So you’ve reached decade number six on this planet of ours. Congratulations! Music and clothes from high school are back for their second or third revival. You might be enjoying a mix of old pleasures and new horizons. Retirement planning’s no longer a mirage. You’re probably closer to retirement, or some version of it, than you are to your 18th birthday. Time to get serious about where you’re headed.
While there’s no single path to retirement to follow, there are broad patterns. In your 50s, you might find yourself with more money, more claims on your attention, and also more opportunities to prepare for the future. Here are some things to look out for.
Get on track if you need to
Given that KiwiSaver has only been around for the last ten years, it’s quite possible that you may have hit your 50s and still have some basic KiwiSaver setup to take care of. It may feel late, but it’s much better to do these things now than never.
Make sure you’ve crossed the big items off: that your KiwiSaver account is set up right, you’re taking advantage of matching employer contributions and member tax credits, and you’re on track for the retirement you really want. Your future self will thank you for it, a lot.
If you’ve struggled to do any of the above things with your KiwiSaver account, or don’t understand how those changes could make a difference to how much you’ll have saved, then Kiwi Wealth offers a tool to members of the Kiwi Wealth KiwiSaver Scheme that could really help you out.
It’s called ‘Future You’ and it’s an innovative online service that helps you shape your retirement planning.
With Future You, you can pick a goal lifestyle for your retirement, choosing between a ‘no frills’, a ‘flexible’ or a ‘deluxe’ lifestyle, depending on the kind of retirement you want. You can also set your own goal, if you know the kind of lifestyle you want and how much it will cost.
Once you’ve selected a goal, Future You shows you how much your KiwiSaver account could be worth when you retire and whether you’re on or off track to meet your selected goal and get the lifestyle you want.
The tool also lets members of the Kiwi Wealth KiwiSaver Scheme make changes to your account – such as changing your investment fund - on the spot and see how those changes may impact your account. And we show you how you’re doing every time you login to your account, so you can keep a close eye on how your progress is tracking.
And if you need more help, this digital service is backed up by our team of expert financial advisers, who are on hand to help you shape your retirement planning, with KiwiSaver and beyond.
Keep reading for more top tips and helpful hints about retirement planning in your 50s from Kiwi Wealth.
The information provided, or any opinions expressed in this article, are of a general nature only and should not be construed, or relied on, as a recommendation to invest in a particular financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any investment decisions.
Kiwi Wealth Limited is the Issuer and Manager of the Kiwi Wealth KiwiSaver Scheme (the Scheme) and is a related company of Kiwibank Limited. Kiwibank is a distributor but is not an issuer of the Scheme. The Product Disclosure Statement for the Scheme is available from kiwiwealth.co.nz.