Josh Hoskin Smart Money [email protected]

In the 1980s, when my grandfather retired, he could expect to live to at least 74.

Nowadays, as you approach retirement, you have to budget on lasting to at least 80. That means assuming a retirement age of 65, you have to provide for at least 15 years not nine years, 67 per cent more retirement years no less.

What gets worse is because my grandfather worked for NZ Post for many years, he took part in a defined benefit scheme that is a guaranteed income on top of his NZ Superannuation for as long as he lives.

I don't know anyone of my generation with such a luxury. The question beckons, how are we going to provide for our retirement? In my view, your retirement lump sum – not your house – should be your biggest asset, but whatever your preference is, at least make a conscious decision as to what you are going to do.

There are many options; KiwiSaver should be viewed as part of the solution. Working longer should also be considered. Downsizing the house is of course another part to the retirement puzzle, but only if there are buyers. All these options and how they could best be fused together depending on your situation should be discussed with your financial adviser.

If you don't have one, please feel free to get in contact with me. The first appointment is at my cost with no obligation, I would be happy to see you.

The article is based on personal opinion and may not be representative of the views of Goldridge Ltd. Josh Hoskin is an authorised financial adviser with Goldridge Wealth Management. A copy of his Disclosure Statement is available free on request. This article is not personalised advice under the Financial Advisers Act 2008. Readers should not act on any suggestions in this column without taking professional advice that takes into account their current circumstances and appetite for risk.