New Zealand has a New NZ Superannuation Rate

Starting from 1 April 2022, superannuation payments have increased by $52 a fortnight for a single person living alone and by $80 per fortnight for a couple where both partners qualify.

See the table below for a summary of the changes and current NZ super rates. 


At the current rates, a single person living alone and qualifying for NZ Super is entitled to receive an after-tax income of about $24,000 per year, whereas a couple where both partners qualify will receive a combined after-tax income of about $37,000 per year.

Why it's important (even if retirement is many years away)?

When it comes to retirement planning, knowing the NZ Super rate for your circumstances is a good place to start. 

The key question is, would $463 per week (or $677, if you're in a couple) be enough for the retirement you have in mind? For most people, it most likely won't, according to the New Zealand Retirement Expenditure Guidelines. And that's regardless of the kind of retirement you're envisioning. 

Put simply, the minimum goal is to build a nest egg big enough to bridge the 'pension gap'. That's the difference between what you might receive in NZ Superannuation payments and the income you need to support your desired retirement lifestyle.  

Of course, that's assuming that NZ Super as we know it will still exist by the time you retire. But it gives you a starting point to find your sweet retirement spot. 

How you bridge the gap depends on your circumstances. It could be investments, KiwiSaver, selling your home – you name it. But whatever your retirement planning strategy might be, the important thing is to have one. And the earlier you start planning, the more options you might be able to find. 

We're here to help

Has this quick guide prompted you to think about the future? Get in touch. As financial advisers, we can help you work out a suitable strategy to bridge the pension gap and achieve the retirement lifestyle you deserve. 



Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.


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