\u201cThe most important thing people can do today is to make a plan,\u201d he said.<\/p>\n
\u201cMost of us want to enjoy things like travelling or relaxing with friends and family in retirement, but unfortunately there\u2019s currently a gap between what most people are aiming for and how they\u2019re tracking financially.<\/p>\n
\u201cWhether you\u2019re 20 or 60, taking the time to understand your retirement goals and review your KiwiSaver settings, then seeking advice if you need it, can make a meaningful difference to your future financial wellbeing.\u201d<\/p>\n
Massey University\u2019s latest Retirement Expenditure Guidelines<\/a>, released in 2025, found most New Zealanders aiming for a comfortable standard of living will need income beyond superannuation.<\/p>\n It found a two-person \u201cno frills\u201d household in a metropolitan area has weekly expenditure of $909.90, while a similar household in a provincial area spends $1031.85.<\/p>\n Households aiming for a \u201cchoices\u201d lifestyle in a metropolitan setting spend $1739.85 per week, while those in provincial areas spend $1210.18 per week.<\/p>\n Westpac\u2019s survey found most Kiwis (43%) expect to retire between 65 and 69, while 12% expect to retire at 70 or older and 29% expect to retire before 65.<\/p>\n \u201cRetirement might feel a long way off, but the earlier people take action, the more time their savings have to grow,\u201d Twidle said.<\/p>\n \u201cSmall steps today, such as increasing contributions when you receive a pay rise, checking your fund remains appropriate for your goals, or making voluntary contributions, can have a significant impact over time.\u201d<\/p>\n The Financial Markets Authority\u2019s latest annual KiwiSaver report shows the average member balance<\/a> was $40,340 for the year ending March 31, 2026.<\/p>\n To help lift savings, the Government last year announced the minimum KiwiSaver contribution rate would increase to 4% for employees and employers, phased over three years.<\/p>\n But as the election approaches, National and Labour are proposing further increases<\/a> of the rate to move New Zealand closer to Australia\u2019s 12%, which employers are required to contribute to.<\/p>\n National wants to push employee and employer default rates up to 6% by 2032, taking overall contributions to 12%.<\/p>\n Labour has proposed lifting the default contribution rate for employers to 6% by 2032, which would be compulsory even when employees reduce or pause their own contributions.<\/p>\n Pathfinder co-founder and chief executive John Berry told the Herald recently that cross-party agreement was needed<\/a> for KiwiSaver and NZ Superannuation settings.<\/p>\n \u201cAt the moment we don\u2019t have that certainty. We have a lot of discussion around the settings may need to change but I think we just need to get on,\u201d he said.<\/p>\n \u201cIt\u2019s above politics. People\u2019s retirement saving is so important for New Zealanders.<\/p>\n \u201cIt shouldn\u2019t be a divisive difficult political issue. It should be something people want to work on collaboratively.\u201d<\/p>\n