Bridging the gap

Retire with your UK Pension

Research published by Massey University in 2017* showed that a gap exists between what people want or, in many cases, simply need, in retirement and how much of that is funded by New Zealand Superannuation. See the graph below for a quick glimpse of some of the results.

The report also highlighted that because women have a longer life expectancy than men they will generally need more money in their retirement. Longevity aside it’s also worth remembering that because women still earn less overall, they will need to save more from less. 

Regardless of gender, the sooner New Zealander’s recognise that they are likely to be facing a gap in their retirement income, the greater the chance of being able to do something about it. It starts by thinking about how much you’ll need to cover the basic necessities, plus how much extra you’ll need to achieve the lifestyle you desire in your retirement. This will allow you to identify if there’s a gap, and if so, how much of a top-up you’ll need. 

The Massey research paper provides guidelines that may be of assistance to anyone looking for “ball park” figures to help with calculations. Click here for the full report. 
Knowing that you have a retirement savings scheme with Britannia should provide you with some peace of mind, but it’s definitely worth talking to your adviser if you are concerned about your retirement and think you may need more savings to bridge the gap. Also, get in touch with your adviser if your circumstances have changed in past 12 months to make sure your financial plan is still suitable.
Retire in NZ
*New Zealand Retirement Expenditure Guidelines 2016, Massey University. 


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Disclosure Statements for our Authorised Financial Advisers are available on request and free of charge. The Product Disclosure Statement for the Britannia Retirement Scheme is available from Britannia Financial Services Limited.

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