How Much Do I Need To Save For Retirement
March 16, 2012 by staff
How Much Do I Need To Save For Retirement, There is a magic number for how much Kiwis should be putting away each year for retirement savings, according to a group that consults on pension funds.
Alister Van der Maas from Russell Investments New Zealand, which gives services and advice to individuals in more than 40 countries, told TV ONE’s Breakfast Kiwis are living longer, and need more cash to fund their retirement.
Van der Maas, the managing director of the company, said New Zealanders should be saving 18% of their total income from the day they start working.
“It’s really, really hard&you’ve got to fund your retirement for 25 years without having any more income. So the number we’re talking about is very, very high, depending on how you want to live when you’re retired,” he said.
He said at the moment, KiwiSaver is a generous scheme but is unsure how long it will continue.
“I’m 40 now. I’m looking to work until I’m probably at least 70. I don’t think the government’s going to be able to afford to fund my generation’s retirement. So we need to start thinking seriously about how much we’re going to save,” he said.
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