Superannuation fund 'comfortable' amount: Australians now need more to retire ... trends now

The cost of living crisis is now so bad Australians need even more money to retire comfortably.

The 32-year high inflation rate of 7.8 per cent  is particularly hurting singles and the widowed, as they can't as easily pool their money to pay bills and buy groceries.

The Association of Superannuation Funds of Australia (ASFA) is now recommending a single individual save up $595,000 in super to retire comfortably, up 9.2 per cent from a previous recommendation of $545,000.

For couples, the recommended superannuation balance is $690,000, a 7.8 per cent increase in line with inflation, from $640,000.

ASFA, the peak lobby group for Australia's superannuation industry, is basing its recommendations for those who have already paid off their mortgage and would be able to qualify for the aged pension.

While retirees are less likely to be affected by surging mortgage rates, more expensive food, petrol and electricity prices affects those on fixed incomes. 

ASFA chief executive Martin Fahy said this meant those retiring at 67, and receiving the aged pension, would need more saved up to be able to live to 92.

'Unfortunately, Australians continue to face sharp price increases for essential goods and services,' he said.

Single retirees now need $49,462 a year to live on compared with $69,691 for couples in their mid-sixties.

ASFA calculated that retirement living costs had surged by 7.5 per cent in 2022, based on an analysis of Australian Bureau of Statistics consumer price index data, also known as the basket of goods.

Food prices rose by 9.2 per cent but a closer look showed bread rising by 13.4 per cent, milk soaring by 17.9 per cent,

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