As a recent retiree, I am pleased to have more free time on my hands. I confess, I use a chunk of that free time wondering what to do with all this free time. Another chunk I largely spend wondering if I can afford to continue having all the free time, and for how long.

The topic of how much money a couple or individual needs to fund their retirement lifestyle comes up frequently in financial advice columns, including in this masthead. The usual recommendation is to refer to the “retirement standard” produced quarterly by the Association of Superannuation Funds of Australia (ASFA), which bills itself as “the voice of super”.

The ASFA standard assigns either a “comfortable” or “modest” retirement budget. In the latest update (December quarter 2023), couples aged 65 to 84 desiring a comfortable lifestyle are assigned a weekly budget of $1382.15 as the benchmark, or $982.34 for an individual. Those in the same age bracket but consigned to a modest lifestyle have a weekly budget of $900.27 for a couple and $625.78 for an individual. The estimates assume you own your home and are relatively healthy.

There are about 30 expenditure items in the published standard. Many items show little budget differences between the two lifestyle modes, especially for couples: council rates, water charges, home maintenance repairs and even building and contents insurance were the same or similar for both classes. Worryingly, I exceed many of the estimates, even for the comfortable class.

Some of the ASFA estimates are confronting. For example, the budget for home improvements is just $7.93 a week on a comfortable lifestyle for both couples and individuals, however it is zero for those living modestly. So, a regular weekend trip to Bunnings for home improvements seems ill-advised, even for a comfortable couple, as that budget will only just cover a $3.50 sausage sanger for yourself and a partner. Better to be the lucky single comfortable retiree who will be able to afford to have two.

But indulging in a couple of sausage sangers then leaves less than a dollar in the budget for buying anything at Bunnings. Perhaps that explains why there are always so many comfortable-looking older people aimlessly wandering the aisles while licking their lips? I’ve now decided to go to Bunnings less often and during the week, to avoid both the aimless crowds and the threat of financial ruin from the tempting aroma of frying onions.

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Missing out on a Bunnings sanger has an even bigger impact for modest retirees when you consider that the weekly budget for groceries and fresh food is almost 20 per cent less than the comfortable class. And the budget for lunches, dinners out, takeaway food and snacks is almost 50 per cent less.

The comfortable-class couples can also fund their weekly consumption of $5.85 in vitamins or other over-the-counter medicines, or $2.92 a week for individuals. ASFA assigns the poor magnesium-deprived modest retirees a zero budget for vitamins. Instead, modest couples will have to get by on their $23.52 weekly chemist allocation, or $13.53 for singles. But don’t make the rookie error of blowing money at the chemist on hair-growth treatments as the weekly budget for a barber or hairdressing is only $12 for a modest couple or $7.19 for an individual.