How this retirement projector works


The calculations presented here are based on assumptions about your KiwiSaver account that may differ from your actual behaviour up to and in retirement. These assumptions are listed below.

Neither Fisher Funds nor the Supervisor guarantees the estimates nor accept any liability for any loss or damage of any kind arising out of the use of, or reliance on, the information provided in these estimates including, without limitation, any loss of profit or other damage, direct or consequential.

The estimates are based on the following assumptions:

  Method of calculation

Your estimated KiwiSaver account balance

  • This calculator assumes you are under 65 years of age, and have been a member of KiwiSaver for at least 5 years.
  • Your estimated KiwiSaver account balance at the retirement age you select is presented by default in today's dollars (inflation adjusted) and is based on the level of contributions you enter. It assumes you save continuously on this basis until your selected retirement age, your investment strategy does not change and you do not make any withdrawals.
  • The projected returns we've used are based on our assessment of current and likely future economic and investment market conditions. The figures are indicative estimates only and they cannot show the actual or prospective performance of any investment strategy or fund. They do not take into account any additional return that Fisher Funds may add through picking investments that do better than broad market averages.
  • We have also made an allowance for wage/salary increases (if applicable) of 3% per annum over time.  No increase is applied to voluntary contributions.

Your estimated after-tax income in retirement

  • Your estimated after-tax income in retirement is based on your retirement savings lasting in line with your life expectancy as per Statistics New Zealand Life Expectancy Estimates.
  • It also assumes your savings continue to be invested throughout your retirement and if necessary your investment strategy is adjusted at retirement age to a strategy that we believe is appropriate for a person of that life stage with an average attitude to risk.  If your KiwiSaver account savings are invested in more than 55% of the Growth Fund, then the investment mix is revised to either a Balanced Strategy in case of Fisher Funds KiwiSaver Scheme members (55% Growth Fund and 45% Conservative Fund) or a Balanced Fund in case of Fisher Funds TWO KiwiSaver members.  All other investment mixes are assumed to be invested in the Conservative Fund.
  • From retirement, the 'Income' amount is withdrawn once a year at the beginning of the year and your total savings are used up during retirement so that nothing is left over at the end of your expected lifetime.

The cost of a comfortable retirement

  • The cost of a comfortable retirement is as calculated in the New Zealand Retirement Expenditure Guidelines 2016.
  • Your estimated surplus or shortfall in retirement will only take into account other personal assets you may own besides KiwiSaver if you choose to include them in this calculation.

New Zealand superannuation payment

  • The New Zealand superannuation payment of $400.87 is based on the after tax ('M' tax code) rate for a single person living alone.  We've used this tax rate to avoid overestimating your retirement income. This payment begins at your retirement age and continues for the period of time you could be expected to live. More information on New Zealand, superannuation payment rates can be found here.


  • The results shown by default are in today's dollars (inflation adjusted by 2% per annum). This means that the actual dollar amounts that you contribute or receive in the future are likely to be more than the figures shown, but the figures shown should have similar buying power as today.
  • For example, if you spend $1,000 now, in 10 years' time, you would need $1,220 to buy the same thing (assuming 2% inflation — midpoint of the Government's long term range for inflation of between 1% and 3%).
  • Note — you can choose to show this in future dollars as well.


  • If you select that you are employed, your salary increase by 3% per annum until your chosen retirement age.
  • If you select that you are employed, the calculator will apply employer's superannuation contribution tax (ESCT) on employer contributions until you are 65.
  • All contributions are assumed to be received halfway through the calendar year.
  • Employer, and Government contributions stop at age 65, all other contributions continue until your selected retirement age.
  • From age 18, you receive Government contributions of 50c for each dollar you contribute, up to a maximum of $521.43 a year (from 1 July to 30 June) until you're 65.

Other Investments

  • Your other retirement savings will grow at the rate you have provided (which we have assumed to be after fees and taxes).


  • The following nominal rate of returns per annum (after fees and taxes) are used for the projections.  If the GlidePath option is selected, the calculator will use a rate of return which represents a combination of the following strategies at each age:

    Fisher Funds KiwiSaver Scheme
    Investment Option Rate of Return
    Conservative 2.34%
    Balanced 3.88%
    Growth 5.15%

    Fisher Funds TWO KiwiSaver Scheme
    Investment Option Rate of Return
    Preservation 1.09%
    Cash Enhanced 2.58%
    Conservative 2.67%
    Balanced 4.00%
    Growth 4.84%
    Equity 6.15%


  • For simplicity, Swedish rounding has been used (numbers have been rounded up or down to the nearest dollar).

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