Retirement Planning HINTS FOR A BETTER RETIREMENT
Useful Retirement Planning tips, ideas and suggestions to help you enjoy a long and prosperous retirement.
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Retirement Planning Help Articles
- Are you really ready for retirement
- Should I buy or Rent?
- Will I still have debt "When I'm Sixty four"?
- Do you own your own home?
WILL I STILL HAVE Debt "When I'm sixty four"?
“Will you still need me. Will you still feed me. Who could ask for more. We shall scrimp and save. When your lights have gone, you can knit a sweater by the fireside." These are just a few predictions from the 1967 Beatles hit “When I’m Sixty-Four”.
And for many pre-retirees, these words are fast becoming reality.
Recent articles (e.g. ‘Frightening' increase in mortgage debt among over-65s) confirm that many more people are entering retirement burdened with debt.
The latest Stats "Household-net-worth-statistics (June 2024)" indicated that individuals in the over 65 age group still had debt of $17.3 Billion New Zealand Dollars!
This is up 31% from the amount owing in the previous report (June 2021).
$9 Billion related to their home, $5 Billion on other real estate (rentals), $185 Million on Student Loans and $2.7 Billion on other loans (bank loans, finance companies etc.)
In the 55-64 yr old age band it doesn't get any better. They still owe almost $53 Billion: $29.5 Billion on their homes, $18.8 Billion on other real estate, $255 Million on outstanding Student Loans, and a further $4.1 Billion on other loans.
And with the current cost of living crisis, retirement is just getting harder and harder for many.
Imagine the lifestyle you might end up in if you are still paying off your debt when you turn 65. That Caribbean Cruise you had been dreaming about, might just become a day trip on the InterIslander.
NZ Super is based on the assumption you own your own home, and are debt free. For many New Zealanders this is no-longer an option. Failing to plan for retirement, will result in a compromised quality of life - and for many they will still be burdened with debt.
Retirement planning is not difficult and with our free Financial Planning For Retirement Guide and our free excel retirement budgeting spreadsheet, you can quickly create your retirement plan and a debt repayment plan.
Start planning today for the retirement you deserve. It is free, independent, informative, and easy to complete.
Imagine having to ask your kids at 64: “Will you still need me. Will you still feed me." because you couldn't manage your money better.
Don’t go into retirement burdened with debt.