Cost of retiring soars $1,000 a year

Aussies hoping to retire comfortably may want to start thinking about opening term deposits to put away some funds for a rainy day in light of new figures indicating an increase in the cost of retiring. 

A report by the Association of Superannuation Funds of Australia has revealed the annual income requirements of retirees in the country have risen by more than $1,000 in the past year.

It suggested that in order to support a modest lifestyle in their old age, a nest egg of $35,000 is required for the average couple, while those who want to enjoy a more luxurious retirement will require closer to $50,000.

This news may prompt older Aussies to consider putting some cash away in term deposits to ensure they can afford to do the things they want to when they end their working life.

Earlier this month, the ANZ's specialist investment firm OnePath announced the launch of new term deposit accounts designed to appeal to those who are cautious with their funds.

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