Time for Kiwis to start talking about money

One in five New Zealanders will be over 65 by 2031 .

At the last official count in 2009, there were 552,600 New Zealanders over the age of 65, making up 12% of the population. In 20 years this will have almost doubled to 1,071,800, or 21% of the population.

Retirement Commissioner Diana Crossan says just as local and national authorities are making plans to cope with the needs of an ageing population, families need to make plans too.

“We’ve done research that confirms what most of us suspected – many Kiwi families are reluctant to talk about retirement and their money. But with a growing ageing population we need to change our thinking and be less reserved about having these family conversations.

“And there’s no better time than right now to start talking about tomorrow,” Ms Crossan says.

To help the conversations along, the Retirement Commission has produced a set of talking points on topics such as appointing someone to have enduring power of attorney, drafting a will and adjusting insurances.

“Talking about money is hard, but it’s important as there are many complex decisions older family members need to make.”

The talking points cover topics such as appointing someone to have enduring power of attorney to manage your affairs if you become incapable of doing so yourself. There is information about the issue of financial abuse among older people, drafting a will, setting up a trust, insurance as people age, and equity release options for people with property assets.

The talking points can be downloaded from the Retirement Commission’s Sorted website, www.sorted.org.nz/life-stages/60plus You can also order Sorted’s free booklet, Your money in retirement, by calling 0800 SORT MONEY (767 866) or online at www.sorted.org.nz/ordering/

ENDS

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