Why retirement matters
By mid-century one in four New Zealanders will be over 65, largely because we are living longer and having fewer children.
An ageing population has some benefits, but it will put pressure on what we call the ‘public purse’ and we just don’t know how future governments will respond to those pressures.
We believe that the role of ‘private provision’, which simply means the amount we save for retirement and provide for ourselves, will increase.
So the Commission is working hard to get the next generation of retirees in good financial shape for life and for retirement. If we retire in our sixties and live into our nineties, that’s 30 years in retirement.
It’s a sobering thought when it comes to our finances!