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Many retirees are finding that their savings are falling short of what they’d ideally like. While this can feel overwhelming, according to Liz Koh there are practical strategies that can help stretch resources, reduce financial stress, and still support a fulfilling lifestyle.
So we’re sharing her guide below, which outlines her eight essential financial survival strategies tailored for retirees.
You can read the original article from Liz on her website here: 8 Financial Survival Strategies for Retirees. Or, continue below to read the full article and don't forget to share your thoughts in the comments.
But please remember the information in this article is general and does not constitute specific advice to any person.
8 Financial Survival Strategies for Retirees
1. Maximise Income Sources
- Government pensions & benefits: Ensure you’re receiving all entitlements such as New Zealand Superannuation, Accommodation Supplement, Winter Energy Payment, or health subsidies. You may also be eligible for a rates rebate from your local Council. Many people miss out on benefits they qualify for.
- Part-time or flexible work: Even a small amount of income from casual or part-time work can make a big difference. Many retirees choose roles in retail, hospitality, tutoring, consulting, or seasonal work.
- Monetise skills or hobbies: Consider freelancing, teaching a craft, or selling goods/services online.
2. Adjust Housing
- Downsizing: Moving to a smaller, more affordable home can release capital and reduce living costs.
- Relocating: Shifting to a lower-cost region (within NZ or abroad) can free up savings.
- Home equity release: Reverse mortgages or home equity release products may be an option, but they need careful consideration.
- Taking in boarders/flatmates: Sharing your home can reduce costs and provide companionship.
3. Reduce your Costs
- Budget consciously: Track spending, cut unnecessary costs, and prioritise essentials.
- Utilities and services: Shop around for cheaper electricity, phone, and internet providers.
- Transport: Use SuperGold Card free off-peak public transport, or consider giving up car ownership if it’s not essential.
- Healthcare savings: Use community health services and shop around for cheaper prescriptions.
4. Work out your Baseline
- Work out your essential costs: Housing, food, power, healthcare, transport.
- Compare with income: Add up NZ Superannuation, any savings, pensions, rental income, or part-time work.
- Identify the gap: How much more income you need to cover essentials comfortably.
5. Make Your Savings Last
- Conservative but flexible investing: Even in retirement, keeping some money in growth assets (shares, managed funds) can help offset inflation.
- Drawdown strategy: Plan structured withdrawals rather than spending your savings in an ad hoc manner, to make your money last longer.
- Debt reduction: Pay off high-interest debt as a priority.
6. Tap Into Community Support
- Community centres & clubs: Free or low-cost activities reduce spending on entertainment.
- Food co-ops and support services: Access affordable food and essential items.
- Volunteer work: Provides purpose, social connection, and sometimes extra benefits like meals or travel reimbursements.
- Engage community services: Age Concern, Citizens Advice Bureau, local budgeting services.
- Charitable Support – identify any charities that offer services to the elderly
7. Build a Low-Cost, Fulfilling Lifestyle
- Stay healthy: Exercise, eat well, and prevent medical costs.
- Tap into community: Free or low-cost clubs, libraries, community courses, and volunteering.
- Focus on experiences: Walks, picnics, visiting family, community events — rather than spending on “things.”
8. Seek Professional Advice
- Talk to a financial adviser: They can help restructure assets, plan cashflow, and review whether equity release makes sense.
- Visit Work and Income (WINZ): Ensure you’re receiving every benefit available.
- Engage community services: Age Concern, Citizens Advice Bureau, local budgeting services.
Have you thought about Lifetime Retirement Income to look after your money in retirement?
They know that people spending in retirement require significantly different strategies to those who are saving for retirement. They manage retirees money a little differently to people who are saving for retirement. The reason for that is they have to make sure retirees savings last.
So click on the button below and take a couple of minutes to read all about them.