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?
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Q&A: Ask a question about...Online Safety
Continuing with Neighbourly's online Q&A with experts in their field, this week we are tackling online safety with Jandy Fiske from Netsafe.
Jandy Fiske has been with Netsafe for nearly 8 years. Starting on their helpline, she's now Netsafe's Community Engagement Advisor. Jandy says: 'I'm passionate about online safety because I strongly oppose bullying and want to support those affected by it.'
Jandy is passionate about protecting vulnerable communities and is promoting online safety to ensure no one falls prey to online scams. She can answer your questions about any type of online scams, and also about online harm such as online bullying.
↓ Ask your question below now and she'll be online on Wednesday, 11th September to reply to you ↓
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Poll: Is it rude to take a full trolley to self-checkout?
Luckily self-checkout is being pretty common in supermarkets these days and we generally use it to quickly buy a few things without the long lines. But perhaps it's appropriate to head there with your full trolley to skip the lines?
What are your thoughts? Is that rude?
Share in the comments below if this has ever happened to you.
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0% Yes!
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0% Nah, it's okay
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0% Other - I'll share below!
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Poll: Have you ever had a scary flight?
A plane flying from Christchurch to Wellington on Sunday had smoke billowing out of the engine and upon landing, passengers had to open the emergency exit and jump out. Have you had any scary flying experiences?
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55.4% Yes!
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44.6% No, it's always been smooth flying