Kiwi Wealth retirement income tool gets Super addition

4 November 2016

Kiwi Wealth retirement income tool gets Super addition

Kiwi Wealth’s digital retirement income planning tool has a new feature for its KiwiSaver members – it now incorporates the potential additional income provided by New Zealand Government Superannuation.

Combined with their projected KiwiSaver balance, the tool gives members an even clearer picture of the income they may have available when they retire.

“Planning to have the income you want, to have the retirement lifestyle you want, involves much more than just being in KiwiSaver,” says Joe Bishop, Kiwi Wealth Head of Retail Wealth and Marketing. “KiwiSaver will certainly play an important part in providing people’s retirement income, but their other financial assets also have a role to play.”

New Zealand Government Superannuation is another meaningful component of New Zealanders’ retirement income.

“By including New Zealand Government Superannuation in our online forecasting tool, we’re giving our members added insight as to what potential income they could have when they retire,” said Mr Bishop.

The combined estimate is built into a simple “dashboard” that presents a potential annual income.

“Most people don’t have a clear idea of how they’re tracking in terms of an annual, dollar-based income in retirement,” said Mr Bishop. Research conducted for Kiwi Wealth by Horizon Research indicated 77% of New Zealanders didn’t know what income their KiwiSaver account would give them in retirement.

“The dashboard projects a total annual dollar income, which gives people a much clearer picture of how they’re tracking.”
Mr Bishop said it was critical that people were active in financial planning for their retirement.

“We know that members using our KiwiSaver online tool are more active with their KiwiSaver account. We’re hoping that by taking this next step, members will get even more visibility over their potential retirement income, helping them better prepare.

“There are many other factors – private savings, term deposits, managed funds, property and even inheritances – that can affect overall retirement income. It’s all about the bigger picture. Over time, we are aiming to integrate these factors and more into our digital tool to create a full retirement planning solution that allows New Zealanders to set, manage and track their progress towards achieving the retirement lifestyle they want.”

ENDS

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