Summary: The New Zealand Retirement Commissioner has started a review of retirement income policy, its something the organization does every three years Peter Neilson, CEO, Financial Services Council, says the state pension, or NZ Super, is not enough for most retirees to live on. It currently pays out a maximum of $349 a week for a single person or $537 a week for a couple. If you are mortgage free when you retire at 65 this may just about cover food, utilities and rates. But if you are paying rent then life may not be so easy. A survey carried out by the Financial Services Council shows that only nine per cent of New Zealanders believe that NZ Super alone will be sufficient for them to live on when they reach the age of entitlement. The survey also says that even those in a Kiwisaver scheme will find it tough getting by. Neilson says people under 50 should be saving 10 per cent of their salary today and that those over 50 should be saving half of what they earn – if they are to have any hope of a financially comfortable retirement.
