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The current global cost-of-living crisis has proved, yet again, that saving insufficiently for the retirement years can lead to many problems for the elderly. Yet, the most recent data indicate that only around 36% of NZ’s working population prioritises saving for retirement, and as much as 70% of New Zealanders over 40 believe they will need to work well past the age of 65 to make ends meet, with few seeing full retirement as ever being a real option.
Many New Zealanders who have already entered retirement are also finding that they are unable to maintain their current lifestyles due to the financial burden of rising inflation, which is having a knock-on effect on everything from living arrangements and diet to medical care. In order to prevent such difficulties for future retirees, it’s necessary to prioritise retirement savings early.
A good starting point is to calculate what needs to be saved each month in order to retire well and be able to ride any waves of unforeseen global or national economic disturbances. To that end, PocketSmith’s guide to retirement calculators can prove a valuable resource for finding the best options available to make such calculations.
From there, it’s imperative to put a strict savings plan in place. This plan should prioritise retirement savings and build a general habit of living within one’s means. By developing a household culture of saving and debt reduction, it’s possible not only to save more for retirement and emergency expenses, but to cultivate a habit of frugal living that can prove beneficial in retirement years.
Even as New Zealand’s cost of living rises, putting aside money for retirement remains crucial, as it’s only through deliberate planning and saving that future retirees will be able to avoid the problems current retirees are facing when it comes to funding their lives.
Contact Info:
Name: Tom McSherry
Email: Send Email
Organization: PocketSmith
Website: https://www.pocketsmith.com/
Release ID: 89080338
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