Your 65th Birthday Retirement Checklist

Reaching 65 is more than just a birthday; it’s a beautiful milestone that marks a new chapter in your life. Whether you’re still working, easing into retirement, or already enjoying the fruits of your labour, now is the perfect time to reflect on the future and ensure you’re set for the years ahead. With some care and thoughtful planning, you can make sure your retirement will be as fulfilling and secure as possible.

Here’s a simple checklist to guide your way as you approach this new and exciting phase of life:

1. Make the Most of “Catch-Up” Contributions
   If you’re still working, now’s the time to consider taking full advantage of “catch-up” contributions to your KiwiSaver or other retirement accounts. These extra contributions can help boost your savings as you near retirement, ensuring you have the financial cushion you need for the future. Learn more about how increasing your KiwiSaver contributions may help you.
2. Check Your New Zealand Superannuation (NZ Super) Entitlement
   Take a moment to visit the Work and Income website and understand when you’ll be eligible to start receiving NZ Super. Knowing this can bring clarity to your retirement plans, allowing you to better prepare for your transition.
3. Create a Thoughtful Retirement Budget
   A peaceful retirement begins with a clear, manageable budget. Think through your essential expenses, such as your mortgage or rent, utilities, and healthcare. Then, include some room for those little joys you want to experience in retirement. If you need guidance, a financial adviser can help you make sense of how to match your income with your expenses. Read more about what this means for you for a secure and stress-free retirement.
4. Explore Additional Sources of Income
   If your guaranteed income isn’t quite enough to cover all your living costs, explore other ways to generate income. Annuities, dividends from shares, or interest from bonds can help fill in any gaps. A financial adviser can work with you to develop a plan that best fits your needs and goals.
5. Plan Your Legacy with Care
   Part of preparing for the future is ensuring your loved ones are taken care of. A financial adviser can help you with strategies for building and passing on wealth to future generations.

Bonus Tips from our Retirement Advisers:

We reached out to a couple of experienced retirement advisers to ask what wisdom they’d share with someone turning 65. Here’s their advice:

“Start with the End in Mind”
When making any major financial decision, always ask: “What do I want the end result to be?” This can help guide your choices, keeping your long-term vision at the forefront.

“Seek Professional Guidance”
The decisions you make at 65 can have lasting impacts, so it’s important to seek professional advice. A financial adviser can offer valuable support, ensuring that your choices align with your retirement goals.

Planning for retirement doesn’t have to feel overwhelming. With a little care and attention now, you’ll set the stage for a fulfilling and peaceful future. Take the first step today by reaching out to a financial adviser and begin creating the retirement you’ve always dreamed of.