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You need to have a plan. This is an important part of predicting what you will require to fund your lifestyle. Establishing a retirement budget, including planning for ?one-off? expenditures, is helpful in analysing how much you will need during your retirement. Calculate the amount you can draw-down on an annual basis without depleting your resources prematurely with help from sorted.org.nz and other online calculators. That way you will get an idea of how long your capital should last.
Retirement income for you will probably come from NZ Super and also from investment revenue streams supplemented with lump sum payments from accumulated capital. This needs to be factored into your cash flow forecasting.
Also, remember the amount of spending will vary throughout your retirement as you may spend more in the earlier years. The trick is to get the right balance between the draw-down of income or capital at the times that you will need them.
The planning process may also need to include the prospect of selling your home later in your retirement to release some further capital for reinvestment. There may also be the need for rest home care or health issues that may increase your cost of living.
Copyright 2011. All Rights Reserved. New Zealand Financial Planning Company Ltd
The contents of this site are solely for information purposes only and are based on scenarios common to a group or class of individuals. This information is not intended as, nor is it capable of being personal financial advice specific to any particular situation.
Neither New Zealand Financial Planning, nor any of our employees give any warranty of accuracy or currency of the information provided. We recommend you seek professional advice before making any financial decisions.
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