NZ Super isn’t enough for ‘no frills’ lifestyle, but Kiwis are bridging the gap

The gap between NZ Super and the cost of living even a “no frills” lifestyle has widened, research from Massey University shows. Fortunately, many retiring Kiwis seem to be bridging the gap from their own savings, while others keep afloat by continuing to work beyond the age 65.

The Westpac-Massey Fin-Ed Centre’s annual Retirement Expenditure Guidelines show that for a two-person household of over 65 year-olds the cost of a “no-frills” lifestyle in a city was $872.22 at the end of June last year. That was $271.92 more than NZ Super paid to a couple.

Life was easier for a couple on the provinces, who had a shortfall of $21.18 a week to make up. People managing on their own generally had a harder go of it in retirement than couples.

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ROB STOCK – Stuff Business

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