According to the latest NZ Expenditure Guidelines, most New Zealanders want to have a more comfortable standard of living when they retire – something that often can’t be supported by the NZ Superannuation alone.
There’s a lot to consider when it comes to retirement planning, including budgeting, insurance, and wills, but let’s break it down into smaller, achievable chunks.
Review your current expenses
Take a look at your current spending to help you better estimate your likely expenditure in retirement. This will also help you to identify areas of your spending that could be reduced to get you closer towards your retirement savings goal.
Consider any living costs you may have during retirement. Are you planning to move closer to family? Do you want to live in a retirement village? Your goals will inform how much you will need to have at retirement to make them a reality.
Check what cover you have in place
Reviewing the insurance you have in place is something everyone should do on a regular basis, but it’s even more important when considering your retirement as health issues are more likely to increase as you get older.
It’s a good idea to look at the insurance you have now, and factor in what may change when you retire. If you don’t have insurance in place, now is a great time to sit down with the professionals and get it sorted.
Set your KiwiSaver up for success
Because KiwiSaver is designed to help you save for retirement, having yours set up in a way that is best for you and your retirement goals is important. If you want to have a comfortable retirement, you’ll need to figure out exactly how much you’ll need as your Superannuation may not be enough.
Choosing the right KiwiSaver fund for you could mean tens of thousands more at retirement so look into your options and get the right advice to help you decide.
Start by checking out our KiwiSaver calculator here.
Get a will sorted
While you’re planning for your retirement, take into account any assets you will have that you may want to leave to family or friends when you pass away. If you have a will that was written when your children were young for example, this may not be appropriate if they’re now adults.
If you want to start getting some plans in place for your retirement, book in a meeting with one of our friendly advisers now. Then rest easy knowing that you’re on track to have the retirement you’re aiming for.