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Retirement Income – how much?

Home Discussions Advice Retirement Income – how much?

This topic contains 8 replies, has 5 voices, and was last updated by Profile photo of TedE TedE > 7 days ago.

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  • #1627994
    Profile photo of woodland
    woodland
    Member
    Member since: June 27, 2017
    Topics: 1
    Replies: 2

    Hi All,

     

    I just joined GrownUps and would like your advice please.

    As I’ll be retiring in the next 12 months, I would like to know from you how much you think I and my partner will need each week to live comfortably (not extravagantly)?

    Thoughts please….

    Thanks, Woodland.

     

    We are not Human Beings having a spiritual experience. We are Spiritual Beings having a human experience....

    #1628371
    Profile photo of supergold
    supergold
    Member
    Member since: May 9, 2009
    Topics: 56
    Replies: 6976

    Hi Woodland, Welcome to GrownUps.

    Base your budget on your present fortnightly expenses. Don’t leave anything out ie Doctor, dentist, medications, rates (if you own your own home) or rent, power, insurances, car – repairs and maintenance,  running costs/petrol, WOF, annual registration etc.

    Average out all the costs to a fortnightly sum which you will need to set aside out of each fortnightly superannuation. Once you know how much your expected costs are, you will know from what you have left over, how much or how little you will have left for food and other expenses like haircuts, clothing, shoes and little extras you may enjoy.

    You haven’t said whether you and your partner will both be receiving superannuation but you will find the amount you can expect to be paid in the following link.

    https://www.workandincome.govt.nz/eligibility/seniors/superannuation/payment-rates.html

    Good luck. It is a bit of a shock to the system when you see just how little money you have compared with the income you have been receiving but, it is possible to live on the super. Many of us have had the same shock but we do get by when we cut out all the extras we have become used to.

     

     

    Supergold-Wainuiomata

    • This reply was modified 2 months, 3 weeks ago by Profile photo of supergold supergold.
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    #1628633
    Profile photo of woodland
    woodland
    Member
    Member since: June 27, 2017
    Topics: 1
    Replies: 2

    Many thanks SuperGold – I have basically done what you advised but just wanted to compare with other’s experiences.

    It seems to me that if you have $1,000 per week in your hand (Nat Super + Savings contribution), a mortgage free couple can manage comfortably on that? Would you agree?

     

    We are not Human Beings having a spiritual experience. We are Spiritual Beings having a human experience....

    #1628635
    Profile photo of gabyone
    gabyone
    Member
    Member since: November 13, 2008
    Topics: 1
    Replies: 2207

    Hi Woodland, I have found single super (widow) sufficient to keep me in retirement with a freehold home. I only tend to go into savings for luxuries. Also my savings have grown in retirement. Think it is a case of if you managed your money well before retirement you tend to do the same in retirement. I do not scrimp on any necessities such as food or heating . I was pre retirement when I became a widow and only  had a part time job until retiring. Definitely a comfortable low maintenance home helps.

    Good luck Woodland & try not to stress about  what others perceive as a necessary amount needed in retirement. In reality it is your spending habits that dictate what you actually need.

     

    Gabyone Auckland region

    #1628670
    Profile photo of woodland
    woodland
    Member
    Member since: June 27, 2017
    Topics: 1
    Replies: 2

    Many thanks Gabyone!

    We are not Human Beings having a spiritual experience. We are Spiritual Beings having a human experience....

    #1630724
    Profile photo of somersblu
    somersblu
    Member
    Member since: February 6, 2016
    Topics: 0
    Replies: 15

    Hi Supergold,

    I don’t know if this question has been asked before but  I would like your knowledge on this:  “Can and does Winz take a chunk of your kiwisaver when you apply for it after the age of 65 please?”

    Thanks.

    #1630740
    Profile photo of gabyone
    gabyone
    Member
    Member since: November 13, 2008
    Topics: 1
    Replies: 2207

    Somersblu,  Hi in case SG does not read your post :   the answer is no. The only thing your kiwisaver effects is if you get any extra means tested allowances. Super is not means tested.

    Generally for things like a rates rebate you must declare the amount of interest earned  in the previous year, not the principal  in the bank.

     

    Gabyone Auckland region

    #1631786
    Profile photo of somersblu
    somersblu
    Member
    Member since: February 6, 2016
    Topics: 0
    Replies: 15

    Thank you Gabyone 😀  😀

    #1632425
    Profile photo of TedE
    TedE
    Member
    Member since: May 6, 2006
    Topics: 3
    Replies: 1840

    Your friends re important also. We need to be able to look out for and after one another. When you leave the work force you will find that a lot of your friends may have been work related and may drop away unless you work at keeping them.

    If you are able to do most of your own maintenance for house and car that can make a huge difference. But you need to have a kitty for those items even when you do it yourself. I found it helped to have a schedule of when insurance rates etc came due so that we could ensure we had the readies at those times.

    If you are able to do any traveling or whatever you plan to do then early in retirement is advisable. In our case my body started to break down 5 or more years before retirement age and those last years were a bit fraught but being able to get those things we wanted to do done in the first 5 years was worth it as 10 years on was too late. We now have the memories to share as we gather firewood etc.

    We have since found that we have managed to save a bit more so that as we are no longer able to do our own maintenance we have a kitty that may help with that.

    TedE - Papakura -

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