New Sorted Retirement Navigator A One-Of-A-Kind Tool For Spending In Golden Years
Launched by Te Ara Ahunga Ora Retirement Commission, the retirement navigator is free to use on sorted.org.nz.
Working out how to turn a saved lump sum into a steady income to live on in retirement is a financially and mathematically challenging task. Partnering with the Retirement Income Interest Group (RIIG) of the New Zealand Society of Actuaries (NZSA), the Retirement Commission has created a customisable tool that takes care of the calculations.
Based on extensive modelling and drawdown 'rules of thumb' created by the RIIG, the retirement navigator addresses a common dilemma – how not to spend too much and run out of money or spend too little and unnecessarily compromise quality of life.
Taking into account people's invested savings (for example, KiwiSaver) and NZ Super, the tool helps users determine the optimal income they can draw down over their retirement. By adjusting variables such as when they expect their retirement to start and their desired lifestyle, people can see how long their savings might last in different scenarios.
Sorted's new retirement navigator is the first digital tool of its kind to be built by the Retirement Commission, and the first entirely new Sorted tool in several years. There are currently no other publicly available tools like it.
'There's a lot at stake for retirees when they start living off their invested savings,' says the Retirement Commission's Personal Finance Lead Tom Hartmann. 'They don't get any practise at it, or the option to go back in time and grow that money all over again. There are uncertainties about how long they'll live, how high prices will rise with inflation, how investment markets will do, and how much all of this will shape their lifestyle.
'It's been such a privilege to work alongside the RIIG actuaries and bring their modelling to life to enable people to forward plan. The retirement navigator puts it to real use for pre-retirees and retirees, so they can plan their spending wisely.'
Recognising that retirement takes different shapes and forms, the new tool offers four rules of thumb to match personal preferences and lifestyles:
* The Inflated 4% Rule: For those who are concerned about longevity and want to leave an inheritance.
* The 6% Rule: For those wanting to spend more in their early retirement years.
* The Life Expectancy Rule: For maximising income throughout retirement.
* The Fixed Date Rule: For those planning to rely on NZ Super after a certain period.
Each option comes with clear guidance and practical solutions to real-life financial challenges.
The NZSA's Ian Perera, Convenor of the RIIG says, 'We're thrilled to see our work on rules of thumb for drawdown come to life thanks to Te Ara Ahunga Ora Retirement Commission.
'We always hoped people thinking about their retirement would find our work helpful, and the Sorted retirement navigator tool takes it to the next level of access and understanding. Moving from accumulating savings to drawing them down is not straightforward. We admire how Sorted's experts have embraced our actuarial work while making the retirement journey as easy to navigate as possible.'
Sorted's retirement navigator tool aims to help New Zealanders:
* Effectively integrate their NZ Super with other retirement savings
* Make more informed decisions about their savings
* Better understand their options for creating sustainable retirement income
* Adapt their spending strategies as circumstances change
* Approach and enjoy retirement feeling less stressed and more secure.
Potential applications include use by KiwiSaver providers and financial advisers throughout Aotearoa when offering tailored guidance to clients and customers.
Although intended for those who are nearing or already in retirement, the retirement navigator can be useful to people of any age who wish to examine how they might best manage their projected savings. Those who are more than a decade away from stopping paid work can forecast how much they're on track to have by using Sorted's existing retirement calculator and KiwiSaver calculator.
To try the new retirement navigator, visit sorted.org.nz/tools/retirement-navigator.
About Sorted and the retirement navigator
Driven by Te Ara Ahunga Ora Retirement Commission to improve New Zealanders' financial wellbeing through accessible, actionable, relatable financial education, Sorted offers a range of free digital tools and calculators. Click here to view them: https://sorted.org.nz/tools/
To read the new guide to using the retirement navigator, click here: https://sorted.org.nz/guides/retirement/four-approaches-to-spending-in-retirement/
About the New Zealand Society of Actuaries
The New Zealand Society of Actuaries (NZSA) is the professional body for actuaries practising in New Zealand. It supports a highly specialised pool of around 400 members, of which around 250 are fully qualified actuaries. It sets, maintains and upholds actuarial professional standards and conduct, and supports members as they advance their skills and knowledge.
