Cost of living pressures in retirement
If your weekly grocery shop feels more expensive than it used to, you're not imagining it. Cost of living is on the rise and if you’re a retiree or soon to be one, that shift can feel unsettling. The good news is that there are supports which can help you better understand and manage your financial position.
According to the latest
ASFA Retirement Standard,Opens in new window
a guide to how much money will be needed in retirement released quarterly by the Association of Superannuation Funds of Australia (ASFA), the super balance needed for a comfortable retirement has hit a record high. If you're a homeowner and you're single, you'll now need around $630,000 saved by age 67 – up from $595,000. For couples, that figure is around $730,000, up from $690,000. It's the first time these benchmarks have risen in three years, and it's largely being driven by the rising living costs, and by the Age Pension not keeping up with some of these expenses.
What’s increased?
The Consumer Price Index rose 3.8 per cent in the 12 months to the December quarter 2025 – but prices of key items went up even more – more information
hereOpens in new window
and below:
Examples of non-food essentials
- Electricity: up 21.5%
- Property rates: up 6.2%
- Medical and hospital services: +up 4.3%
- Private rental costs (for non-homeowners): up 3.9%
Examples of food essentials
- Coffee and tea: up 15.3%
- Beef: up 10.8%
- Fruit: up 4.2%
And with the current uncertainty on the world political front, it’s unlikely we’ll get any relief in the short-term.
Help is available to you
Whether you need help understanding your super, navigating retirement or looking into aged care – there’s a service for you that can provide support and guidance. Below you’ll find government services as well as legal and financial resources.
Government Services
1. Centrelink – Financial Information Service (FIS)
- What they offer: Free, confidential financial information and education aimed at helping people make informed decisions about retirement, superannuation, and pensions. Watch online videos and seminars or speak to an FIS Officer.
- How to access: Visit the
website
or call them on 13 23 00.
2. Australian Taxation Office (ATO) – Superannuation Services
- What they offer: Information on superannuation, including how to manage your super, tax implications, and rules for accessing superannuation.
- How to access: Visit the
ATO’s Superannuation siteOpens in new window
or call 13 10 20.
3. Commonwealth Seniors Health Card
- What they offer: A concession card that provides eligible seniors with access to cheaper prescription medicines and other health services.
- How to access: Apply via the
Centrelink websiteOpens in new window
or by calling 13 23 00.
4. My Aged Care
- What they offer: Information and access to government-funded aged care services, including home care packages, residential aged care, and respite care.
- How to access: Visit the
My Aged CareOpens in new window
website or call My Aged Care on 1800 200 422.
5. Other resources
6. State government concession cards as at 1 June 2026
Financial and Legal Services
Financial advice from superannuation funds
- What they offer: Most superannuation funds, including ANZ Staff Super, offer financial advice services to help members plan for retirement, understand their investment options, and optimise their superannuation benefits.
- How to access: For ANZ Staff Super call 1800 000 086.
National Debt Hotline – Financial Counselling
- What they offer: Free independent financial counselling services for people in financial difficulty, including advice on managing debts and budgeting.
- How to access: Visit the
National Debt Hotline Opens in new window
website or call them on 1800 007 007.
Community Legal Centres
- What they offer: Free or low-cost legal advice on simple wills, estate planning, powers of attorney, and other legal issues related to retirement.
- How to access: Find your local centre by visiting the
Community Legal Centres Australia
website
Elder abuse support
- What they offer: Information and advice on elder abuse
- How to access: Call the free helpline on 1800 ELDERHelp (1800 353 374) to be directed to the phone support service in your state or territory