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January 14, 2025 1:05pm by David Farrar

Exclusive poll results on NZ Super age

On my Patreon (paywalled) I have exclusive poll results on if NZers support lifting the NZ Super age to 67.

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kevn

Just guessing… “Yeh, nah”.
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January 14, 2025 2:53pm
- Scott
  
  I would suggest that an increase in the superannuation age is inevitable. We are living longer, life expectancy now is 82 with many living into the 90s. We have more retired people being supported by less working people.
  
  Sooner or later the retirement age is going to have to increase. The maths will win eventually.
  
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  January 14, 2025 3:08pm
  - Steve Otto N Shore
    
    Less working people? It is not my fault the lazy bastards won’t work!
    
    4 4
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    January 14, 2025 3:52pm
    - Don Beckett
      
      In NZ, male life expectancy is 80 years.
      Female life expectancy is 83.5 years.
      
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      January 14, 2025 4:13pm
    - Ian Boag
      
      Fewer people of working age.
      
      The worker to oldie ratio was something like 6 when Muldoon brought it in. Now it’s about 4 and trending down. Expected to be about 3 in 2040.
      
      Gets a bit hard ….
      
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      January 14, 2025 5:35pm
      - NeverMindTheBollocks
        
        Not if productivity per worker increases in inverse proportion to the decrease in workers.
        
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        January 14, 2025 6:52pm
      - Ian Boag
        
        @bollocks
        
        So how are we going with this admirable goal?
        
        2 1
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        January 14, 2025 7:09pm
cmm

Looking at the poll would be cheating.

Here is my prediction:
* People over 55 think the age should stay the same.
* People under 45 think the age should be increased.

I am 63 (well in a few weeks time). I intend to keep working until I get to 70 or more. I intend to use the Super to bolster my savings. If it was pushed out to 67 that would only knock $25k or so off my retirement savings. Note that during that time the tax I pay will be vastly more than the Super I receive.

When I first came to NZ in 1992, I was opposed to the Super and I still am. It is an example of well intended Nanny State action that has turned into a mess.

At the time, I would tell people that I would far rather paying a bit less tax and saving myself. Nope, everyone said, this is the way we do it in NZ: you pay in now and get paid out later. It is a government run retirement savings for everyone.

That is how it has always been sold. To make it means tested etc is changing the rules and rips off those that have contributed. BTW: It is already partially means tested anyway.
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January 14, 2025 2:53pm
- NeverMindTheBollocks
  
  Don’t work too long, CMM. From experience of my parent’s generation, the years between 65 & 75 were good ones, after which ill health restricted their activities and eventually any enjoyment of life. It still took them a few years more before they fell off their perch, but those weren’t great years for anyone.
  
  A small sample and with generalisations, of course, and we all have to check out some time. But, if you have the funds then it’s good to make the most of good health while you have it.
  
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  January 14, 2025 6:57pm
  - cmm
    
    Thanks Never.
    
    My intention would be to do something like work 40+ hours per week until 68 or so, then drop to maybe 15-20 hours a week until 70 or 75.
    
    That would be the sweet spot I think. enough income to pay all the bills and still do some saving, something to do to keep out of the missus’s hair and keep the grey matter busy and still enough time to relax.
    
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    January 14, 2025 9:22pm
Nigel Kearney

People will generally vote for more spending, less tax, and reducing debt. This kind of poll is meaningless unless the choices are something like:

A. Keep the super age at 65 and impose more taxes on your children and grandchildren; or

B. Keep tax rates where they are now and gradually increase the super age
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January 14, 2025 2:58pm
- cmm
  
  The best is:
  C) Reduce tax rates, slowly reduce the pay out and slowly increase the super age.
  
  In 40 years the government should be out of the retirement savings business.
  
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  January 14, 2025 5:42pm
  - JerJer
    
    They were never in it. They take your
    Money and pretend they are preparing, but really they are spending on other initiatives and when it comes time to pay, they cry poor.
    
    It’s pathetic really. They either have to have a proper retirement saving scheme that has incentives that attract saving by people that cannot save or STFU.
    
    I’m paying over 100k in taxes each year, and, based on what I have been told over the years I expect the universal package to be there when I retire. This talk about those that can afford to not take super should be excluded or whatever is just pointless.
    
    Either create a proper programme (which KiwiSaver is not even close to), with incentives, proper tax incentives or we just to give up and borrow ourselves into bankruptcy to support the current system.
    
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    January 14, 2025 6:31pm
    - Ian Boag
      
      I expect the universal package to be there when I retire.
      
      It’s a benefit. You think you should be a beneficiary? 🙂
      
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      January 14, 2025 7:24pm
      - JerJer
        
        I expect the social contract to be met regardless of income, assets or whatever. That is the deal. Financial advisors promote it as such, they encourage a certain set of saving plans and build universal super into the final distribution in retirement. Whether the age changes is here nor there, fact is people have built their plans around it. The government are responsible. Paying super should be easy, but we get periods of complete incompetents in power (Arden and Robertson) that ruin it for everyone, and the result is that those that prepared and acted responsibly (saved, invested etc) are punished as a result (or attempts are made to do so). I would prefer, obviously, that there was no universal super at all, and people had to take responsibility to save etc, but we are a poorly
        Educated financially illiterate country, so unfortunately that won’t happen.
        
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        January 14, 2025 7:48pm
      - kiwikidsnz
        
        It’s not a benefit, it’s an entitlement
        
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        January 14, 2025 8:34pm
      - Ghost
        
        No, it’s a benefit. Even the government call it such.
        
        NZ Super is a ‘tier 1’ benefit as it aims to protect from poverty in old age.
        
        retirement
        
        New Zealand Superannuation (also known as the pension, National Super or Super) is a benefit paid by the Government to New Zealanders once they reach the qualifying age (currently 64 or 65).
        
        Treasury
        
        Not sure why some people are so scared to admit they are on a benefits
        
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        January 14, 2025 8:56pm
NeverMindTheBollocks

G’wan now, give us a clue. You know you want to!
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January 14, 2025 3:22pm
Countrygirl

Before I was 65 I was very comfortable with the age being raised, 10 +years later, and 5 years retired, I still am. Just get it underway.
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January 14, 2025 4:39pm
AC

Remember how Jacinda cancelled the decision to increase the age to 67 by 2037. It didn’t seem to much of an issue and for some reason she canned it. Another dumb decision which the country will pay for.

The problem is that the deal has been that you fund pensions when you are working and in return you get a pension when you retire.

If you accept that you can not really change anything for those over 55 it means that one generation will have to pay twice if we move to more personal funding : Any change needs several decades to bed in and we haven’t started yet .
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January 14, 2025 7:00pm
Gerrit

Notice that whenever superannuation is discussed, the topic never seems to include the Superannuation Fund. Currently valued at $80B with annual return of $8B (wish I could stick funds in that orgainsation if they can get 10% ROI.)

https://nzsuperfund.nz/

Currently the super payments are $21B per annum. So 30% will come from the Superfund in the future.

Remember the Superfund drew from tax payers to start the fund, depriving workers of income (gone in taxation to load the Superfund). Are these workers going to be deprived of their contribution made during their working life?
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January 14, 2025 7:51pm

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