Retirement planner feature overview

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The retirement planner is a great tool to allow you to forecast into the future and see what you'll have left once it's time to kick your feet up and enjoy the fruits of your labour. 

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1. How does the retirement planner work?

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We take into account all your details, like your age, when you want to retire, and how long you want your retirement fund to last. You can then add your connected Kiwisaver, savings, and investment accounts. We then allow you to enter in your contributions and return rates for each account, which then allows us to calculate and forecast what you'll have at the retirement age you've entered.

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We take into account things like inflation, contributions, return rates and salary growth predictions, to determine what your retirement balances will be.

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The retirement planner is used as a guide only, we use some standard assumptions provided by the FMA here in New Zealand for your Kiwisaver returns and contributions. You can find these assumptions here.

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We also take into account your pension payments. Pension payments are in today's dollars and are not inflation-adjusted. To find out more about your pension payments, click here.

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2. Age details & accounts

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Start by entering your age-related information, including your date of birth, preferred retirement age, and how long you'd like your retirement fund to last. Following this, add accounts such as savings, investments,  KiwiSaver accounts, or any other relevant accounts you wish to allocate towards your retirement fund. To add an account, use the "+" symbol, select your accounts, and then select 'Add accounts'.

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3. Your contributions

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After linking your accounts, enter your contributions. For savings and investment accounts, input your tax rate, contribution amount, frequency, and return rate. For your KiwiSaver account, you can enter your pre-tax annual income, growth rate, and contribution rates. Once you've finished, simply tap the arrows to the right of each account to collapse the drop-down when finished."

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4. Retirement balances & pension payments

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After entering your contributions, we'll calculate your projected retirement balances. You can adjust the balances to factor in inflation or not by simply tapping on the green button to the right of Retirement Balances. Once you've reviewed your retirement balances, you can select your pension payment details, including income tax code and NZ super option, by tapping the green buttons.

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5. Your retirement income

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After inputting your details, you can see your projected retirement income based on your account balances. Toggle between weekly, fortnightly, monthly, and annual views to break down your retirement income.

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Under your retirement income, we'll compare the current total of your expense budget to your retirement income and let you know if you'll have money left over or if you'll be short and need to make some adjustments.

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You're all ready to go 🎉

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Woohoo! You're all set up and ready to pave the path for your retirement. If you run into any issues while getting everything set up, feel free to get in touch with us at hello@budgetbuddie.co.nz