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, a standard-sized safe custody
envelope at no charge, and Freedom Years 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 Thoroughbred Unit Trusts
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, one of which is the Freedom Years Term Investment. One feature of this investment 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.