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Money Management In Retirement

Money Management in Retirement: How to Handle Your Finances

It’s no surprise that money is one of the largest stresses identified by retirees – there is so much to think about! Transitioning from full time work, into partial or full retirement impacts every part of life, from your routines, social circles, and critically, your budget. Consider the following to ensure you get the most out of your golden years. 

Sources of Income

You may have heard this before, but one of the most important parts of money management in retirement is evaluating what you can get, and from where. Most retirees get their income from three places: NZ Super, personal savings and part time work. NZ Super is the New Zealand’s government’s pension, available for those over 65 and meet the eligibility criteria. How much you may get per week depends on a range of personal conditions such as whether you live alone or have a partner. It is recommended that you apply for NZSuper eight weeks before you turn 65 so you don’t miss any payments. With NZ Super, there is also the SuperGoldCard which offers discounts, offers, and free services (such as off-peak public transport). These offerings frequently change, so it is recommended that you check on the SuperGold website to see the latest updates.

Additionally, most retirees supplement their NZSuper with personal retirement savings. These can be critical as for many, NZSuper does not reflect their living costs. Part-time work is also a wonderful option if you are looking to save your savings for later on.  Some of the most prominent work opportunities for retirees are as consultants for your previous career, tutors, pet sitter or as a blogger. These will not only introduce a few extra dollars to your budget but can be something you enjoy!


Arguably the most important part of retirement financing is budgeting. Financial advisors typically recommend that you will need at least 80% of your pre-retirement income to live on. When constructing your budget, outline the necessities first, then prioritize the non-essential niceties. If you have been dreaming of a ski trip on the French Alps, consider cutting down on other expenses for travel. Alternatively, maybe you would like to put some money aside for your grandkids. Whatever your priorities are, adjust your budget and spending habits to make these possible.

Ask for Help

Many retiree’s get stuck when they are afraid to ask for help. There are many resources, and individuals that can help you maximise your retirement, and get the most out of the years you’ve worked so hard for. Consider reaching out to family to discuss your long-term finances, and let them know of your wants.  You can also use one of the provided resources for additional help. For questions concerning what you can expect financially from living at a retirement village, please contact us with any questions.

Money Talks Hotline: 0800 345 123

Money Mates Peer Support Group:

Free Financial Mentor:

Sorted is wonderful for general money management resources, tips, and advice

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