I had the opportunity to engage with a few couples and also talk to prospective retirees about financial planning for retirement. Most New Zealanders aim for a better retirement lifestyle than supported by NZ Superannuation alone.

The impact of inflation on expenditure ranges from 3.74% to 6.18%, with food, recreation, housing, and insurance being key drivers.

Household groups spend more than received from NZ Superannuation, relying on additional income or savings.

The difference between NZ Superannuation and expenditure increased for all groups in 2023.

If you are in your 60s, it's a good time to review and assess the cost of your preferred retirement lifestyle and make a plan for the next 30 to 40 years.

If you are considering moving into. a retirement village, please find an article on the various costs you should consider in addition to your current day-to-day expenses.