It’s safe to say I never really gave retirement very much thought at all until this year.
But now that I’m not deathly worried about bouncing from cold damp rental to cold damp rental for the rest of my life, I can focus on other things.
Also, some of the things work has sucked me into lately are all about retirement savings and planning for the future. Heavy shit, in other words.
All around the world countries are struggling with the affordability of supporting retirees.
In the future we probably won’t be able to rely on superannuation, and will probably have to pay more of our own living costs and health costs.
Currently NZ has low levels of elder poverty – our high levels of home ownership, and NZ Super being universal, non-means-tested, and pegged to 66% of the average wage play a role in that. But soaring house prices mean home ownership levels are falling, and I can’t imagine NZ Super will be immune to the kinds of pension reforms that are underway around the world.
Seeing and hearing some of the things people say on this subject makes me shake my head.
I can understand indifference and inertia. I know it feels hopeless. You need to save so much for retirement and it seems like your money isn’t going very far. Hell, I know *I* should really be saving more. But something is better than nothing.
What I don’t understand is all the ignorance and paranoia out there around KiwiSaver. Seriously. 1) Take the free money, the rest of us are! 2) Your KiwiSaver funds belong to you, not the government. Let go of those tinfoil hats, people.
Save for the futures, dudes. It’s one thing to pay for the less fortunate – the non-able, whose who don’t earn a living wage – those who aren’t able to take care of themselves. It’s another (and kinda immoral IMO) thing to be a drain on the system because you simply didn’t plan ahead.
As soon as you can, get started. Even if you start small, you can always ramp it up. Every little bit helps. Time, at least, is on our side. Just do it.
I don’t ever understand people giving up free money. If he doesn’t want it, can I have his share? And just because it looks hopeless, how is that more incentive to do nothing? Also not understanding that, and I’ve been in, and still am in, some pretty hopeless looking situations. We still have to try, at least. And usually, something good can come out of the trials.
As much as I love NZ, I don’t think it’s a great place t retire unless you either have plenty of money or live in one of the more stunning area (Auckland does not spring to mind). My big downs are that it’s an expensive place to live and the weather can be crap for several months of the year. Too many for my liking.
I agree with you that, unless you are close to superannuation age now, there’s a good chance that it’s going to be means tested down the track as it is in Aussie.I certainly wouldn’t be planning my retirement income based on receiving it.
It’s great to hear that you’re no longer living in a cold damp rental though. That would be no fun during an NZ winter.
When I was younger, I didn’t think too much of savings. I was reckless with money, hate to admit it! But reality just hit me in the face one day. After reading a book about finances, I realized the importance of saving. I try to save every day for the future no matter how small the amount is. It feels good when you’re secured.
In college, I never really thought about retirement. Then I got my corporate job with a 401K match @ 22. Holy moly, did I learn fast. It was super stressful realizing that now I couldn’t spend all my money on clothes and shoes because I had to start thinking about my old self and saving for retirement.