Enjoying Retirement
Retirement marks a major change in your life. We think that the advice you'll find
here will help you make the 'third age' as fulfilling and enjoyable as it should
be.
Everyday banking and special packages
The National Bank offers a special
Freedom Years package for customers who have National Superannuation (or
an equivalent private scheme) credited directly to their National Bank everyday
account.
This package includes a choice of everyday accounts with no monthly account fee
or transaction fees, a Thoroughbred Card with no annual account fee or a Gold Thoroughbred
Card for half the annual fee, and National Bank Term Deposits.
You may prefer National Bank Select which combines the convenience of an everyday
account with the added benefit of earning a competitive rate of interest.
For your insurance needs, consider
Principal Protect. It offers a range of options and a special discount for
over-50's that can save you money.
Budgeting and planning
To make the most of your retirement funds, you and your partner should work out
a household budget together and review your approach to investing.
Even if you've never had to budget before, this is a good time to be sure you know
exactly where the money is going.
You can use our budget
planner to make it easier. You can also use our
calculator to work out how long your retirement funds will last.
If you're going to need to update items like white ware, carpets or your car in
the near future, remember it is easier to do it before you retire. "Big ticket"
items like these can have a real impact on a fixed income.
Of course, spending big on something you've always dreamed of, like an overseas
holiday, is what retirement is all about. Just make sure pursuing your dream doesn't
leave you short of cash. If you are considering travelling overseas, we can assist
you with planning your trip.
Reviewing your investments
At this stage of your life, you should consider seeking professional advice about
investing, preferably from two independent sources. Remember, the decisions you
make now will affect the rest of your life and you won't have the regular cash flow
of an income to help you recover from any financial setbacks.
The National Bank has investment options such as
National Bank Managed Investment Funds that can help you preserve the value
of your savings, and maybe provide some income too. These are not only for regular
contributions: you can make one-off, lump sum investments e.g. proceeds from a superannuation
fund.
The National Bank also offers a range of
Term Investment options, including Term Deposits. One feature of National
Bank Term Deposits is the ability to have your interest payments credited to your
account monthly.
You may also want to consider
Private Banking, our specialised investment and banking service for investors
with $500,000 or more of investable assets.
Wills
Make sure that your Will is up to date. It ensures that your wishes will be carried
out, and your assets divided as you want.
You should also consider a Power of Attorney so that someone can take responsibility
for your affairs if you are unable to.
Keeping people informed
Ensure that both you and your partner have a thorough working knowledge of your
financial plan. Having a plan that you both know of can help to avoid future difficulty.
It is also worthwhile to keep your family members well advised of your intentions
and what you see for your future.
Make sure your personal records are in order. You and your partner should know the
locations of important documents such as wills, insurance policies and investment
records along with the names and phone numbers of your lawyer, accountant, bank,
investment adviser and insurance companies.
Moving house when you're retired
If you're planning to stay in your current home, be prepared to make renovations
and changes - e.g. to upgrade bathrooms, widen doorways or improve access.
If you decide you need a smaller home or want to move, consider renting for a while
to get a feel for a new area and a taste for the seasons.
You may need to think about creating a balance between the value of your home and
the value of your retirement savings.
If the time comes to move into a nursing home or a retirement community, a little
planning goes a long way to make an already stressful time easier. Waiting lists
can be long, so it pays to put your name down well in advance as standards vary,
you want to make sure you can get into the place of your choice.
Contact Us
To talk to us about the Freedom Years package, your investment options or planning
a trip,
e-mail
us, or visit your nearest branch of The National Bank. Or you can call 0800 18 18
18 - you may be able to open the Freedom Years package without
actually having to come in and see us.
This web page is for information purposes only. Its content is intended to be of
a general nature, does not take into account your financial situation or goals,
and is not a personalised financial adviser service under the Financial Advisers
Act 2008. It is recommended you seek advice from a financial adviser which takes
into account your individual circumstances before you acquire a financial product.
If you wish to consult one of The National Bank’s financial advisers, please contact
Wealth Direct on 0800 629 325.
The New Zealand Guardian Trust Company Limited ("NZGT") is the Trustee, OnePath
(NZ) Limited ("OnePath") is the Issuer and Manager and ANZ National Bank Limited
("ANZ") is the Distributor of the National Bank Managed Investment Funds (the "Funds").
Units or interests in these Funds do not represent deposits or liabilities of ANZ.
Units and interests are subject to investment risk, including possible delays in
repayment and loss of income and principal invested. No entity* guarantees (either
partially or fully) the capital value or performance of any products issued or managed
by OnePath, including the Funds. *Please note, this includes OnePath, ANZ, Australia
and New Zealand Banking Group Limited, NZGT, their respective directors, any member
of their respective groups of companies and any other person.