This year’s Money Week theme was based on how much you will spend on groceries in retirement. Over the week people were asked to estimate how much they would need for groceries over the 30 years they might spend in retirement. The commission’s David Boyle said: “Only 11 per cent guessed correctly at between $250,000 and $300,000. More than two thirds underestimated, and nearly a third of those thought it would be less than $100,000.”
Because we are living longer our money also has to last longer. Having KiwiSaver makes it easier for us to save for our futures, the trick is to make sure our income last as long as we do once we stop working.
Your adviser can assist you with your retirement plan and will give you an idea of how much you will need to save so you can still afford your groceries in retirement.
