Even if it seems a long way off, it pays to plan for your retirement as early as possible. Many retired New Zealanders get their income from two main sources – NZ Super, and their own savings. However it is estimated that around 40% of New Zealanders over the age of 65 rely on NZ Super alone.
The following are the current rates of NZ Super:
* This amount may be affected by other income you receive. Rates at 1 April 2017 (adjusted 1 April each year)
• What lifestyle do you want?
– Travel, hobbies, new car, smaller home, money for medical bills
• How much will you need?
– Today’s males live to age 86
– Today’s females live to age 88
– You could be in retirement for 25 years or more
• Where will your money come from?
– NZ Super at present, but will it still be here in 20 or 30 years’ time
– KiwiSaver savings
– Other savings
– The sale of a property, family inheritance
• What can you do now?
– Think about how much income you would like
– Start saving NOW, it is never too late
Get in touch with Total Wealth.