How retirees can deal with the rising cost of living this Christmas
For those who are feeling the pinch, especially as we approach Christmas, it is a good time to take another look at your entitlements and benefits, to try to eke out a few extra dollars.
In this short Sunday edition:
SMH/The Age column: How retirees can deal with the rising cost of living this Christmas
Prime Time podcast: How you dress matters! And it's not an age thing, it's your attitude with Nikki Parkinson
Each weekend I publish a column in The Age, The Sydney Morning Herald, Brisbane Times and WA Today money section. This article was first published here.
The latest data released this week from the Association of Superannuation Funds of Australia (ASFA) paints a concerning picture for retirees.
The cost of living for a comfortable retirement has surged by 1.3 per cent for the quarter for couples, and as much as 1.5 per cent for single people as fuel, electricity and insurance costs continue to rise.
Inflation of electricity and utilities is hitting single people at a higher rate as they grapple with the escalating costs of electricity and utilities on a sole income.
According to the ASFA report released this week, the amount Australians need to have a comfortable retirement has increased to an unprecedented $71,724 for couples in the September quarter, up 1.3 per cent.
For singles, the rise is slightly steeper at 1.5 per cent, totalling $50,981. This results in a 12-month rolling inflation rate for retirees at 5.5 per cent, just above Australia’s Consumer Price Index (CPI) standing at 5.4 per cent.
The burden on single retirees is more pronounced in this quarter because of the hikes in energy and utility costs, which have soared by 12 per cent in the past year. Fuel prices have increased by 7.2 per cent in the September quarter, acting as a significant catalyst for inflationary pressures.
If you’re struggling, take another look at the simple ways you can find a few extra bucks. It might make it a little easier this Christmas.
Insurance costs continue to outpace other living expenses, surging by 2.8 per cent, while telecommunication charges have risen by 1.9 per cent, and postal services have experienced a substantial 8.2 per cent hike, attributed to elevated fuel costs being passed on to consumers.
The escalation in electricity prices is a huge driver of cost-of-living inflation, with most retired people seeing a 4.2 per cent increase in the September quarter. For those ineligible for government rebates aimed at pensioners and seniors concession cardholders, the impact is even more pronounced.
Over the year, electricity costs have surged by a staggering 18.6 per cent, excluding any rebates. That’s a significant burden on people who are already navigating a challenging economic landscape.
There’s some good news in the quarterly data, though. Some of the basic costs of living which have been rising quickly in previous quarters have seen their inflation slow right down. The cost of food was only up 0.6 per cent, the cost of clothing was only up 0.4 per cent and the cost of healthcare was only up 0.1 per cent.
For those who are feeling the pinch, especially as we approach Christmas, it is a good time to take another look at your entitlements and benefits, to try to eke out a few extra dollars to help with the cost of living:
1. Make sure you are getting your energy relief payments. Government energy rebates are being paid in all Australian states and territories for pensioners, Commonwealth Seniors Health Card owners, and families receiving family tax benefits part A and B.
Despite the eligibility of thousands for these concessions, only a small portion of individuals appear to be aware. Qualifying customers in NSW, Victoria, Queensland, South Australia and Tasmania are set to receive up to $500 towards electricity or gas bills. Households in Western Australia, the Northern Territory, and the ACT, however, will only be eligible for rebates of up to $350.
This article continues with more examples and insight on the Sydney Morning Herald, The Age, Brisbane Times and WA Today here. It’s usually free to access the article - you may need to register.
How you dress matters! And it's not an age thing, it's your attitude
Our identities when we go to work are represented by what we wear and how we 'dress for success' but when our life starts to change, and become more varied - that changes too.
It's no secret that our clothing style changes as we age. The trick is working out how to dress, and present yourself to the world when everything ELSE in life changes.
What do you wear, if all your life you've worn a suit to work every day? Or a pair of heels? How do you dress for you attitude, for a new phase in life, and not your age? How do you think about fashion, style, and function, when your identity comes from a portfolio life of activities?
In episode 7 of Prime Time, I chat with fashion designer and stylist for people of all shapes and sizes, Nikki Parkinson, and we discuss dressing for your life, not your age. Nikki has been a voice of empowerment in style with her social media powerhouse brand Styling You for more than ten years. And today she shares her best Prime Time advice, as a Primetimer herself!
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