Getting the retirement you want.

Are you after a simple retirement, or a luxury one? How long have you got until you plan to retire? These are some key questions to have answered when you're planning on how you're going to achieve the retirement you want.

How much do you need?

So you know what the goal is: I want to have $800 a week. I have 35 years until I plan to retire.

More things to consider:

• Average life expectancy is 90 years old for men, 94 years old for women
• NZ Superannuation isn't guaranteed – if you're a while away from retirement you might not be able to rely on it as a source of income. In that instance, your savings will be essential
• Will you have a mortgage or rent to pay?

Now work it out (the below assumes you're female, wanting to have $800 a week from retirement at 65 until average life expectancy of 94 (29 years), and you've 35 years until you retire):

29×52=1508 weeks

1508×$800= $1.21 million (approx.)

$1.21 million÷1820 weeks before retirement =$665 per week (approx.)

Is it achievable to save $665 a week? Think about how you can save – this might be where KiwiSaver comes in, or high interest savings accounts. Or you might need to re-think the retirement lifestyle.

When should you start?

The sooner you start saving for your retirement, the better off you'll be, but it's also never too late to start to have something to contribute towards your retirement.

Tools and advice

Have a look at our calculators to see what you might be able to achieve, or talk to our financial advisors and build a plan with them.

When making big decisions that will effect your long-term future, one of the wisest steps you can take is to seek professional support, so do your research and get help to find your best fit.