Policy must align with ageing population

The Intergenerational Report stresses the need for policymakers to pay attention to retiree spending so they can adapt policies to suit this growing demographic.

Such is the view of the Association of Superannuation Funds of Australia (AFSA), which said Australians need to use tools to plan for retirement as longer periods of retirement looms for many retirees.

"Government finances will continue to be under pressure over the coming decades, and the best way to protect yourself against future policy changes is to start saving now for the retirement you want," ASFA CEO Pauline Vamos said.

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ASFA found there was a halt in the rising cost of living in the December quarter as an 8 per cent fall in petrol prices provided relief.

This offset a 0.1 per cent increase in food prices.

Older couples aged around 65 seeking a comfortable retirement will need to spend $58,364 a year, up 0.1 per cent on the previous quarter. This will mean they need a joint super balance of around $510,000.

Older singles wanting a comfortable retirement will need to spend $42,604 a year, requiring a balance of around $430,000.

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