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New Superannuation Rate: Are you on track for retirement?

Michelle Thompson, CA

May 2021

There’s a new superannuation rate for 2021: from April 1, it increases by at least $10 a week for everyone. Singles living alone will receive $437 a week, up from $423; couples where both partners qualify will receive $672 a week, up from $652. 


Will you need more?


If you’re looking at that and thinking that it’s not a lot of money to live on, you might be right. It requires a bit of planning and budgeting.


Many Kiwis do live on superannuation alone. If you have a debt-free home, a modest lifestyle and a resourceful frame of mind, you can make it work. However, you probably want more options in retirement – travel, for instance, or educating your grandchildren. To be able to live like that, you’ll need to supplement your superannuation allowance with some extra income.


That income will probably come partly from savings and KiwiSaver; it might also be generated by your business, or by rental properties, or from share market investments. The earlier you start saving and investing, the more you’ll have by the time you choose to retire – and the later you retire, the longer that money will last.

Creating a retirement plan


You can use a free Kiwi retirement planner like this one to work out whether you’re on track to have the kind of lifestyle you want once you finish working. Add in your KiwiSaver, estimate how much you want to live on, and your other income, and this tool will show you if you’re heading in the right direction. 


Still a gap? Make a plan to get yourself on track – you might consider working with a financial advisor.

When it comes to your business, we can help you find ways to generate more cash now, so you have more to invest in your future. 

Meet with us to discuss your plan and budget

We can also work with you on preparing your business for sale, or finding a way to retire from work while still keeping involved with your business and taking an income. With a bit of forward planning, you can achieve a great retirement with holidays and steak dinners.


Give us a call or drop us a note, we’d love to chat with you about your plans for the future – helping our clients achieve their dreams is what makes this job so satisfying!

Michelle graduated from Auckland University of Technology in early 2008 with a Bachelor of Business degree, majoring in accounting and finance. She had previously completed a New Zealand Diploma in Business.


She has been part of the Lynch and Associates team since June 2007 and in 2013 became a Chartered Accountant, a full member of the N.Z. Institute of Chartered Accountants. Michelle enjoys assisting small to medium-sized business and private clients with accounting and taxation services. In 2015 Michelle has become a Xero Certified Consultant. 


Outside of work Michelle enjoys spending time with family and friends, movies, travelling, boating and fishing.


Michelle Thompson, CA

Head of Tax & Compliance

Lynch & Associates Limited, Auckland, NZ

Get in touch

Email

Phone: 09 366 6005

Schedule a meeting with Michelle

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