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Planning to retire as a couple? Here are 7 ways our Future You tool could help you have the lifestyle you want

May 25, 2018


Simon Smith | Chief Editor

Written by Simon Smith | Chief Editor

Bringing you all the latest news, views and up-to-date info on KiwiSaver, retirement planning, finance and more.


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Most KiwiSaver online calculators and tools try to model what an individual’s retirement might look like when they retire. But retirement is often bigger than just you. Find out how an update to our online Future You® tool is focussed on helping couples have the retirement they want.  

Retirement for many is a team sport where you and your partner save money for post-working life together.

But typically, most online KiwiSaver calculators and tools try to model what an individual’s retirement might look like when they retire.

At Kiwi Wealth, our members frequently ask: “What does our retirement look like?” as opposed to “What does my retirement look like?”

In fact, when we asked our members what they wanted, a joint retirement tool was a common request.

Individual focussed calculators consider a person’s current KiwiSaver account and how it’s set up, and rely on estimates of income and market returns to provide an estimated retirement income.

For many this number is useful to help guide decision-making, but it doesn’t show what a couple’s retirement income might look like – making planning unwieldy, if not difficult, to do.

Here are seven ways we are committed to helping couples plan their retirement together:

  1. Kiwi Wealth has adapted its award-winning Future You tool to include couples

We’ve solved the individual-focussed problem by creating a new feature within our award winning Future You retirement tool. The new feature is currently available to a small number of Kiwi Wealth KiwiSaver Scheme members who are helping influence how it works.

 This makes it easier for couples to see what their desired retirement lifestyle might cost them, and whether their combined KiwiSaver balance might help them achieve their lifestyle.

 2. Members can see joint future balances

A member of the Kiwi Wealth KiwiSaver Scheme can login and view their own account balance and estimated future balance in Future You.

They can then add their partner’s KiwiSaver balance into the calculation, providing a view of the partner’s current KiwiSaver balance (based on whatever information has been entered) and then, using this calculation, see a projection of the potential combined future balance. The partner doesn’t need to be a Kiwi Wealth KiwiSaver Scheme member.

  1. Couples can set a joint retirement lifestyle goal 
The update to Future You also allows a couple to set their joint retirement lifestyle goal (either using three existing pre-set goals, or use a custom option) to model their possible expenditure in retirement.

 4. The tool guides couples towards their retirement goals

The tool also provides some guidance on what they might need to save from the time of the calculation to achieve that desired retirement goal.

This information makes planning for retirement – as a couple – easier. Couples can model the effects of making changes to their individual accounts (such as contribution rates and fund type), on their combined retirement position.  

 5. Couples can explore various retirement scenarios

It’s often small changes that can significantly alter projected retirement outcomes, so we encourage people to explore their financial position. Remember though: we aren’t providing you with advice, nor are we making any recommendations; rather, we’re allowing members to explore and understand the effect of making some changes to your retirement outcome.

 6. There will be a phased roll-out to optimise the tool

At the moment, the feature is being trialled with a group of people who are interested or who have asked for this feature in Future You.

In the next few months, we’ll be releasing this update to Future You to all eligible members of the Kiwi Wealth KiwiSaver Scheme.

7. New participants are welcome

We’re keen to improve the tool and have as many members take part. If you’re a Kiwi Wealth KiwiSaver Scheme member and want to try it out, please let us know and we can add you to the trial.

In the meantime, if you are an eligible member of the Scheme, why not try the current award-winning version of Future You for yourself: all you need to do is login to your account.

Future You is designed to help our members take control of their KiwiSaver investments. Whether you want to manage your account on your own, or see how it might help you and your partner in your shared retirement, our goal is to give you the tools you need to make informed decisions.

Future You® is a registered trademark of Kiwi Wealth Limited.

*The Future You tool is available to members of the Kiwi Wealth KiwiSaver Scheme who are aged between 18-65 and who have not made a transfer from an Australian complying superannuation scheme.

Kiwi Wealth Limited is the issuer and manager of the Kiwi Wealth KiwiSaver Scheme. The Product Disclosure Statement for the Kiwi Wealth KiwiSaver Scheme is available at www.kiwiwealth.co.nz

 

Tags: Investing, KiwiSaver, Retirement, Performance/returns, Kiwi Wealth

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