What will your retirement look like? What will you do? How will you continue to provide meaning to your life, purpose? And what for you will be the physical, intellectual, and spiritual goals that those who continue to thrive as they age challenge themselves with? Money is the engine that drives many of our ambitions. But this isn’t a money discussion. Its what we can do with our money that is valuable. Our conversations should be about purpose. And if I had to define for me what a financial planner can do then that is it. To help with the decision of why you want the money in the first place. And in defining a future life to determine how big or small your retirement fund needs to be. And when. Which seems much more efficient than an any road will do approach. What if the future life you defined meant that you could, and were excited to retire early? Or a deliberate choice to work longer. Or perhaps a blended approach – working but with extended experiences and breaks. L

Over recent months this column has summarised my thoughts on the key behaviours that help people ‘be good with their money’ as they journey through life. So far, I have considered what financial success might look like for those in their twenties and how this evolves as we move through our thirties and our forties . This month I will cover the period loosely called middle age - the 15 years between 50 and 65. In financial terms I label this period ‘the age of realisation’ – but more of this later. Firstly a recap; in our twenties it is all about learning to live within your means and starting to find that balance between enjoying today and planning for tomorrow. This includes; balancing your finances, establishing a savings pattern, understanding the implications of debt, writing a will, understanding insurance and giving something back - perhaps through voluntary work. For most people in their twenties formal planning will be limited to establishing KiwiSaver and setting rela

Let us cut to the chase, KiwiSaver was formed to ensure New Zealanders could self-provision for retirement. Its predecessor, NZ Super, which relies on tax payers funding the generation ahead of them, is failing. One need only reference the Westpac-Massey-Ed Centre’s annual Expenditure Guidelines study to see NZ Super’s current 'inflation adjusted' payment level does not meet a 'no-frills' lifestyle, or The Treasury’s projection that 27% of the population will be 65+ in 2060, up from 15% today. Only 58% of the population is expected to be between 15 – 64 meaning every retiree will be supported by just two working age people. Today there are 4.3 working age people per each retiree 1 . About the only people not to acknowledge it are the politicians. Financial advisers, unfortunately live in the real world and must face reality on almost a daily basis. It is therefore amazing that after nine years, and $55 billion of savings in, the most basic question, “What contri