KiwiSaver insufficient: FSC
Only 9% of New Zealanders think the country's superannuation is enough to live on in retirement, survey results released by the Financial Services Council show.
Monday, March 25th 2013, 4:59PM
About 65% said it was not enough to live on. Ten per cent said they were not sure and 15% were neutral.
NZ Superannuation provides an individual $349 a week.
FSC chief executive Peter Neilson said despite that, New Zealanders were not doing enough to save for their retirement and standard KiwiSaver contributions were insufficient.
“Whilst 2 million New Zealanders have enrolled in KiwiSaver most are currently contributing at 2 per cent for the employee and 2 per cent for the employer respectively. At a 2 per cent contribution from employee/employer individuals will fall below the savings threshold that will provide them with a comfortable retirement.”
He said people needed to save 10% of their income from the time they started working to achieve a comfortable retirement.
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