The amount of money Australians need to retire comfortably has increased slightly over the last 12 months, following a rough couple of years of high inflation. But new figures reveal pressures have finally started to ease.

The Association of Superannuation Funds of Australia (ASFA) found couples aged 65 now need $73,077 per year combined to achieve a comfortable retirement, while singles need $51,805. This assumes the retiree owns their own home outright.

The budgets for a modest retirement were basically unchanged at $47,470 for couples and $32,897 for singles.

The super body said the new figures highlighted that Aussies likely needed to top up their superannuation with voluntary contributions to ensure they achieve the kind of retirement they need.

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The cost of a comfortable lifestyle rose by around 1.3 per cent over the last 12 months, which was just over half of the Consumer Price Index of 2.4 per cent over the same period.

Retiree costs rose by 0.1 per cent in the December quarter, with falling electricity prices helping to keep costs low. Electricity prices fell 9.9 per cent in the quarter, largely driven by commonwealth energy rebates.

ASFA CEO Mary Delahunty said there had been a "substantial easing in price for the goods and services” that retirees purchase.

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“However, the last couple of years of high inflation are still weighing on their ability to fund a comfortable retirement,” she said.

Insurance costs rose 1.1 per cent, which was the weakest quarterly rise since June 2022, while food prices were up 3 per cent.

Domestic holiday travel and accommodation rose by 5.7 per cent due to increased demand.

Superannuation returns helping retirees but more needed

The superannuation body calculated the superannuation lump sums needed for a comfortable retirement at age 67 were $690,000 for a couple and $595,000 for a single.

It's worth noting that Super Consumers has put this amount lower at $420,000 for a couple and $310,000 for a single to maintain their living standards in retirement, combined with the age pension.

Delahunty said recent strong investment returns were helping retirees and those planning for retirement to reach their desired retirement lifestyles, but warned topping up superannuation would be necessary.