Few know Su­per pay

South Waikato News - - SPORT -

We might be look­ing for­ward to leisure time in re­tire­ment but most have no idea what re­tire­ment will cost.

A Nielsen sur­vey, com­mis­sioned by the Re­tire­ment Com­mis­sion, found 84 per­cent of 45 to 59 year olds didn’t know how much NZ Su­per a sin­gle per­son liv­ing alone would re­ceive; 81 per­cent didn’t know how much a cou­ple aged 65 or older would re­ceive.

The sur­vey also found 42 per­cent hadn’t cal­cu­lated how much money they need to save for re­tire­ment.

Re­tire­ment Com­mis­sioner Diana Crossan says the lack of knowl­edge about NZ Su­per in­di­cates peo­ple are not think­ing enough about how they will man­age when they stop work­ing.

‘‘Al­most all Ki­wis are en­ti­tled to NZ Su­per at 65 but many don’t re­ally know how much they will re­ceive. What’s in­ter­est­ing is that the group we sur­veyed is not very far from re­tire­ment, yet a large num­ber didn’t have a fi­nan­cial plan or any knowl­edge of how much money they would re­ceive on NZ Su­per.’’

Ms Crossan says around 40 per­cent of to­day’s re­tirees live on NZ Su­per alone; $333 a week for sin­gles liv­ing by them­selves and $511 for a cou­ple. An­other 20 per­cent live on NZ Su­per and about an­other $100 a week of other in­come. She says Ki­wis need to be aware of NZ Su­per rates so they can know how much they will need to af­ford the re­tire­ment they would like.

‘‘Our pop­u­la­tion is age­ing rapidly and in 20 years’ time one in ev­ery five of us will be over 65. We are all get­ting closer to re­tire­ment so we need to start think­ing about pre­par­ing our­selves fi­nan­cially.’’

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