Retirement Dream Gets More Distant
February 9th, 2009
With an average expected retirement age of 64, high net worth individuals in NZ are anticipating working well into their 60s.
Research carried out by ING shows NZ private investors expect to be working for longer than any of their counterparts across the region with 71% not expecting they will be able to retire until after 61. This compares with 46% of Aust investors, 44% of Singaporean investors, 37% of Japanese investors and only 16% of Chinese investors thinking they will have to work past 61.
Although NZ has the highest anticipated retirement age in the region, the majority of investors surveyed (60%), feel confident they are either very well or quite well prepared financially for their retirement. In Aust, only 51% of investors feel they are very or quite well prepared. However, NZ investors anticipate they will need significantly lower levels of household income to live in retirement than their Aust counterparts. NZ investors expect 33% of their retirement income will come from a Govt source and 37% from savings.
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