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Thread: How much do you need to retire in NZ

  1. #1
    Chalky's Avatar
    Chalky is offline Junior Member
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    Default How much do you need to retire in NZ

    My wife was asking me today if we can afford to retire in NZ. I told her definitely it must be easier to retire in NZ than in SG, but really I don't have the facts and figure on this. In Singapore, it will be difficult to retire if the family lives only on a single income. While the both of us are currently working in Singapore, she will probably have to stay at home if we live in NZ. This is because our parent will not be in NZ to help take care of our baby.

    So I was wondering if anyone one can share with me how the Kiwi retire in NZ, how much saving do they need to retire without worries.

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    This is very much a personal thing. People have very different ideas of what a suitable retirement fund consists of. If you never buy a house, for instance, then you will need to be able to provide for a lifetime of rental payments. If you invest in property rentals, this could cover your income needs. Some people just retire on a very minimal state pension, others with an employer-contributed pension, and some arrange their own private pensions. The NZ Governments Kiwisaver initiative is designed for retirement savings, but it's unpopular with lower income earners due to the financial commitment (1-4% of your salary) and the inability to access those funds for, I think, 25 years (although you can access some of it in instances of extreme hardship).

    Once established in NZ, you may be best to speak with a Financial Advisor, and base what you do on your income/affordability and expectations of your retirement needs.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

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    MotherBear's Avatar
    MotherBear is offline The missing link
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    Hi Chalky

    If you have a small baby, it sounds like you have a long way to go before you hit retirement. Because of this, it would be difficult to put a figure on how much you would need as the cost of living and various other factors may well change dramatically during the interim period. How much you would need depends on the type of lifestyle you're looking for and where you hope to be living as the cost of living and property varies between city living and country living and from one region to another. Putting as many things in place e.g. your home, furniture, car etc. while you're still working, would leave you with a better idea of how much you need for everyday living once you're retired as you shouldn't have large amounts of money to pay out.
    Mother Bear

    Try to bloom wherever you are planted.

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