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Retirees say pension not enough

Almost 80% of retirees say New Zealand Superannuation is insufficient for a comfortable retirement, new research shows.

Thursday, October 1st 2015, 5:59AM

The Financial Services Council has released a report which shows 65% of all New Zealanders aged over 18 think retirees need more than the pension.

Of those who are already retired, that number increases to 78%.

Super for a single person living alone is $374.53 after tax.

FSC chief executive Peter Neilson said: “Older New Zealanders already living on NZ Super know you need to save if you are to achieve a comfortable retirement. Most future retirees will have some KiwiSaver savings to fund a better retirement. Overseas research has revealed most retirees regret not having received more education and not having saved more for their retirement.”

The FSC also asked New Zealanders how they provide care and help to people aged over 65. About 13% of respondents said they provided some assistance.

The care ranged from general care including visiting and providing meals to financial assistance.

Almost 60% of those providing care were female.

Almost 70% of those providing some care or assistance said they were offering some form of financial help.

The most common support was to buy food or provide money. The least common was to pay a person’s rent or mortgage.

Just under a third of those who provided support bought food for the person they cared for, and just over a quarter provided money. Almost 13% paid some of their bills.

Tags: FSC

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