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Forums › Finance and wealth management › How much savings should you have at a particular age?
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Bobdn
222 posts

Master Geek
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  #1699588 6-Jan-2017 20:45

I don't think you need too much at retirement, assuming you get the Government super.  There is a nifty retirement calculator at the GMI website. If you have a paid for house, you could live a simple but comfortable life with maybe 200K invested in low fee funds in addition to the pension. Have a play around with this:

 

http://www.gmi.co.nz/investment/retirement-calculator.aspx

 

For something a little more in-depth, I have countless hours of fun with the FIRE (Financial Independence Retire Early) simulator.

 

http://www.cfiresim.com/

 

Just on net worth in NZ, the most recent survey was produced last year.  The graph referenced earlier in the thread was from 2001 (update below)

 

http://www.stats.govt.nz chart

 

Graph, Median personal net worth, by age group, year ended June 2015.

 

[Mod edit: clickable short Stats link]



alasta
6891 posts

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  #1699592 6-Jan-2017 20:52
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But depending on where you live a house or apartment is likely to be worth at least $400k, so if you add $200k of managed funds then that's a net worth of $600k+. That is much higher than the net worth figures for the 55+ age brackets on the graph, which makes me wonder just how many people of my generation are realistically going to be able to survive in retirement.

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