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Survey: NZ Super alone won’t fund a comfortable retirement

Young and old agree, New Zealand Superannuation alone won’t fund a comfortable retirement

On this International Day of Older Persons we should celebrate what the generations share rather than what divides us and learn from each other says Financial Services Council CEO Peter Neilson.

The Financial Services Council has undertaken extensive polling on what a good retirement in New Zealand currently looks like and will look like in the future. It will be releasing these findings over the next year.

“The results show different generations agree much more than disagree on some important issues,” said Mr Neilson.

For example, some 65% of all New Zealanders over 18 believe New Zealand Superannuation alone is insufficient for a comfortable retirement. For those already retired 78% say New Zealand Superannuation alone is insufficient for a comfortable retirement. New Zealand Superannuation for a single person living alone is $374.53 a week after tax and for a couple where both partners qualify is $576.20 a week after tax.

“Older New Zealanders already living on NZ Super know you need to save if you are to achieve a comfortable retirement. Most future retirees will have some KiwiSaver savings to fund a better retirement.

“Overseas research has revealed most retirees regret not having received more education and not having saved more for their retirement. Younger New Zealanders should take the time to ring your grandparents today,” concluded Mr Neilson.

Also released today by the FSC is the first ever report on who helps the over 65s and how.

The equivalent of 427,500 New Zealanders (13% of the population aged 18+) indicated they provide unpaid private care or assistance for someone over the age of 65. Of those providing care and assistance:
• 58% were female
• 31% were aged 45-54 well above this group’s share of the 18+ population (18.8%)
• Ethnicity is more likely than average to be Asian or Pasifika and less likely than average to be NZ European/Pakeha
This care ranged from “general care” including visiting, talking, providing meals and having people to stay, to more intensive work sometimes on a live in basis doing household chores, taking them shopping, cooking meals or providing personal care.

See the attached Who Helps the Over 65s in New Zealand and How. This is an extract from the Horizon Research Financial Future report August 2015.

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