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?
Poll: Is your nearest emergency department up to scratch?
Concerns have been raised about Nelson Hospital with complaints of lack of staffing and excessive wait times. Do you have confidence in your local emergency department?
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36.2% Yes, it serves us well
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63% No, I have concerns
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0.8% Other - I'll share below
Reminder: Tomorrow is our national walk-in adoption day with 50% off adoption fees
That’s right – if you’re ready to adopt, you can swing by your nearest SPCA Centre tomorrow (Saturday 5 April) to meet the animals without an appointment ?
It’s our goal to Clear the Shelters, so we’re offering 50% off all adoption fees until Sunday 13 April. With 1,100 animals currently available for adoption across the country, we’d love for you to come along tomorrow and meet those waiting. ?
You can also head over to our website to check out their profiles, and register your interest early if there’s a particular cutie who catches your eye – this will speed things up on the day.
To keep the experience as calm and positive as possible for our animals and staff, we kindly ask that only those seriously considering adoption attend.
See you tomorrow!
We need Volunteer Area Coordinators for our SPCA Street Appeal 2025!
Are you passionate about making a difference in the lives of animals? Do you love events and have strong organizational and administrative skills? Are you calm under pressure, an exceptional communicator, and eager to contribute your time to a cause that truly matters?
We're seeking Volunteer Area Coordinators to help organize collection sites and volunteer collectors in your area for SPCA Fill the Bucket appeal on Friday 30 May and Saturday 31 May.
SPCA’s Fill the Bucket Appeal is a vital fundraising event that directly supports our mission to protect and care for animals across New Zealand. As an Area Coordinator, you’ll play a key role in ensuring its success by assisting our Events Team with volunteer management, overseeing rosters, and coordinating collection sites in your designated area.
This year's Street Appeal takes place on Friday, May 30th and Saturday May 31st. If you're passionate about making a difference, we’d love to have you on board!
Click the link below to find out more and apply!
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