Start with the lifestyle, not the balance
The most common retirement planning mistake is starting with a balance target. 'I need a million' or 'I need half a million' — pulled from a headline, not from your actual plans.
The useful place to start is: what kind of retirement do you want? Basic, comfortable, or something with real travel and lifestyle in it? The number falls out of that, not the other way round.
The gap above NZ Super
NZ Super provides a base level of income for most retirees who meet the residency requirements. It covers a bare-bones retirement for many, and a fair chunk of a modest one. What it doesn't do is fund the extras that most people picture — a decent car, travel, hobbies, helping family, home upkeep beyond basics.
KiwiSaver, other investments, and any equity in property are what fund the gap between what NZ Super pays and the retirement you actually want. Sizing that gap is the real planning conversation.
De-risking at the right time
Being in a growth fund at 35 makes sense — you've got 30 years for the ride. Being in the same fund at 64 with plans to draw down at 65 is a different situation. A bad market year right before you start drawing can turn a good plan into a compromised one.
That doesn't mean flipping to conservative at 60 and locking in low returns for the rest of your life. Most retirees will still spend 20 to 30 years in retirement, so some growth exposure usually still fits. The shift is gradual, and it starts several years before the draw-down.
Contributions still matter, even close to the end
The last decade before retirement is the years when the biggest contributions land, because incomes tend to be highest and other financial commitments (mortgages, kids) are often winding down. Small increases in contribution rate late in the piece can move the retirement number more than most people expect.
The default contribution rate is changing — check the current settings and whether you're on the rate that fits your plan. Employer matching still applies up to the limit.
The drawdown plan is as important as the balance
A balance is a snapshot. A drawdown plan is a strategy — how much to take, how long the money needs to last, how to sequence what comes from KiwiSaver versus other assets versus NZ Super. Getting the drawdown wrong can undo years of good saving.
This is general information, not personalised advice. Your situation is its own thing — the right answer for you depends on the details. Have a chat with one of our advisers and we'll walk you through it.