Retirement
thinking
It's good to know
your retirement number
Planning for retirement can feel like one big unknown. What will life look like? How much money will you need? And will the savings you have last?
The good news is, getting a clearer picture is easier than you think. AMP can help you understand what you may have, what you may need and how your money could provide an income during retirement.
Good things to get clear on
We all have different ideas about retirement. Before diving in, it can help to have a think about a few key things.
Before getting into the numbers, it's worth thinking about the kind of life you'd like to live in retirement. Whether that's travelling, spending more time with family and friends, or simply having more freedom.
After all, the lifestyle you'd like to enjoy can shape how much you may need and how long your savings might need to last. The clearer you are on what matters most to you, the easier it can be to plan for the future you want.
Retirement doesn't have to start at 65. While many people think about retirement age in New Zealand in relation to New Zealand Superannuation (NZ Super), the timing is personal to you. For some people it's about finishing work earlier, while others prefer to keep working, reduce their hours gradually, or try something new.
Having an idea of when you'd like to retire can make the future feel a little more real. A few years one way or the other could have a bigger impact than you might think.
When people think about retirement savings, KiwiSaver is often the first thing that comes to mind. But it’s usually only part of the picture. Savings, investments, NZ Super, and other assets can all play a part in shaping your retirement income.
One thing our AMP Retirement Planning Specialists often help people understand is how these different sources of income could work together, rather than looking at their KiwiSaver balance in isolation.
It’s worth thinking carefully about how your home fits into your plans. After all, you’ll still need somewhere to live. What matters is understanding what's likely to be available to support the retirement you want.
Need help working out your estimated future KiwiSaver balance? Calculate here.
Retirement isn't just a date on the calendar. For many people, it's a stage of life that could last 20 years or more.
That's a lot of coffees, holidays, and everyday moments for your savings to support. And chances are, your retirement will change over time. What you want from life at 65 might be quite different at 75 or 85. Your priorities, lifestyle and spending can all change over time, so it's helpful to give yourself a little flexibility along the way.
That's why retirement planning isn't only about building savings. It's also about understanding how your money could be managed to provide an income throughout retirement while helping it last for the years ahead.
Good questions to ask
We've answered some of the most frequently asked questions
Retirement planning isn't just about the numbers. It's about understanding the kind of life you'd like to live and giving yourself more options for the future.
Whether that's travelling, spending time with loved ones, or simply enjoying life at your own pace, having a clearer picture of what you want from retirement can make it easier to plan for it.
And the earlier you start planning, the more time you have to make small changes that could have a meaningful impact over time. Even if it's still years away, it's never too early to start thinking about the future you want.
The truth is there's no one-size-fits-all answer. That's because everyone's idea of retirement is different.
The amount you need depends on a range of factors, including the lifestyle you want and the retirement income to support it. One thing people can overlook is that their retirement “number” isn’t necessarily one large lump sum. It can be more useful to think about how much income you may want each week, where that income could come from and how long it may need to last.
That's why, rather than focusing on a specific retirement savings number, it's often more helpful to start with the lifestyle you'd like to enjoy. The clearer your picture of retirement, the easier it becomes to understand what "enough" might look like for you.
There is no official retirement age in New Zealand. Whilst eligible people can receive NZ Super from age 65, when you retire is ultimately up to you, and you can still receive NZ Super while working. Some people might be looking forward to finishing work as soon as possible. Others prefer to keep working, cut back their hours, or take things one step at a time.
What's most important is having enough flexibility and confidence to retire on your own terms and enjoy the lifestyle you want.
Retirement doesn't necessarily mean your investment journey stops. Many people continue investing to help their retirement savings grow and keep pace with rising living costs over time. Many people spend decades enjoying retirement. Keeping some of your savings invested may help your money continue working for you throughout this time.
The right approach will depend on your goals, income needs and comfort with investment risk. The important thing is finding a balance that helps support the lifestyle you want, both now and in the years ahead.
These are the kinds of conversations AMP Retirement Planning Specialists have every day. They can help you understand how your savings, investments and other sources of income could work together to support your lifestyle while helping your money last throughout retirement.
Not necessarily. While many people aim to pay off their mortgage before retirement, everyone's situation is different.
For some, retiring mortgage-free provides peace of mind. Others may be comfortable carrying some debt into retirement and planning around those repayments.
The important thing is understanding how your mortgage fits into your retirement plans, your income and the lifestyle you'd like to enjoy. The clearer your picture, the easier it becomes to plan for the future you want.
New Zealand Superannuation (NZ Super) can provide a regular source of retirement income from age 65, making it an important part of retirement planning for many New Zealanders. However, for most people, it's only one part of the picture.
Your KiwiSaver account, savings, investments and other assets can all work alongside NZ Super to help support the lifestyle you'd like to enjoy in retirement.
The role NZ Super plays will depend on your individual circumstances, goals and income needs. One thing many people discover as they get closer to retirement is that NZ Super is just one piece of the puzzle. Understanding how NZ Super fits alongside your other sources of retirement income can help you build a clearer picture of what retirement might look like for you.
Explore retirement
Start with the big questions, then explore the life, money, and plan that could help shape your retirement.
Important information
The information on this page is general only and isn't financial advice. Before making any decisions, consider getting advice that takes your personal circumstances into account. If you'd like to talk to someone, contact us on 0800 267 005.