Here's the new number: NZ Super is $463

There’s a new NZ Super rate for individuals which comes into effect as of today, paying $463 per week to those 65 and over. For couples it’s $712.

It helps to know how the government pension is tracking, especially when retirement is far away (it gives you time to plan), and obviously when it’s just around the corner.

Know your sweet (retirement) spot

If you needed to rely solely on NZ Super, would $463 be enough for the retirement you want?

Many of us will undoubtedly need more than $463 per week to live on, especially if we need to cover housing costs like rent, rates, insurance and maintenance. Not to mention all the activities we’re hoping to knock off our bucket lists when we step back from full-time work.

It’s never too early to start planning for your retirement. How much you need to save will depend on your own circumstances, but the sooner you start, the better the position you’ll be in when you eventually stop working.

Think about when you expect to retire, what sort of lifestyle choices you’d like to make, where you think you’ll live, and how much you’ll have in your KiwiSaver.

Using our retirement calculator can give you a ballpark of what you might need to save, and where you might end up say 30 years from now. Nailing your retirement number gives you time to achieve the lifestyle you’re after.

NZ Super power

NZ Super has been around in more or less its present form since 1938.

Nowadays, 40% above 65 have virtually no other income besides NZ Super. And another 20% have only a little more. Even with NZ Super, close to 1 in 3 of us don’t think we’ll have enough for our retirement unless we continue working past 65.

Overall, it keeps a lot of people out of hardship and ensures we can still play valuable roles in our communities and for our whānau. And because we know we have the security of NZ Super, we can focus on just saving the amount we’ll need to add on top.

How are you tracking in KiwiSaver?

While NZ Super can help get you by, it's your own savings and investments that will help to make retirement more comfortable and enjoyable.

Like many things, the trick is to start early and start small. Yet even if yesterday would’ve been a great time to start, today is always better than putting it off to tomorrow! Those consistent savings, coupled with the compounding returns from investing, will be what it takes to bridge the gap. KiwiSaver can certainly help.

Checking where it’s headed and making sure it’s set up right – such as being in the right type of fund for us and what the fees could amount to over long-term – will help us make the most of it.

It’s easy to fall into the trap of thinking that just because we’re in KiwiSaver, we’re set for life. You can use our KiwiSaver calculator to estimate how much you’ll have in KiwiSaver when you retire. This allows you to make decisions on whether you’d like to increase your contributions or change what type of fund you’re in – to aim for even better results.

Many of us will need other investments or solutions besides KiwiSaver. For example, this might mean investing in shares, managed funds or an investment property. It could also mean adding a side hustle, starting an online business or buying into a franchise.

There’s no one right answer for everyone. The important thing is to know what your options are when it comes to preparing for the future.