Some Kiwis expect to be working past age 65. According to Mercer’s KiwiSaver Sentiment Study, working New Zealanders expect to retire later than working Australians.The study, which polled 508 New Zealanders, revealed that while 39% of them would prefer to retire before age 60, 65% actually don’t expect to stop working until at least 65. (In contrast, 51% of Australians said they’d prefer to retire before age 60, while only 44% don’t expect to stop working until 65.)We need to focus on the contrast between the countries’ perspectives, said Bernie O’Brien, head of Mercer New Zealand. The study indicates that more Australians than New Zealanders want to retire before 60, he said, and that more Kiwis than Aussies expect to continue working past 65. This contrast, O’Brien said, points to the fact that there’s been an increase in voluntary participation in Australia’s 15-year-old retirement system. But New Zealanders could soon fall in line with their Australian neighbours on this “earlier retirement” issue.Launched last July, KiwiSaver is New Zealand’s work-based retirement savings scheme. And, according to O’Brien, it has enormous potential to transform the country’s retirement landscape. As KiwiSaver evolves, he said, New Zealanders will become more confident in their ability to retire earlier—and will expect a greater level of comfort in retirement, too.
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