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

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news