ANZ Investments contacts its KiwiSaver members at 64 and again just before they turn 65 to encourage them to review their plans for retirement.
The researchers also talked to people who have already retired, asking them whether they retired earlier or later than planned, and why. The number one reason for retiring earlier than planned was for health reasons.
Among those who retired later than planned, 52 per cent said they had wanted to keep working part time and 19 per cent said they wanted to keep working full time.
“Unfortunately 25 per cent of people who had retired later than planned said it was because they didn’t have enough money to retire comfortably,” Ms Mackenzie says.
“We hope the survey results will help more people to think about what sort of lifestyle they’d like to have after 65 and whether they are on track to achieve it.
“Even for the oldest members of Gen X there is a lot they can do before they reach 65.
“These tend to be very financially productive years, and even if you are planning to keep working beyond 65, it is a good reminder to stay focussed.”
Are you on track? Three things for Gen X to check:
· Work out where you’re at – using a KiwiSaver calculator will help you work out how much you are likely to have saved by retirement, how much you might need and whether you’re on track.
· Check you’re in the right fund for you – this will depend on your age, your desired level of potential returns, and how comfortable you feel with experiencing ups and downs in your KiwiSaver savings.
· Consider increasing your employee contributions if you can, or make voluntary contributions to help grow your KiwiSaver savings. If you are aged 18 – 64 and contribute up to $1042.86 annually you are generally eligible for a matching Government contribution of up to $521.43.
The findings of the survey by Horizon Research are based on an online survey of 1,632 respondents, representing the New Zealand population, aged 18 years and older. There is a margin of error on the overall sample of plus or minus 2.4 per cent.
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ANZ New Zealand Investments Limited is the issuer and manager of the ANZ KiwiSaver Scheme, OneAnswer KiwiSaver Scheme and ANZ Default KiwiSaver Scheme. A copy of the ANZ KiwiSaver Scheme and OneAnswer KiwiSaver Scheme guide and product disclosure statement is available at anz.co.nz. The ANZ Default KiwiSaver Scheme is closed to new members. Important information about the ANZ Default KiwiSaver Scheme is available at anz.co.nz/kiwisaverforms. This news release is for information only. ANZ Bank New Zealand Limited’s financial advice provider disclosure is available at anz.co.nz/fapdisclosure.