Retirees not living on Super alone
Massey University has released an updated version of its guidelines, which show what retirees spend for a very basic "no frills" lifestyle in retirement, and what it costs to have a more comfortable "choices" lifestyle.
No frills represents the second quintile of spending of current retirees, and choices is the fourth quintile.
One-person households in the metropolitan centres spend just under $490 a week for the relatively frugal no-frills life. People spend $754 in the main centres and $783 in provincial parts of New Zealand for more options.
“Given the current New Zealand Superannuation payment for a single person living alone is just $374.53 per week, it quickly becomes apparent that retirees need additional income to survive,” says Claire Matthews, the report’s author. “That’s even the case when spending is limited to the essentials, the shortfall quickly widens if you want a more comfortable lifestyle."
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