Retirement planning often hinges on one big question: “How much is enough?”
- “No Frills”, which covers the basics and essential living costs, and
- “Choices”, which allows for a more comfortable lifestyle with some discretionary spending like hobbies, dining out, and the occasional holiday.
What About NZ Super?
New Zealand Superannuation (Super) provides a base level of income for eligible retirees – currently around $519 per week for a single person and $799 for a couple (combined).
As you can see, super alone doesn’t cover the full cost of either lifestyle in most situations – especially if you’re living in a metro area or hoping for a comfortable, choice-filled retirement.
Why These Figures Matter
While these numbers can feel overwhelming, they’re a realistic starting point. Retirement isn’t just about survival – it’s about quality of life. Whether that means taking a weekend getaway, supporting grandkids, or just not stressing over power bills, having the right financial cushion makes a huge difference.
The report also points out that people tend to spend less as they get older, especially past age 75. So, your savings might go further than you think, but it’s still better to plan for more, not less.
What Can You Do Now?
If you’re still working and planning for retirement, here are a few simple actions you can take:
-
Calculate your shortfall – Figure out how much your weekly lifestyle will cost, subtract Super, and project it across 20–30 years.
-
Contribute to KiwiSaver – Even small, regular contributions add up over time.
-
Consider where you’ll retire – A provincial area may stretch your savings further than a major city.
-
Talk to us – Book in your KiwiSaver review and get tailored advice so we can help you make a realistic, achievable plan.
Source: data noted in this article taken from the Massey University New Zealand Retirement Expenditure Guidelines, 2024. For full details, visit massey.ac.nz.