NZSA also contributes to the development of actuarial thinking and its application through thought leadership activities, and provides a source of reference on actuarial matters for government and other interested bodies.
NZSA's Retirement Income Interest Group (RIIG) provides a forum for Society members' concerns and ideas relating to retirement income, longevity and related issues. The RIIG has published significant work on retirement income including its drawdown 'rules of thumb'. See the RIIG's work here: https://actuaries.org.nz/resources-and-publications/publications/
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Otago Daily Times
an hour ago
- Otago Daily Times
600 rental homes planned in Queenstown development
Six hundred build-to-rent units are on the way for Queenstown in a $500 million Simplicity Living development. The company owned by KiwiSaver and investment funds is managed by Simplicity NZ Ltd. It has already built 210 homes across Auckland, with another 889 under construction. It has just acquired a 6.1ha site on Ladies Mile, north of the Stalker Rd roundabout, for its first development outside the City of Sails, with an aspiration to build 2000 homes in the resort. Simplicity NZ managing director Sam Stubbs said they were working closely with the Queenstown Lakes District Council on the infrastructure required to enable construction to start. Once that was in place, and they had the necessary consents, "we're ready to go". Based on the Auckland developments, the first tenants could be living there within 13 months of the start. "We've always had our eye down here, because we thought that the economics of Queenstown makes sense because it's growing, the rents are good, and there's this massive need for housing people who live here," he said. The Queenstown development will likely comprise three-storey walk-up apartments, in one-, two- and three-bed configurations, noting there was a huge gap in the market for one- and two-bedders. Two live-in managers will also be employed. The units will primarily be built using concrete, brick and local schist, with an expected lifespan of over 150 years. "The idea for us on this one ... is to do a lot of green space, a lot of carparks, a lot of outdoor storage, because it's got to be Queenstown-specific," Mr Stubbs said. While initially the homes will be for long-term rent, they may consider selling some to retirees or first-home buyers. He also believed they would be able to build them "slightly cheaper" than in Auckland and while he could not put a figure on the rental cost, he noted Simplicity Living's rents were usually 5%-10% below market value. Regardless, Queenstown rents would justify the development cost. Queenstown Lakes Community Housing Trust chief executive Julie Scott said the proposed development "interconnects" with the work the trust was doing. The trust had 1480 eligible households on its waiting list, "and we know that we can't ... house them all tomorrow, or even in the next few years". Before work can start, though, infrastructure to the site needs to be sorted. Mr Stubbs said Simplicity wanted to help with that, too, but noted the council was getting all of the Ladies Mile landowners together to have a look at what was required — "we've never had that happen before". Queenstown Mayor Glyn Lewers said the "$60 million question" was who would pay for it. "We're quite happy for [the developer] to put the infrastructure in, and then we'll offset the development contributions at the other end when it comes to creating title. "Our debt limits and our capacity to do that front-loading of infrastructure, especially within growth nodes in this district, has become quite tight. "We'll put in where we can, and where we need to, but the way we're structured financially at the moment, we're looking for partnerships to actually provide this great social benefit." However, council was committed to working it out because the outcome was "so beneficial" to the area. Mr Lewers said he had been having "quite intense" conversations with NZ Transport Agency Waka Kotahi about potential solutions for traffic implications. "The regional deal construct certainly helps that conversation."
