Around a quarter of those asked said they would need to keep working after the age at which they receive the Government pension, according to US Research giant, Statista.* They surveyed people in several countries including the UK and Australia, finding that many will have to keep working to live comfortably. 

New Zealand has a fast-ageing population. At the turn of the century, just 23 years ago, we had 453,000 people aged 65 or older. Right now we have 869,000 aged 65+ and this is expected to top one million just five years from now, in 2028.** 

But at 65, we want to travel, enjoy time with friends and pursue hobbies. The New Zealand Super pays just over $37,000 per annum for a couple, with the main way kiwis choose to supplement this being through their KiwiSaver. It’s important to be conscious of the income you can generate from KiwiSaver, rather than the balance, as it may have to last you twenty years or more. 

With an inadequate KiwiSaver, many choose not to give up work at 65. That’s fine for those who enjoy what they do, but others continue working out of necessity. Some keep going in their regular jobs, others move to part time work, and it’s becoming increasingly popular to set up a small business, notably an online one. 

Retirement income made the news recently, with France controversially wanting to raise the age at which the pension is paid, while the recent bank collapses in the USA have had an impact on some NZ based KiwiSaver schemes. In light of these, reviewing your KiwiSaver savings and provider should be a regular activity. Our association with National Capital means that you have access to professional financial advisors who consider your financial and retirement goals when helping you come up with a KiwiSaver strategy. The first step is to complete our KiwiSaver HealthCheck. Click here to learn more. 

Will you be working after you turn 65? 

*www.statista.com/chart/27973/share-of-respondents-thinking-they-will-have-to-continue-earning-money-after-retirement/
**www.stats.govt.nz/news/one-million-people-aged-65-by-2028/

This article is reproduced with permission from National Capital Limited FSP771555. National Capital Limited – a licensed Financial Advice Provider, specialising in KiwiSaver research and advice - has supplied us with informative articles on the subject of KiwiSaver, for publishing on the Astute Mortgage website as well as for sharing with our clients. The article is of a general nature and does not constitute regulated financial advice for an individual client. It may not be relevant to individual circumstances. Nothing in this article is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this article. The views and opinions expressed in this article are those of National Capital Limited and not of Mortgage Express Limited or any of its directors, contractors, consultants, employees, staff, or financial advisers trading using the Mortgage Express brand. To the maximum extent permitted by law, Mortgage Express Limited and /or any of its directors, contractors, consultants, employees, staff, or financial advisers trading using the Mortgage Express brand disclaim any liability or responsibility to any person for any direct or indirect loss or damage that may result from any act or omission by any person in relation to, or in reliance on, the comments or information contained in this article.