Quick retirement calculator

This calculator provides a ballpark figure for what you need to save for your retirement.

 

Plan your retirement saving

 
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Prior to changing your personal finances as a result of this calculation we recommend you view our disclaimer.
Notes on this calculator
  1. Results are in today's dollars – this means that any amount you pay or receive in the future will have the same buying power as this many dollars today.

    For example, if you could buy something worth $1000 now, in 10 years time, you would need $1220 ("nominal dollars") to buy that same thing (assuming 2% inflation). The $1220 nominal dollars in ten years time is equivalent to $1000 today's dollars.This means that the actual dollar amounts that you pay or receive are likely to be more than the figure quoted here, but it will have the same current buying power.

    Learn more about Today's Dollars.
  2. These calculators are designed to give you ballpark figures only - in other words, they won't be exact to the absolute dollars and cents.
  3. You don't need to use dollar signs or commas when inserting dollar amounts. Example: 10500 not $10,500.
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  4. New Zealand Superannuation
    The NZ Super rate that is shown is either the married rate (if a couple) or the single rate. Your situation may differ from that which is assumed so you may wish to use a different rate.

    Of course, you may wish to use a different rate entirely. For example, you may want to plan for your retirement assuming that there will be no NZ Super at all. In this case, change the value to zero.

    The calculator assumes you do not have a partner and NZ Super begins when you turn 65 and continues until the time you are expected to die.

    The current NZ Super rates (as at 1 October 2008) after tax at rate 'M':

    Qualifying as Weekly
    rate
    Annual rate
    Single (living alone) $297.79 $15,485
    Single (sharing) $275.80 $14,342
    Married, civil union or de facto couple
    (both partners qualify)
    $462.74 $24,062
    ($12,031 each)
    Married, civil union or de facto couple
    (one partner qualifies)*
    $440.10 $22,885
    ($11,443 each)
    Married, civil union or de facto person
    (partner not included)
    $231.37 $12,031

    Source: Ministry of Social Development. Effective 1 October 2008.
    All taxed at M code, net rates.

    * When only one partner qualifies for New Zealand Super the calculator uses the married person rate.

    These figures are intended as a guide only. If you want to know more about the level of NZ Super you would be entitled to, contact Work and Income on 0800 552 002 or visit www.workandincome.govt.nz.

    Helpful Hint:

    • If there is an age difference between you and your partner of more than 10 years, use the date of birth of the younger partner as well as the "Married person (choosing not to 'include' a spouse who doesn't qualify)" rate of $11,435 per annum.
    • To get a more accurate idea of the amount of money you will need for your retirement, use the Comprehensive Retirement Calculator.
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