News | Features
17 Aug 2022 23:31
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business > Features

    Studying up on NZ Super

    Many Kiwis look forward to the freedom that comes with retirement, but most of us don’t know how much we need to save to enjoy the kind of retirement lifestyle we want.


    A Nielsen survey, commissioned by the Retirement Commission, found 42% of New Zealanders hadn’t calculated how much money they need to save for retirement.

    The survey also found, 84% of 45 to 59 year olds didn’t know how much NZ Super a single person living alone would receive. And 81% didn’t know how much a couple aged 65 or older would receive.

    With each year, more and more of us head towards retirement. This year will see the first baby boomers (40,000 people) turning 65. In 10 years time 52,000 people will turn 65. To be able to enjoy the retirement you want, it’s important to work out how much money you’ll need to support your lifestyle.

    Around 40% of today’s retirees live on NZ Super alone - currently $333 per week for a single person and $511 per week for couples (after tax at ‘M’ rate). And another 20% live on NZ Super and approximately another $100 a week of other income.

    If you want more than that for your retirement, it’s time to work out a savings plan. Think about the sources of income you will have besides NZ Super. You may have joined KiwiSaver or another work-related savings scheme or you may have another savings plan or investments.

    Also consider the cost of your ongoing expenses. Will you still be paying a mortgage or renting when you retire? There is home maintenance as well as rates and other bills to think about in addition to the money you’ll need for your hobbies, travel, transport and healthcare.

    Sorted.org.nz's Quick Retirement calculator can show you how much you need to save and our KiwiSaver calculator will show you how much you could save by age 65 – depending on how much you contribute.
    The most important thing to do, is to do something. It is never too late to make a plan no matter what your age.

    © 2022 sorted.org.nz, NZCity

     Other Features News
     10 Sep: Spring clean your finances
     13 Aug: Plan ahead to give yourself a debt-free Christmas!
     10 Jul: Wise up to clear credit card debt
     07 May: Ways to prepare for the unexpected
     30 Mar: Time for a financial progress check
     10 Jan: Managing the back-to-school bills
     10 Dec: Stay in charge of your Christmas spending
     Top Stories

    RUGBY RUGBY
    NZR boss Mark Robinson is welcoming the elevation of Joe Schmidt's role within the All Blacks More...


    BUSINESS BUSINESS
    The biggest jump in median weekly earnings since records began ... haven't closed the gender pay gap More...



     Today's News

    Politics:
    The Prime Minister insists there's a way back into Labour's good books for Gaurav Sharma  21:49

    Entertainment:
    Michelle Branch has reportedly filed for divorce from her estranged husband Patrick Carney and is said to be requesting custody of their children and child support 21:42

    Christchurch:
    Cars at a scrap metal yard in Christchurch have gone up in flames 21:19

    Entertainment:
    Nicholas Evans, the much-loved writer of 'The Horse Whisperer', is dead aged 72 after suffering a heart attack 21:12

    Living & Travel:
    The Loop: Scott Morrison dismisses calls to resign, the NSW flood inquiry's urgent recommendations, and a dog's amazing cave rescue 21:09

    Entertainment:
    Johnny Depp is set to direct his first film in 25 years, about an artist who died broke 20:42

    Entertainment:
    The Duke and Duchess of Cambridge will reportedly not have their long standing live-in nanny at their new downsized home 20:12

    Entertainment:
    Anne Heche will receive an Honour Walk after being taken off life support nine days after she was critically injured in a fiery car crash 19:42

    Entertainment:
    Hollywood legend Gina Lollobrigida will run for Senate in Italy's election next month 19:12

    Rugby:
    NZR boss Mark Robinson is welcoming the elevation of Joe Schmidt's role within the All Blacks 18:59


     News Search






    Power Search


    © 2022 New Zealand City Ltd