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There's an article on RNZ about retirement
#1
and how much a couple need for retirement, and how much they should be saving before retirement.

https://www.rnz.co.nz/news/business/4558...nes-stress

I'm amazed at the level of savings they say couples should be aiming for weekly. I've had some reasonably well paid jobs, but I would never have been able to save at the level required.

We live on NZ super, and we are able to save on that payment - helped by the fact we own our home outright, and have no debts.
I do have other cameras!
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#2
"Ideally up to 917 a week" in savings. I doubt the majority of NZers can sink almost $50k a year into savings, in what reality is that based on? Our median weekly income is just over $1000...

As someone in the "millenial" age group, it's always fun to read how screwed we'll be come retirement age.
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#3
(16-11-2021, 06:57 PM)videomonkey Wrote: "Ideally up to 917 a week" in savings. I doubt the majority of NZers can sink almost $50k a year into savings, in what reality is that based on? Our median weekly income is just over $1000...

As someone in the "millenial" age group, it's always fun to read how screwed we'll be come retirement age.
They may be assuming that both partners work. As long as you don't have extravagant wants, like expensive clothing, lots of travel, new car every couple of years, living on the super is doable.
I do have other cameras!
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#4
I have money in Kiwisaver that i haven't had to touch yet and it certainly isn't as much as in that article, yes own my home and manage to live off the pension (at this stage) so where they get these figures from is beyond me.
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#5
We can live off the pension quite comfortably, as we have our home mortgage-free and don't spend much now. We did all the travelling we wanted to do while the children were with us and have no desire to go anywhere else (fortunately).
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#6
We found that the first lockdown changed our spending habits - we were out to a cafe almost every morning, before. It's surprising how much you can spend, doing that.
I do have other cameras!
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#7
I am lucky. I have subsidised accommodation that makes renting affordable. I live lean, with no responsibilities for others any more so my spending reflects that. I am well set up as far as essentials go now, having replaced fridge and mattress over the past couple of years, and my borrowing to do that is now rationalised and well under control, so I am saving a small amount each fortnight on Super as my only income.

I am one of the lucky ones. I live a very good life after years of interesting times, and I am content.
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#8
We have to live lean on one pension until I am old enough. Because of health issues I just cant work any longer, so for me its live lean or eat through my savings.
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#9
We're ok. We have are mortgage free. That helps. Haven't quite made it to 65 yet and we're both working but by circumstance, (and to some extent choice), we have cut it back and are very much part time. We have some savings and no debt. And smallish Kiwisavers accts but it'll all help. $900,000 - nah. Save $900 per week ? Not possible even when we were both full time as we really only earnt fairly ordinary wages. I calculate that over the last 20 years we've spent about $150,000 on cars, house upgrades, holidays and lunches, (lol). So we've lived well enough without missing out. And in the future we'll be doing the same.
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