Understand my retirement options

How to afford the retirement lifestyle you want

Get financially prepared for retirement

Retirement these days isn’t about a rocking chair on the porch. There are plenty of options to explore, from part-time work to taking that long overdue OE or spending more time with the grandkids. Whatever you choose, make sure you’re financially prepared.

Choosing what to do in your retirement

After so many years devoted to working and building your career, retirement should be your well-earned reward - an exciting yet slightly daunting one. The best time to start planning your retirement is well before it actually starts so that your transition is a smooth one.

It helps to start thinking about what you’d like your retirement lifestyle to look like. You could:

  • stay fit and active with sports, sailing, sky diving, golf and more
  • invest time in a hobby, or learn an instrument
  • undertake a new educational course
  • spend more time with the grandkids
  • continue to work part time, volunteer or look for a new business venture.

Whatever you choose, make sure you can afford it.

How much do you need in retirement?

Although it depends on what sort of retirement lifestyle you’re looking for, you also need to consider:

  • If you’ll still have debts, or if you will be debt-free by retirement. Whether it’s your home loan or other debts, think about whether you want to pay these off or if it’d be better to pay into your retirement savings. An Adviser can help you to answer this question.
  • What your medical expenses are likely to be. You’ll need to put aside money for these.
  • If you’ll have any dependents. Think about whether your children will still be at school or university or if you’ll have to look after your ageing parents.
  • What your partner wants to do in retirement. Hopefully your ideal retirements will align; otherwise you’ll have two separate lifestyles to fund.

Will you need to work?

If you’re not sure what you’ll be able to financially do in retirement, consider doing a financial review with an Adviser. A financial review will consider your goals for retirement and how much it will cost to support your desired lifestyle. Once this is clear, an Adviser can help you to work out the savings and investments options that’ll make your money work hard for you until you need it. They can put together a plan personalised for you which considers how much more you need for your retirement and:

  • how you can reach this amount through budgeting and savings habits
  • how much money you have saved/invested
  • how you can safely maximise returns on these savings
  • any government benefits you may be entitled to
  • how you’ll withdraw your KiwiSaver or retirement savings
  • what investment options are best for you going forward.

Most importantly, once you have saved the money you need, a plan will help you draw down your savings in a way that enables you to enjoy your money and reach your goals. It’ll still keep enough invested to support you right through your retirement.

Plan for retirement with an Adviser

If you’d like some expert advice about financial planning for your retirement, an Adviser can help. They’ll help you work out how much you might need to retire and suggest ways to get you to your retirement goals.


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Important information

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The content provided is intended to be used as information only and does not constitute financial advice. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.