Te Ara Ahunga Ora Retirement Commission

💡 We've just released a comprehensive analysis of what life looks like for retirees in New Zealand right now. Our Research Lead Dr Joanna Gamble conducted qualitative and quantitative research with more than 1450 New Zealanders aged 65 and over. It found that many are missing out on medical appointments, social activities and have had to radically change their shopping habits to manage the cost-of-living challenges. This research will support the 2025 Review of Retirement Income Policy (RRIP) which we're required by the Government to undertake every three years. This week the Terms of Reference for the RRIP have been released, and we've been asked to undertake further research on topics including KiwiSaver and other savings, emerging trends and how these will play out in New Zealand over the next 25 years, the experiences of women in retirement and how New Zealand retirement policies compare globally.  📚 Read more about it here: https://lnkd.in/gvwcipBv

👉 We've been working with NZSA (New Zealand Society of Actuaries) on a new tool for Sorted which will help people with their retirement planning and how to drawdown their retirement savings. 📉 The new Sorted tool will be live in March! Check out NZSA's latest report for some interesting insights on spending patterns through retirement.

The simplicity of NZ Super’s design is internationally envied, but it’s going to face some challenges with an ageing population. Retirement Commissioner Jane Wrightson explains in Newsroom NZ why stability in our retirement income system is crucial for future generations. https://lnkd.in/gwW4TAay

Retirement Commissioner Jane Wrightson shared insights on how economic harm can contribute to gender disparities in retirement at Good Shepherd New Zealand's event to mark International Economic Abuse Awareness Day 2024 this week. "Economic harm doesn’t discriminate by age, culture or ethnicities but the impact can be debilitating and can affect financial security well into the future.... And so we’re pleased to include work to reduce the impact of family violence economic harm in the new National Strategy for Financial Capability." https://lnkd.in/gRH3nBNT #InternationalEconomicAbuseAwarenessDay #NoExcuseForEconomicAbuse #collectiveaction

Today people from across the financial services sector joined us in Auckland to launch the next National Strategy for Financial Capability. The Strategy maps out a three year plan of cross-sector activity to help New Zealanders grow their money and build financial resilience. The National Strategy is a testament to the power of collaboration and shared vision. Thank you to all who have supported the development of the Strategy to date and we look forward to working together to bring the strategy to life and make a tangible impact to people’s financial futures. For those who missed picking up a copy you can read more about it here: https://lnkd.in/gRH3nBNT

Retirement Commissioner Jane Wrightson appeared in front of the Finance and Expenditure Committee last week, regarding her submission on the Taxation Bill. She expressed her support for what's being proposed, particularly around not requiring the consent of both guardians for under 16s to enrol in KiwiSaver. She also supported the suggested amendments that ensure policy settings for our retirement savings schemes don’t discourage migrants coming into New Zealand. However, she encouraged the Committee to go one step further and remove the barriers in place stopping temporary visa holders being able to contribute to KiwiSaver. It would benefit earlier private saving by migrants who subsequently settle here meaning their retirement years will be helped. If they leave the country permanently, they would take their funds with them after a year and the government contribution would be forfeited. 👇 You can view her full appearance below

🌟 We're thrilled to share our Annual Report covering the 2023/24 financial year. It's a bumper wrap up of what we've been doing to improve the financial futures of New Zealanders so a better retirement can be enjoyed by all! 📖 You can read all about it here at https://lnkd.in/gFqgUqrx

Our team from Sorted will be at the Digital Seniors Tech Expo at Eventfinda Stadium this Sunday 10 November, 9am- 4pm on Auckland's North Shore. Join us to explore the latest tech solutions we offer through our Sorted website and programmes, designed to empower older Kiwis. Don’t miss the chance to connect and learn how we're making tech more accessible for everyone!

The Post has done a write up on NZ Institute of Economic Research (NZIER)'s report comparing Australian and New Zealand pensions. The report says there are pros and cons in both. New Zealand could look at improving its current system to improve inter-generational fairness, rather than ape the Aussie system. Read while the paywall is down for the day. https://lnkd.in/grahQ2pY

Who does it better? NZ Institute of Economic Research (NZIER) has delved into the Australian and New Zealand retirement income systems to assess the pros and cons for each. Retirement Commissioner Jane Wrightson says while New Zealand needs to set its own path for retirement income policy, it’s useful to look what is working or not in Australia. “The systems have been shaped by different cultural attitudes and histories. There’s regular commentary that the Aussies are doing it better and that’s where New Zealand needs to aspire too, but when you boil it down the grass isn’t necessarily greener. Australia’s greater reliance on private savings perpetuates inequalities from working years. The universal coverage of NZ Super enables New Zealand’s system to deliver more equitable outcomes. What we can see by comparing the Australian system is that higher contributions to KiwiSaver could be achieved through an incremental approach: increasing contributions is something I’ve been advocating for.” Read more here https://lnkd.in/gdAFh-ij