Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Retirement planning message starting to get through

12 August 2014

Retirement planning message starting to get through to New Zealanders, says AMP

More than half (52%) of working New Zealanders already have plans on what they will do with their retirement savings, suggesting that the message about planning for retirement may finally be starting to sink in, according to new research from leading wealth management and insurance provider, AMP.

The research found that upon reaching the age of 65:
• 15% plan to pay off their mortgage/debt
• 15% plan to withdraw the money and invest elsewhere
• 14% plan to withdraw the money and spend it, and
• 8% plan to keep their money in KiwiSaver.

Jeff Ruscoe, Chief Customer Office, at AMP says: “It is great news that the tide seems to be turning and people are starting to think about what their retirement will look like. A little time spent thinking now about your retirement, can mean the difference between struggling on a pension to being able to afford the things you’ve dreamed of in your retirement

“KiwiSaver has been around for seven years now and it seems that more people are beginning to think about how they can work with their KiwiSaver provider or financial adviser as they see KiwiSaver is a key part of their retirement income,” continues Ruscoe.

However, there was a flip side to the research with 48% of respondents still remaining unsure of what to do with their funds on retirement.

“With a significant portion of the working population still to consider their retirement plans, it sends a clear signal that Kiwis need to consider the retirement lifestyle they wish to lead. A little bit of time preparing, planning or talking to an adviser can go a long way in order to achieve that dream.

“Living the life you want in retirement comes down to having a clear view of what you want that retirement to look like, and putting a plan in place to make this happen. Without this level of planning too many people may arrive at their retirement, at best – not able to realise their dreams, or at worst, struggling to meet their daily living costs such as healthcare costs, adequately heating their property or affording petrol to visit the grandkids,” concludes Ruscoe.

About AMP
• AMP is a leading wealth management and insurance provider in the New Zealand marketplace and has been supporting the financial welfare of customers for 160 years
• Our customers hold more than 870,000 investment, savings and insurance products
• AMP has one of the largest networks of advisers in New Zealand
• AMP is the only default KiwiSaver provider with both a ‘silver’ rating from Morningstar and a 5 Star Canstar Award
• AMP has more than 258,000 KiwiSaver Scheme members and more than $3 billion funds under management, equating to around 16% market share
• We’ve awarded more than $1.8 million in the last 16 years through our AMP Foundation

In 2013 we:
• helped more than 1,800 kiwis buy their first home through KiwiSaver
• paid out $46.75 million in general insurance claims
• supported approximately 73,000 New Zealanders who were unable to work because of an injury or illness by paying out nearly $9 million in income protection insurance
• wrote $644 million in new mortgages, and
• provided advice over the phone to more than 150,000 New Zealanders – more than 400 people per day.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news