Retirees rely on state pension as savings run out

Posted by in Retirement, Savings on

Most retirees will use up their savings in just 10 years and rely solely on the state pension after that, a new research suggests.

More than two-thirds of retirement-age Kiwis surveyed in Financial Services (FSC) Council research felt they would not have enough income to live comfortably.

Retirees, on average, expected to have $218 less to spend each week than what they think they would need. The gap was even wider for those still paying off a mortgage or renting.

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