Scoop
5 hours ago
- Scoop
Crimson Education Graduates Into The Workforce With New Visa Spin-Out, Concord Visa
Press Release – Crimson Education After guiding more than 3,000 student visa applications through Crimson Education, Concord Visa has been created to support another under-served, high performing group; the ambitious people and high growth startups trying to access new markets. Concord Visa, an immigration consultancy spin-out from Crimson Education, has emerged from stealth to streamline how startups and talent access new markets, with a particular early focus on the United States. After guiding more than 3,000 student visa applications through Crimson Education, Concord Visa has been created to support another under-served, high performing group; the ambitious people and high growth startups trying to access new markets. 'With Crimson Education our mission was to unlock the best academic and career possibilities for students anywhere in the world. Concord is the natural extension of this philosophy, allowing extraordinary people and businesses to work where their ambitions take them,' said Crimson Education CEO, Jamie Beaton. 'We started Concord because we saw the same pattern again and again. Our Crimson alumni were doing incredible things; founding companies, joining high-growth and impact teams, conducting high-impact research, performing, competing, creating, but constantly trying to navigate visa hurdles. The process was confusing, slow, and often disconnected from the actual value they were bringing,' said Beaton. Concord Visa is built on the premise that neither career nor company growth should be stifled by bureaucratic hurdles. Its core offering expedites and optimises visa applications, particularly for highly sought-after categories like the O-1 visa for individuals with extraordinary abilities and achievements or the L-1, E-2, E-3, EB-1A, NIW, and skills shortage visas. The O-1 visa for 'extraordinary' individuals has gained in popularity in recent years, particularly amongst the growing class of startup founders and talents looking to expand their companies and careers in the United States. There is no annual cap on O-1's issued annually, meaning there is potential for more well prepared candidates to reach the US using them. 'My own journey to getting an O-1 visa was totally random. I bumped into a fellow Kiwi entrepreneur who mentioned she's secured a green card through this mystical process. After going through the application, I managed to land my visa, enabling me to build Crimson at full speed,' said Beaton. Australia and New Zealand non immigrant visas have been on the rise since COVID. Up 25% in Australia between 2022 and 2024, and 28% for New Zealanders over the same period.* 'Our approach is fundamentally different,' explains Kevin Park, CEO and co-founder of Concord Visa. 'We don't just process paperwork; we partner with our clients to understand their unique trajectory and build a compelling narrative that maximizes their chances of visa success.' As well as providing individual support for all immigration applications, the new business is also developing automation tools, and a modern, digital experience. This is contrasted with the industry writ-large, which has been bogged down by inefficiencies, high cost, and a lack of innovation. For startups, time and money are critical, and traditional immigration services often drain both. Concord offers flat-fee packages, ensuring transparency and predictability, while significantly reducing the time commitment required from founders and employees. Lifting up the next generation of ANZ unicorns Traditional visa services often operate with outdated methodologies, leading to significant delays, exorbitant costs, and a lack of tailored advice for the dynamic startup world. Before publicly launching its new immigration consultancy, Concord Visa has already guided more than 100 individuals and companies through their U.S. visa process, including brand tracking startup Tracksuit. Mikayla Hopkins, Head of Marketing at Tracksuit, used Concord to navigate visa applications during a critical period as they closed in on a mammoth $25m USD Series B raise. 'Navigating the complexities of international visas was essential to Tracksuit's growth and helped avoid setbacks during a crucial phase. Ensuring our talent moves freely keeps the business scaling globally. Their expertise was instrumental in enabling our expansion into the U.S. market,' said Hopkins. Likewise, Wayne Zhou, GM at Paraform Recruiters, relied on Concord to pave his path from Australia to the world stage as the company closed a $20 million USD Series A. Solving startups problems before they happen Concord Visa offers strategic guidance that goes beyond compliance, consulting with startups on their broader business objectives, identifying potential pitfalls related to visa compliance that traditional firms often overlook. For example, many international startups heading to the States receive advice to pursue treaty visas (E2 visas), which are initially straightforward but can become invalid when a company raises funding from diverse international investors. This can lead to a scramble to secure alternative visas under tight deadlines, or needing to leave the country within 60 days. 'We act as strategic advisors, looking far down the road to anticipate challenges,' adds Park. 'A common issue we see is companies outgrowing their initial visa strategy after successful funding rounds. Our expertise helps them plan for these eventualities, ensuring their talent remains compliant and their growth trajectory isn't disrupted by unforeseen immigration complexities.' Concord Visa is also building innovative technological solutions to further streamline the immigration process. Currently in development, these tools will proactively monitor changes in employment status, promotions, or residential addresses, automatically flagging potential visa compliance issues before they escalate. Concord Visa is 100% owned by Crimson Education, and currently helps with immigration into Australia, United Kingdom, New Zealand, and the United States.
