Your retirement plan

Work out what you have 

Your retirement income may come from a range of sources. Taking the time to understand what you have and how much, gives you a clear starting point and helps you plan with confidence. Many retirees may rely on multiple income streams, diversification across income sources improves resilience and flexibility. Here is a list to help you:

• KiwiSaver savings
• New Zealand Superannuation (NZ Super) 
• employer superannuation schemes 
• investment portfolios 
• rental property 
• selling a business 
• other personal assets. 

Understand what you need

Planning ahead helps turn uncertainty into clarity. A simple budget can map your expected income against the lifestyle you want in retirement. A retirement budget should include: 

• essential living costs 
• discretionary spending 
• unplanned medical expenses
• travel and lifestyle goals 
• inflation assumptions.

Identify any gaps

What you do next will depend on how close you are to retirement and whether your savings are on track to support the lifestyle you want. If there’s a gap, there are steps you can take to help close it.

• Bringing your retirement savings together in one place can make things simpler to manage.
• Contributing more, where you can, may help your savings grow over time.
• Delaying withdrawals can give your investments more time to work for you.
• Continuing to work for longer, even part-time, could help boost your retirement income.

Get the right advice

Selecting an appropriate investment option is one of the most important retirement decisions you will make. Some key factors to consider include: your time horizon, your income needs, your risk tolerance, other income sources as well as your legacy intentions. Decide whether you feel comfortable managing your plan yourself or would benefit from support. A MAS Adviser can help you make informed decisions, especially if there’s a shortfall, and ensure your plan is set up to work for the long term.