Shy & retiring
How much will you need for your retirement?
The current NZ state pension is $23,400 per year for a single person, and $35,400 a year for a married couple. After tax that’s around $390 and $600 a week. Would that be enough for you?
Right now, over 40% of New Zealanders over the age of 65 have no choice – state super is all they have. But that’s not the case in the UK.
Research shows around two thirds of Brits recently took steps to up their pension plans. They also wanted an annual income of $57,000 (single person) to be comfortable during their retirement. That’s a big gap! So what can Kiwis do to keep pace?
There have been some important changes in how you can access your ex-UK pension money over here, but your investment with Britannia is a great start for providing income over and above the basic NZ state pension. In fact Britannia’s balanced fund has returned 6.5% pa (after fees but before tax) over the last 5 years, well above the rate of inflation.
Remember, your best options for having the retirement you want are to plan early, be realistic and take action. So talk to your financial adviser today!
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