While it’s a dream for many to be able to retire and have plenty of savings in the bank, that’s not the reality for many Kiwis. While the government does offer a pension, it’s not a lot of money, so if we want to be able to maintain the lifestyle we had while working, a large amount of savings is required.

However, many Kiwis are leaving it too late to save up enough to make them comfortable in their later years. Data from the Kiwi Saver retirement planning tools shows that many people don’t start saving for retirement until their mid-50s. This doesn’t leave a lot of time to build up a good nest egg that will last as you move into retirement villages and live out your twilight years.

Data from the Financial markets Authority shows that those with more confidence of having a decent retirement was higher for people who started planning for retirement 10+ years beforehand. However, many people never receive financial advice on retirement planning, making it even harder to have a practical plan for how they will handle their finances when they stop working.

Don’t leave it too late, or you may not have enough money to live out your later years in the style you had hoped. It’s never too early to start saving for retirement, and you’ll find that when the time comes, every little bit helps.

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