Financial Planning For Your Retirement
It is widely accepted that as more and more New Zealanders are moving towards retirement age there is less and less chance of the state providing adequate support for retired people in their retirement.
That’s why it’s so important for you to financially plan for your retirement years. The amount of retirement savings you will need for retirement will depend on your individual financial circumstances and the lifestyle to which you aspire for your retirement.
The Trustees encourage you to set a retirement saving target and make contributions to your account at a contribution rate sufficient to achieve your target. The earlier you start to save for your retirement the easier it will be to accumulate the desired amount.
To assist you set your retirement saving target and determine the rate at which you need to contribute to achieve your target the Trustees have prepared a financial planning guideline. (Link to the document). You may wish to consult a financial adviser.
Managing Your Retirement Savings
It is expected that you will have accumulated substantial savings in your account. At that time if you are retired and are no longer earning, apart from New Zealand Super and any other income you will have from other sources, you will be reliant on your retirement savings for your weekly income. You will need to manage your retirement savings so that last for the rest of your life and so that they provide you with a regular income.
So that your retirement savings continues to be managed efficiently and professionally the Fund allows you to defer your benefits and make regular monthly withdrawals. To assist you to determine the amount of monthly withdrawals which your retirement savings will support the Trustees have prepared a deferred benefit guideline. (link to document). You may wish to consult a financial adviser.