Here are some of the questions we’ll help you answer:

How much do I need to start saving now to enjoy the lifestyle I want?

How long will my savings last?

What do you want to do for your family, children, or others around you, if anything?

How much can I spend without worrying about running out?

Do you already have enough to achieve your goals, or do we need to create a plan to help you reach them?

What do you envision your life looking like from here on out? How do you want to spend your time?

Can I afford to spend more, or do I/we have enough saved for retirement?

Are there goals you want to accomplish but haven’t yet? If not, what’s holding you back?

What are some of the key items on your wish list?

Starting your retirement planning early is key to ensuring a well-prepared and rewarding retirement. While the New Zealand Superannuation (NZ Super) offers a foundational payment for those aged 65 and older, it's wise to acknowledge that it might not fully support your ideal retirement lifestyle. To ensure your retirement years are comfortable and fulfilling, it's important to diversify your income streams. Beyond relying on NZ Super, consider building personal savings, contributing to KiwiSaver, investing in various assets, and managing your property effectively.

Eliminating Debt
A smart move before retiring is to eliminate outstanding debts, such as credit card balances or mortgages. Entering retirement debt-free, particularly without a mortgage, enhances the value of your NZ Super payments, allowing you to focus on growing your savings. You can find resources on strategies to retire mortgage-free through Sorted.

Maximizing Retirement Employment Flexibility
New Zealand’s flexible retirement age allows for a varied career landscape post-retirement. Many individuals opt to continue working part-time, casually, or flexibly even after turning 65. This continued employment can strengthen your financial situation beyond NZ Super or simply allow you to stay professionally active and fulfilled during your later years. For detailed advice on how to earn additional income alongside NZ Super, visit Work and Income.

Tapping into Asset Potential
During retirement, property ownership and valuable assets can serve as significant financial resources. Downsizing or moving to a more manageable home can release the capital locked in your property. Additionally, a reverse mortgage is another option, where you borrow against your home, with repayment deferred until the property is sold or upon your passing. It's important to approach reverse mortgages carefully and seek independent legal advice. Both Consumer and Sorted provide in-depth guidance on this complex process.

Utilizing KiwiSaver and NZ Super
KiwiSaver is a voluntary savings scheme designed to enhance your retirement savings. By contributing a portion of your income to a KiwiSaver provider, like your bank, you can build a substantial retirement fund. This scheme supports both retirement savings and home ownership goals. More information on KiwiSaver can be found on the IRD website.

On the other hand, NZ Super provides a pension to individuals aged 65 and above. This benefit is not tied to your retirement status or income level. The amount you receive from NZ Super depends on your living arrangements, relationship status, and any other benefits you might be entitled to.

By considering these various aspects, you can align your financial strategies with the vision of a rich and fulfilling retirement.

Reach out to Charlotte today at 07 213 2270 or click here to send an email.