What people are thinking about retirement incomes

Friday, July 4th 2014, 11:59AM 2 Comments

Here's a snapshot of interest results from the recent ANZ Retirement Savings Barometer

17% of respondents expected to rely solely on NZ Superannuation (NZS)
29% of women believed they would need more than $500 per week on top of NZS when they retired, compared with 34% of men indicating they wanted to earn this much
Despite their lower expectations on future income, 31% of women were confident of reaching their retirement savings goals, compared with 51% of men
50% of respondents said they would consider getting professional advice about KiwiSaver and their retirement savings plan
55% of people nominated banks as their first choice for advice on KiwiSaver or retirement savings.

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Comments from our readers

On 10 July 2014 at 1:41 pm traveller said:

I am surprised there have been no responses to this article which illustrated some important issues for advisers.
Point two, I wonder if those people who thought they needed $500 per,week, or more, above National super are aware of the capital needed to provide that? At a generous 4%pa, after tax, they would be looking at nearly $700,000, unless they are comfortable with drawing down capital. I wonder how realistic the 31% of women and 51% of men who think they will achieve this are? And how will advisers go about this?
Comforting to see 50% would seek advice although more than half would go to banks. Still, though, a good pool for the independent adviser.

On 10 July 2014 at 2:49 pm R1 said:

Unless the details of the survey are provided with the figures I treat the results with caution. As they say about any research, "enough research will tend to support your theory". So, how many people were surveyed from what regions and cross section(s) of the population; etc. What is the margin for error in the numbers quoted?

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