It's agreed: Super not enough for comfortable retirement

65% of all New Zealanders over 18 believe New Zealand Superannuation alone is insufficient for a comfortable retirement.

For those already retired 78% say New Zealand Superannuation alone is insufficient for a comfortable retirement.

New Zealand Superannuation for a single person living alone is $374.53 a week after tax and for a couple where both partners qualify is $576.20 a week after tax.

The results from a Horizon Research study undertaken for the Financial Services Council (FSC).

The FSC's Chief Executive, Peter Neilson, in releasing results on the International Day of Older Persons October 1, 2015, said we should celebrate what the generations share rather than what divides us.

"The Financial Services Council has undertaken extensive polling on what a good retirement in New Zealand currently looks like and will look like in the future.  

“The results show different generations agree much more than disagree on some important issues,” said Mr Neilson.

This includes majority agreement that the NZ Super pension is insufficient for a comfortable retirement.

“Older New Zealanders already living on NZ Super know you need to save if you are to achieve a comfortable retirement.  Most future retirees will have some KiwiSaver savings to fund a better retirement," Mr Neilson said. 

“Overseas research has revealed most retirees regret not having received more education and not having saved more for their retirement.  Younger New Zealanders should take the time to ring your grandparents today.” 

Also released today by the FSC is the first ever report on who helps the over 65s and how.