Planning
After 65

Reaping the rewards of the hard work

Age 65 has traditionally been when people aim to finish work.  However, from our experience, a number of our clients wish to continue working, to get the mental stimulation and experience of the community at work.  Other people are chafing at the bit to end work, or to change how they work.

This is the time when you reap the rewards of the hard work of repaying your mortgage (if you have chosen to be a home owner), and of contributing to your KiwiSaver and building up an investment portfolio.

However, it can be a scary time, as you transition from having a regular income to living off those investments.  This is also the time where your money has to continue working for you, so that the purchasing power of your money keeps up with inflation and lasts as long as possible.

The change of mind-set is often difficult, and working out how to set up your income and drawings (on top of NZ Superannuation) takes time.  Moneyworks helps our clients with the technical calculations as well as adjusting to the change of mind-set. 

A core part of the work that we do with our clients is working out how long their money will last, based on their anticipated spending.  This may mean that some clients need to work a little longer to fund that future income and save a little more, but making sure that your money is well invested is crucial.

If you have surplus funds after you have retired, it may be time to think about gifting small amounts to your family on a regular basis to help them out.  After all, you could live to be over 95 - and how old will your children be then? 65? 75? - retired themselves.

Find out more about all the things that you need to consider by scrolling down the page and clicking on the different boxes.

Lost’ Australian Super – first steps to change legislation so that this can be transferred to a New Zealand KiwiSaver (thanks to Chapman Tripp)

Australian ‘unclaimed super’ money gap to be plugged (10th June 2020 – Brief Counsel) The Taxation (Annual Rates for 2020/21, Feasibility Expenditure, and Remedial Matters) Bill, introduced toRead more

Changes to KiwiSaver this year

There have been a number of changes to KiwiSaver this year.  Some of these changes took effect on 1 April 2020: · All members aged 65 years or over can make a retirement withdrawal ·Read more

Things you may not know about KiwiSaver

1.    Get regular withdrawals from your KiwiSaver to fund your retirement spending When you reach the age of eligibility for New Zealand Superannuation (currently 65), you can access yourRead more

What does the ‘KiwiSaver Retirement Projection’ on your KiwiSaver Statement mean?

If you are aged between 18 & 64, from this year, you will receive some more information on your annual KiwiSaver Statement.  This ‘Retirement Projection’ information is a legislativeRead more

It really isn’t possible to ‘time’ the markets – investors with $1.4 billion in KiwiSaver funds learned this in March

When we meet with our Membership Fee clients on an annual basis, we consider the risk profile that their investments are invested in.  As your life changes, this may change.  We encourage our nonRead more

Coronavirus world, economic outlook and investments

This is a newsletter that was sent out on Monday May 11th 2020, to Moneyworks Financial Planning and Investment Clients that we work with on an ongoing basis.  It has quite a lot of interestingRead more

FIF/FDR Tax Regime on Overseas Investments

If you are liable to this tax regime (Your adviser will have told you, and your tax report will have a section with calculations on it as shown below), it is IMPORTANT that you read this guidance.Read more

PIE Tax

Your KiwiSaver and some other investments may be liable to PIE Tax. A PIE is a Portfolio Investment Entity. PIE Tax calculations are quite complicated – the important thing that you need to know isRead more

Tax Adjustments/Package available for indviduals and businesses under the Covid-19 Crisis Environment

The NZ Government has been using the tax system to provide assistance to people and businesses to deal with the Covid-19 Lockdown.  We have outlined the benefits announced to date below. There is aRead more

Questions about your KiwiSaver and Insurance under the Covid-19 environment?

Insurance policies All of the insurers that we work with and that our clients have insurance in place with (Life, Trauma, Income Protection/Mortgage Repayment and Health/Medical insurance) haveRead more

It is time in the market - NOT timing the market - the role of Finology in investing

It is tempting to stop making regular investments into markets when there is volatility and you hear the media pronouncing that the markets have 'crashed', 'plummeted', 'plunged', or even when theyRead more

Investment Markets and Recent Fluctuations

You will have heard comments in the media recently that the stock-markets have ‘had their worst day since the Global Financial Crisis in 2008’.  You may have noticed that your KiwiSaver andRead more

Richard Murcott - Wellington

I have worked with Carey and Moneyworks for many years now. I value very highly the trusted financial advice Carey provides. It is always timely, tuned for my circumstances and profile, and educational. I very much appreciate this relationship, and this includes the learning founded on rock solid, consistently sound guidance.

In particular, I value the fact that she is there for me to talk to if a need arises, I have a strong sense of partnership, like having an invisible highly-trusted adviser sitting on my shoulder. I also know that she will take the initiative to advise or alert me if or when something needs to be changed or adjusted. The proactive advice and guidance is so reassuring.

That leads to peace of mind from knowing someone is there who clearly cares about my financial health and strategies.

John and Ngaire Durnford - Wellington

When we first started working with Peter about 17 years ago, we had an expectation that once we engaged you (or any other financial adviser), you would just invest for us as per our initial goals and there would be nil or very little ongoing or frequent communication with us. Also that you wouldn't be advising on insurances, private superannuation, EPA's, on-line security, etc.

The favourite feature of Moneyworks service that we look forward to and most value is the annual review meeting and how it is conducted.  The single biggest benefit from Peter and Moneyworks is their complete wrap-around financial and general all-life advice services (like a one-stop-shop for a secure lifestyle).

Eileen Barrett-Whitehead and John Whitehead – Wellington

We have been working with Carey for over ten years now and the favourite part of her service is the annual review.  The discussion makes us think and plan rather than drift.  We value the investment management that comes as part of the service.

When we first started working with Carey we had a general wariness that a financial adviser would be trying to sell a particular financial product or service and this hasn’t happened with Carey.

 

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