Retirement Planning 101
Date: 17 Dec 2024
Building a retirement plan that works
A secure financial future needs more than daily saving, you need a reliable foundation that stands strong in tough times.
Let's look at two core elements of retirement planning.
Retirement planning essentials
Retirement planning goes beyond just saving money, or KiwiSaver. You shouldn't count on government benefits alone.
New Zealand's FSC’s Financial Resilience Index 2023 stated:
"only a fifth of all retired respondents could maintain their lifestyle for less than a year", with 33.6% admitting they’re not particularly prepared at all, with a serious concern around understanding the level of funds needed for retirement at the root of everything.A solid retirement strategy focuses on three areas:
- Having a clear plan for building your retirement funds
- Understanding the longer you can work and save, the larger your retirement pool of funds will be
- Regular reviews: Your retirement plan should adapt as life changes, regularly reviewing your Mortgage Structure and your Personal Risk policies is a free service through your Financial Adviser (Broker) that cannot be understated!
Our money habits shape our financial choices, so we need to build positive routines and set up automatic savings with a well-laid-out system.
Smart financial planning takes you beyond simple saving. Your positive money choices today move you closer to long-term goals - planning for retirement, or growing wealth through investments.
Leveraging KiwiSaver employer benefits
Workplace benefits can boost our saving potential by a lot, yet many people overlook them.
79% of Kiwis are using KiwiSaver as their main form of investment savings, but the percentage we’re contributing may need lifting for a “dignified” retirement (Money & You).
Key employer benefits to consider:
- Retirement contributions: Get the most from employer matching in schemes like KiwiSaver
- Workplace Group Schemes: Don't have one? Check out #QuantumCare and tag your employer!
- Health insurance: Take advantage of private health coverage for quicker medical services
- Professional development: Use training programmes and education benefits to increase earning potential
- Am I in the right fund type for my retirement goals?
- How much do I need to comfortably maintain my lifestyle in my retirement?
- How do I make sure my retirement strategy will work?
Then get in touch today, so one of our expert KiwiSaver Advisers just make sure you're on the right track.
