Kiwisaver: Is 65 the most appropriate age to access your retirement savings?
Food for thought. Under the Kiwisaver system you can’t access your funds until 65 years of age, although there are exceptions such as first home buyers, those leaving the country permanently and applications brought about by hardship or sickness.
Statistics New Zealand indicate that the average lifespan currently is 79 for males and 83 for females (presumably not accounting for Covid 19) which suggests that you’re going to need those Kiwisaver funds for at least 15 years beyond 65. And you will need those funds; rest homes, retirement villages and the inevitable medical expenses aren’t cheap. For those lucky enough to own homes, liquidating those assets can contribute too, assuming you don’t mind spending the kids inheritance.
Some years ago my wife and I were talking about this subject. She is Australian and as such had the luxury of retaining the conditions of her Australian Super fund when she transferred to Kiwisaver, so she gets to access her savings at 60 rather than 65.
Then the conversation became a bit broader. We started thinking about retired friends and associates and their quality of life and here’s the thing - The number of healthy, happy octogenarians we know is way smaller than Statistics NZ suggest. In fact, as we recalled friends we’d known, it dawned on us that a significant majority had died between 63 and 67 years of age. So they either never retired or popped their clogs within two years of retirement.
Obviously there are exceptions. We know several people in their mid-eighties who are fit and healthy with a great lifestyle (two of our “aunties” can consistently outwalk/outrun us pathetic fifty -somethings, much to our embarrassment). At the other end of the scale, we both know people who have died suddenly and unexpectedly in their late 40’s or early fifties, largely due to previously undiagnosed health issues.
So is 65 really the appropriate age to access Kiwisaver? Do we want to be working at that age?
Our conclusions were to budget for semi-retirement at around 60 (we’re both professionals so can potentially gain part time or casual contracts to keep us occupied) and slightly reduce our Kiwisaver contributions to create a “living for today” fund, so as to be able to afford to travel/holiday, etc and create memories whilst we are still are healthy and able.
Your thoughts?
Some Choice News!
DOC is rolling out a new tool to help figure out what to tackle first when it comes to protecting our threatened species and the things putting them at risk.
Why does this matter? As Nikki Macdonald from The Post points out, we’re a country with around 4,400 threatened species. With limited time and funding, conservation has always meant making tough calls about what gets attention first.
For the first time, DOC has put real numbers around what it would take to do everything needed to properly safeguard our unique natural environment. The new BioInvest tool shows the scale of the challenge: 310,177 actions across 28,007 sites.
Now that we can see the full picture, it brings the big question into focus: how much do we, as Kiwis, truly value protecting nature — and what are we prepared to invest to make it happen?
We hope this brings a smile!
Poll: If we want to reduce speeding, what do you think actually changes driver behaviour? 🛻🚨🚓
In the Post's article on speeding penalties, the question is asked whether speeding fines are truly about road safety, or are they just a way to boost revenue for the Crown?
What do you think? Should speeding motorists receive speeding fines or demerit points?
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31.9% The sting of a fine (Money talks!)
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68.1% The threat of demerit points (Nobody wants to lose their license!)
Goldco Antique Buyers in Auckland Region
WANTED WANTED WANTED:
Gold • Coins • Watches • Banknotes • Antique • Jewellery • Collectables
The market for many antiques, collectables, vintage watches, artefacts, gold and silver items has been buoyant these past few years. So if you are considering selling any of these or similar items then our specialist buyers would like to make an offer.
Any items will be considered so please don’t be shy and visit one of our venues.
Large or valuable collections? Single items? Downsizing, moving or decluttering? Family not interested? or simply turning unwanted items into cash.
*Immediate payment made *No commission or waiting *Free no obligation appraisal *Onsite security *Please have your bank details handy
Whether you have a large and valuable collection or a single item of broken jewellery please take this opportunity to see us at a venue near you.
See us at a venue near you - See venues here:
Goldco Antique Buyers | Member NZNDA | website email: goldco@xtra.co.nz | Ph: 0800 105 228
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