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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- Can my Younger partner receive NZ Super when I turn 65?
- How safe is NZ Super?
- Did NZ Super actually go up this year?
Can my Younger partner receive NZ Super when I turn 65?
Not any more!
For many years in New Zealand there was an option that when one person turned 65 and started receiving NZ Super, their partner could also start to receive super (albeit at a lower rate) prior to them turning 65. This enabled couples with different ages, to plan to retire together.
Unfortunately, as part of the 2019 ‘Wellbeing Budget’ this option was removed. NZ Super is now only available to people when they turn 65.
If you had planned that you would receive some abated super prior to your partner turning 65, then you need to correct your financial retirement plan. Based on previous rates, this could be a reduction of over $16,000 each year until your partner turned 65.
You may also want to check if you can actually afford to both retire at the same time. or if you need to wait until you are both 65.
Remember, any Government can change the rules at any time. You need to plan for and look after your own wellbeing in retirement – as no one else will.
Download our free retirement planning spreadsheet and take control of your retirement.
Download our free retirement planning spreadsheet and take control of your retirement.