Getting on track for retirement

Work out how much you’ll need for a comfortable retirement and if you’re currently on track.

3 minute read

Tools to help you plan for retirement

It’s hard to know how much you’ll need for retirement – for some it may be 40 or 50 years away, or you may be there already.

A good place to start is the 2024 New Zealand Retirement Expenditure guidelines PDF 2.6MB. These help you budget for your future lifestyle by giving you a rough idea the weekly living costs for New Zealanders who’ve already retired.

If you’re a BNZ KiwiSaver Scheme member,^ check out our online tool to work out how much you could have by age 65. What’s more, you can see what impact some simple changes could have on your future account balance. YouWealth customers can use a similar tool to see how much their investments can grow.

The online tool also helps if you’re saving for a first home, and can include NZ Super payments you may be entitled to in order to give you a clearer picture of your retirement.

BNZ also has a powerful planning tool called Navigator that can provide a more detailed breakdown of how your savings could set you up for retirement. Call us on 0800 269 5494 to make an appointment and one of our team can take you through a Navigator session. There are other good tools online to help you with retirement planning, like the tools on sorted.org.nz.

Ways to reach your savings goal

Using our online tool should give you an idea of where you currently are, and our Navigator planning tool can also tell you where you need to be. If, like a lot of New Zealanders, you have a bit of a gap between what you have and what you need, here are a few options for you to consider.

• Increase your employee contribution rate (options are the default 3.5%*, 4%, 6%, 8% or 10%).
• Set up voluntary contributions.
• Review your choice of fund.
• Keep contributing after age 65.

Using BNZ’s tools, you can tweak each of the above factors to see how even making some small changes now can make a big difference down the track.

What about NZ Super?

NZ Super will get you some of the way to the retirement you want. It’s not currently means tested either, which means all New Zealanders who qualify can get it regardless of the income or assets they have. Plus, as you can get it at 65 regardless of whether you intend to retire at that age, you can use NZ Super to boost your savings – and get you to your savings goal ahead of your actual retirement date.

At the end of the day, working out how much you need to have saved, before you need it, is a smart move. Plus, the sooner you do it, the more time you have to fill any gaps.


*The default minimum contribution rate for employees and employers has increased from 3%. This change is happening in two stages. The first increase from 3% to 3.5% took effect from 1 April 2026. The second increase from 3.5% to 4% will be effective from 1 April 2028. KiwiSaver members will be able to apply to IRD for a temporary rate reduction to keep their contributions at the current rate of 3%. Temporary rate reductions will be for a maximum period of 12 months, but members will be able to re-apply to IRD for further rate reductions. During a temporary rate reduction, employers may also contribute at the reduced rate of 3%.

Related articles

BNZ KiwiSaver Scheme

Find out more

References to third party websites are provided for your convenience only. BNZ accepts no responsibility for the availability or content of such websites.

This article is solely for information purposes and is not intended to be financial advice. If you need help, please contact BNZ or your financial adviser. Neither BNZ nor any person involved in this article accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any information, representation, or omission, whether negligent or otherwise, contained in this publication.