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Many have no plans retire at 65

30 Mar 23

Many have no plans retire at 65
45-54 year-olds: large numbers will not retire at 65

Despite the oldest members of Generation X being only seven years away from being able to collect a pension, only a third of Gen Xers say they are planning to stop work at 65.

A survey by Horizon Research for ANZ Investments of 1,632 respondents, representing the New Zealand population, aged 18 years and older asked a group aged 45-54, used as a proxy for Generation X: ANZ Investments, at what age they expect to stop full-time paid work and retire.

·        35 per cent said they will retire between 65 and 69.

·        16 per cent said they plan to give up full time work in their 70s.

·        2 per cent expect to work into their 80s.

·        3 per cent said they will never retire.

However some said they intend retiring from full-time paid work before 65.

·        9 per cent expect to retire before the age of 60.

·        10 per cent said they expect to retire between the age of 60 and 64.

The survey results also showed a quarter of respondents aged 45 – 54 said they weren’t sure when they would retire, because there are too many factors to consider.

ANZ NZ Managing Director for Funds Management Fiona Mackenzie (pictured) says:

“The way we have traditionally thought about retirement is changing. We are living a lot longer, and more people are working beyond the official retirement age of 65.”

“For some this is out of necessity, but for many working into their late sixties and even seventies this is a lifestyle choice.”

She says there is no magic number people need to have saved to retire, the amount will be different for each of us.

“It is really important for people to check in and get an idea of what that number is for them. That will help them create a plan for what they need to do to reach that goal.”

Who retired earlier or later than planned:

Horizon also talked to people who have already retired, asking them whether they retired earlier or later than planned, and why. The number one reason for retiring earlier than planned was for health reasons.

Among those who retired later than planned, 52 per cent said they had wanted to keep working part time and 19 per cent said they wanted to keep working full time.

“Unfortunately 25 per cent of people who had retired later than planned said it was because they didn’t have enough money to retire comfortably,” Ms Mackenzie says.

“We hope the survey results will help more people to think about what sort of lifestyle they’d like to have after 65 and whether they are on track to achieve it.

“Even for the oldest members of Gen X there is a lot they can do before they reach 65.

“These tend to be very financially productive years, and even if you are planning to keep working beyond 65, it is a good reminder to stay focussed.”

The overall margin of error for the survey is + or - 2.4%.