and other fresh food).Household: Building and content insurance rates home improvements repairs and maintenance electricity and gas bundle of home phone, broadband, mobile household cleaning and other supplies cosmetic and personal care items barber or hairdressing household appliances pest control, alarm service.In developing this calculator, BTFM has made assumptions when mapping the Standard's expenditure items to categories shown on the calculator. The Standard includes the cost of things such as health, communication, clothing, travel and household goods. The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills, as well as changing lifestyle expectations and spending habits. The Standard provides an objective comprehensive picture of a retiree's spending requirements, and is updated quarterly to reflect changes to the Consumer Price Index (CPI). This calculator uses the data from the September 2022 quarter.īTFM considers the assumptions reasonable because the ASFA Retirement Standard is based on research conducted by ASFA's Research and Resource Centre, using data obtained from research and surveys conducted by the Australian Bureau of Statistics (ABS), the Australian Institute of Health and Welfare and research findings from the Social Policy Research Centre, University of NSW, Sydney. The ASFA Retirement Standard is issued by the Association of Superannuation Funds of Australia Limited (ASFA) and is updated quarterly. The default amounts assume that the person is aged around 65, owns their home outright and is relatively healthy. Under the Standard, a comfortable lifestyle enables a 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 things such as household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel. The default expenditure for each expense category is based on what the ASFA Retirement Standard (Standard) estimates the average Australian individual or couple would spend each year (in today's dollars) on each listed expense category to live a comfortable lifestyle in retirement. You should take into account your own personal objectives, financial situation and needs and consider the product disclosure statement (or other disclosure document) for any product you are considering. As the variables and assumptions are an estimate only and are unlikely to match your situation precisely, the results may not be appropriate for your financial situation. The results which you generate when using the calculator are dependent on the variables you input and the assumptions made by the calculator.
Retirement living expenses calculator professional#
You should consider seeking professional advice from an Australian financial services licensee before making any financial decisions. The calculator is also not intended to be relied upon as a substitute for professional advice. The calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product or an interest in a financial product. To the extent permitted by law, neither BTFM nor any other company in the Westpac Group of companies accept any liability for any omissions, errors or inaccuracies in the results generated by the calculator or use thereof. The results depicted are illustrative only and are based on limited inputs provided and the assumptions built into the calculator. 233724 (BTFM) and is current as at March 2023 but is subject to change. The BT Retirement Lifestyle calculator is provided by BT Funds Management Limited ABN 63 002 916 458, AFSL No.
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