No retirement for old men and women, survey says

Dutch-owned investor and insurer ING Group's survey of the Asia Pacific region found 71% of New Zealand private investors surveyed don't expect to retire until after they turn 61, despite 60% of them feeling confident that they were prepared to finish working.

In comparison, only 46% of Australian investors, 44% of Singaporean investors, 37% of Japanese investors, and 16% of Chinese investors believe they will have to work past 61. New Zealand's average expected age of retirement is 64, the highest in the region.

"Most New Zealanders no longer expect that the Government will provide fully for them in retirement," said David Boyle, ING NZ's head of KiwiSaver distribution. "They are becoming more realistic about when they will be able to comfortably retire from full-time employment."

The quarterly survey found the kiwi investors expect a third of their monthly income once they have retired will come from the government and 37% from their own savings, and that they anticipate needing significantly lower income to live in retirement than their Australian counterparts.