Young plan on re­tir­ing early

Marlborough Midweek - - FRONT PAGE -

rob.stock@fair­fax­me­dia.co.nz

How long do you want to con­tinue work­ing?

Iron­i­cally, the older you are, the more likely you are to say you want to graft on past the age of 65.

And the younger you are, the more likely you are to want to hang up your work boots, suit, or stetho­scope long be­fore then.

When BNZ sur­veyed the pop­u­lace on their de­sired re­tire­ment age, it found 22 per cent of 18 to 24 year-olds want to have re­tired by the time they are 60, and 31 per cent would like to have shrugged off work’s yolk by 65.

This is de­spite the pre­vail­ing wis­dom be­ing that NZ Su­per pay­ments will have to start at 67, or 68, not the cur­rent 65, in or­der to keep it sus­tain­able in the face of an age­ing pop­u­la­tion.

A mere 36 per cent of those young­sters (ex­clud­ing the ‘‘don’t knows’’) ‘‘wanted’’ to work past aged 65.

Now, as the su­per-fru­gal, or su­per-suc­cess­ful will tell you, re­tir­ing early is an en­tirely achiev­able goal for in­di­vid­u­als, though not for an en­tire fifth of

the pop­u­la­tion.

To re­tire, you need a sus­tain­able pas­sive in­come high enough to sus­tain your life­style.

The higher your life­style ex­pec­ta­tions, the more you’d need.

On­line wealth cal­cu­la­tors pro­vided by the likes of AMP, ANZ and Ki­wiBank will help you work out a tar­get wealth.

Some aim to do it through prop­erty in­vest­ment, some through a high-earn­ing ca­reer, some through busi­ness, some through su­per-fru­gal­ity.

Early re­tire­ment is an en­tirely rea­son­able aim in life, and the young and op­ti­mistic, with decades of work stretch­ing ahead of them, are free to aim for it.

But cu­ri­ously, the BNZ found that as the years roll by, the pro­por­tion of peo­ple who ‘‘want’’ to work past the age of 65 rises.

By the time folk are be­tween 55-64, more than half of peo­ple (52 per cent) want to be work­ing past 65. A good chunk hope to still be at the wheel af­ter 70.

Many older peo­ple want to use their skills, stay ac­tive, and

Newspapers in English

Newspapers from New Zealand

© PressReader. All rights reserved.