How much will NZ Super cost in the future?Posted to Financial Capability on 24-04-2017
We’ve taken our camera onto the streets of Auckland’s CBD to test passers-by on their knowledge of NZ Super.
We asked if they had any idea how much it will cost in ten years’ time as our population ages and there are more people over the age of 65.
Their options were $550k a day; $5.5m a day or $55m*. We also asked what age they thought people should start receiving Super.
Last year we recommended that the age of eligibility should go up from 65 to 67, rising by three months a year from 2027, reaching 67 in 2034.
This year the government announced a proposal to increase the age by six months a year from 2037, reaching 67 in 2040.
* If you need a clue, NZ Super currently costs $30m a day.
Next: Confusion reigns on member tax credits