Current NZ superannuation payments per couple are $536.80 a week, those reliant on just this ( 20 per cent of all retirees) would find their retirement years many not be that golden, with takeaways and restaurant meals a rarity, and overseas trips off the cards.
That's the finding of the inaugural Retirement Expenditure Survey.
A Simple 7 Step Process for Retirement Planning
Step 1: What do you want?
The first step in retirement planning is deciding on your vision for retirement. Do you want to travel the world, travel the country in a motor-home, or stay at home to read novels and play cards? Your vision of retirement is the necessary starting point because it will determine how much your retirement will cost. You need to have at least a rough outline for your dream life in retirement or you won’t be able to complete the following steps which incorporate budgeting and planning.
Step 2: When will you retire?