What's New?
- KiwiSaver changes from 1 April 2013
The Government has changed KiwiSaver in some important respects, effective 1 April 2013. Check out the KiwiSaver website for more details. See also SSRSS and KiwiSaver. Both legislation and government policy relating to KiwiSaver, and to retirement savings generally, are at all times subject to change.
- Transferring UK pensions
If you have worked in the UK and now plan to work and then retire in New Zealand, you may want to close your UK pension and transfer the cash value to a New Zealand retirement savings scheme. (Read more ...)
- Super News November 2008
In this update you will find a commentary on understanding your retirement savings scheme returns from Morningstar Research – a leading provider of investment research –and the latest statistics about the State Sector Retirement Savings Scheme (SSRSS). (Read more... PDF-139KB)
Can you afford the lifestyle
you want in your retirement?
Your future – Your choice.
Think about what you want your life to be like in the future, and then ask yourself the following questions:
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How much money will I need to live on?
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When eligible, how much money will I get from New Zealand Superannuation?
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How long am I likely to live in retirement?
To maintain their current lifestyle in retirement, some people aim to have about 70% of what their income was before they retired. Compare this with what you might get from New Zealand Superannuation.
Currently, NZ Superannuation for a couple over 65 is about $24,062 a year after tax. Single retirees living alone get about $15,485.
On average, 65-year-old men can expect to live until they’re 81, and 65-year-old women until they're 84. By 2031, that’ll be 84 and 87 respectively. So if you plan to retire at 65 you need to save enough to provide income for about 20 years.
Where can I get advice?
Your future – Your choice.
Make this your Super Week!