Lisa Dudson: Some fascinating statistics about your retirement

Whether you are in retirement, approaching it rapidly or it’s not even in your head space yet, these statistics are interesting to read and are relevant whatever age you are at. 

·    By 2030 1 in 4 kiwis will be over 65.

·    If you retire today you will spend 20-25 years in retirement.

·    In 2000 there were 5.3 Kiwis in the workforce for every person aged 65 or older.  In 2040 it’s estimated there will be only 2.3.

·    Today the NZ Superannuation is $357pw after tax for a single person and $274 each for a couple.

·    The bottom 40% of the 65+ age group have virtually no income other than NZ Super.  The next 20% still depend on NZ Super for 85% of their income. The top third more than double their total income from sources other than the NZ Super.

·    In 1991, 84% of the 65+ age group effectively owned their own homes.  This had declined to 80 per cent by the time of the 2006 Census.

·    Home ownership has dropped in all age brackets between 1991 & 2006; 45-49 age group: 84.4% to 73.7%; 40-44 age group: 82.1% to 68.5%.

·    At the last Census (2006) 5.4%of those 65+ were in care. This rises to 21% for those 85+ (80% of the 85+ group are women). 30% of aged care residents paid for their own care.

·    90% of people prefer a gradual transition into retirement either self employment, part time or less stressful role.
 

Retirement in the 20th Century

Retirement in the 21st Century

Funding retirement incomes in 1955

Funding retirement incomes in 2055

Over 65 population less than 300,000

Over 65 population reaches almost 1.7m

Life expectancy at 65 – 12.8 years for males and 16.9 years for females

Life expectancy at 65 – 31.3years for males and 33.9 years for females

7 working age people support 1 pensioner

2 working age people support 1 pensioner

Age pensions cost 3% of GDP when the universal pension was available from 65

Age pensions will cost 9-10% of GDP if the age of eligibility for NZS stays at 65

  

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