NZ Herald: A couple who want to live in a major New Zealand city and have a comfortable retirement would need about $486,000 based on the spending of today's retirees, research has found.
Westpac Massey University's Fin-Ed Centre has updated its retirement expenditure research which analyses the spending of over 65 year olds based on Statistics New Zealand household economic data.
It found that while the financial position of retirees had improved in 2016 because New Zealand Superannuation went up more than the cost of living, there was still a need to have additional savings above New Zealand Superannuation for a comfortable retirement.
The gap between what people spent and what they received in NZ Super was $503.26 on average a week for a couple living in Auckland, Wellington and Christchurch on a choices budget. To pay for that gap a couple would collectively need to have $486,023 in savings by age 65. MORE>.