The future isn't one-size-fits-all
At some point in your fifties, the choices ahead can start to feel more immediate. What once felt like a distant idea may become something you can picture.
Until recently, there was a common expectation that people would work until 65 and then stop altogether. Today, the path is often less clear-cut. More New Zealanders are choosing to keep working beyond 65, and the age people actually finish work has shifted closer to 67. Around one in four people aged 65 and over remain in paid work. For those aged 65 to 69 it’s closer to one in two.
For some, that means continuing to work in a similar way. For others, it might mean reducing hours, changing roles or working more flexibly.
Whatever your plans, if you’re over 55, now is a good time to think about your money and how it could support the future you want.
Reviewing your KiwiSaver settings
Checking in on your KiwiSaver can be especially useful at this stage. Your balance may be larger than it was earlier in life, so the choices you make can have more impact. There are two key things to review.
Your fund
It can help to check that you’re in a fund that still suits your plans. As the time when you can access your KiwiSaver gets closer, there may be less time to recover from big market ups and downs. That doesn’t necessarily mean you have to play it safe; it depends on when you expect to need your money. The key is to make an active choice, rather than staying in a fund by default.
Your contributions
For many people, these can be your higher earning years. The mortgage may be more manageable, children may be more independent, and income may be at or near its peak. If there is room in your budget, now could be a good time to increase your KiwiSaver contributions. Even small, regular top-ups can make a meaningful difference over time.
Looking at the bigger picture
KiwiSaver is only one piece of the puzzle. NZ Super is another key part, and how the two work together will shape your finances in the years ahead.
A big part of that is deciding when and how each might be used.
Your home is often part of that picture too. Whether you stay where you are or make a change later can influence how your money is used over time.
It may also be worth checking that any insurance cover still suits your situation and understanding how any debts fit into your plans.
Work on your own terms
There isn’t always a clear point where work simply stops. Many Kiwis choose to work in some way, whether that’s reducing hours, consulting, freelancing, or turning a passion into a source of income.
This can be an important part of planning ahead. The role work plays in the years ahead can influence how much you’ll need to rely on your savings and when you may need to access them.
Rather than asking, “Have I saved enough to stop working?” it might be more useful to ask, “What do I want the years ahead to look like?”
Taking time to consider the different options can help shape an approach that reflects what matters most.
Talk to us
Start by checking where you’re tracking with the Fisher Funds KiwiSaver Plan calculator. If you’d like to talk it through your options, our team is here to help. You can chat to us online, call us on 0508 347 437, or drop us an email.
