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Calling all New Zealanders who like the sound of working less and retiring early. 

The first question most people ask is “How much money will I need in Retirement?” One rule of thumb is that you'll need 70% of your pre-retirement yearly salary to live comfortably. That might be enough if you've paid off your mortgage and are in excellent health when you go into your retirement. But if you plan to build your dream house, trot around the globe, or live a life of luxury after all those hard earned years in the workforce, you may need 100% of your annual income - or more.

Use our calculator below, for a better idea of what you'll need to save today in order to secure an income for your retirement.

Retirement Planning

There is no right or wrong answer to this million dollar question. It’s about making realistic estimates about the kind of expenses you will have and being honest about the sort of lifestyle you wish to lead throughout your retirement years. These estimates are important when it comes time to figure out how much you need to save in order to comfortably afford your retirement.

One way to begin estimating your retirement costs is to take a close look at your current expenses in various categories, and then estimate how they will change. For example, your mortgage might be paid off by then - and you won't have commuting costs. Then again, your health care costs are likely to rise.

At Wealth Works we have Financial Consultants who will work through this process with you to help you determine your required level of income at time of retirement and financial independence. The level of income that you wish to achieve, will then be reflected in your personalised financial strategy plan and solutions will be provided to ensure that you reach your retirement goals and to ensure that you get to live the life you deserve after working so hard all those years.

 
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