Scoop
6 hours ago
- Scoop
Crimson Education Graduates Into The Workforce With New Visa Spin-Out, Concord Visa
Concord Visa, an immigration consultancy spin-out from Crimson Education, has emerged from stealth to streamline how startups and talent access new markets, with a particular early focus on the United States. After guiding more than 3,000 student visa applications through Crimson Education, Concord Visa has been created to support another under-served, high performing group; the ambitious people and high growth startups trying to access new markets. 'With Crimson Education our mission was to unlock the best academic and career possibilities for students anywhere in the world. Concord is the natural extension of this philosophy, allowing extraordinary people and businesses to work where their ambitions take them,' said Crimson Education CEO, Jamie Beaton. 'We started Concord because we saw the same pattern again and again. Our Crimson alumni were doing incredible things; founding companies, joining high-growth and impact teams, conducting high-impact research, performing, competing, creating, but constantly trying to navigate visa hurdles. The process was confusing, slow, and often disconnected from the actual value they were bringing,' said Beaton. Concord Visa is built on the premise that neither career nor company growth should be stifled by bureaucratic hurdles. Its core offering expedites and optimises visa applications, particularly for highly sought-after categories like the O-1 visa for individuals with extraordinary abilities and achievements or the L-1, E-2, E-3, EB-1A, NIW, and skills shortage visas. The O-1 visa for 'extraordinary' individuals has gained in popularity in recent years, particularly amongst the growing class of startup founders and talents looking to expand their companies and careers in the United States. There is no annual cap on O-1's issued annually, meaning there is potential for more well prepared candidates to reach the US using them. 'My own journey to getting an O-1 visa was totally random. I bumped into a fellow Kiwi entrepreneur who mentioned she's secured a green card through this mystical process. After going through the application, I managed to land my visa, enabling me to build Crimson at full speed,' said Beaton. Australia and New Zealand non immigrant visas have been on the rise since COVID. Up 25% in Australia between 2022 and 2024, and 28% for New Zealanders over the same period.* "Our approach is fundamentally different," explains Kevin Park, CEO and co-founder of Concord Visa. "We don't just process paperwork; we partner with our clients to understand their unique trajectory and build a compelling narrative that maximizes their chances of visa success.' As well as providing individual support for all immigration applications, the new business is also developing automation tools, and a modern, digital experience. This is contrasted with the industry writ-large, which has been bogged down by inefficiencies, high cost, and a lack of innovation. For startups, time and money are critical, and traditional immigration services often drain both. Concord offers flat-fee packages, ensuring transparency and predictability, while significantly reducing the time commitment required from founders and employees. Lifting up the next generation of ANZ unicorns Traditional visa services often operate with outdated methodologies, leading to significant delays, exorbitant costs, and a lack of tailored advice for the dynamic startup world. Before publicly launching its new immigration consultancy, Concord Visa has already guided more than 100 individuals and companies through their U.S. visa process, including brand tracking startup Tracksuit. Mikayla Hopkins, Head of Marketing at Tracksuit, used Concord to navigate visa applications during a critical period as they closed in on a mammoth $25m USD Series B raise. "Navigating the complexities of international visas was essential to Tracksuit's growth and helped avoid setbacks during a crucial phase. Ensuring our talent moves freely keeps the business scaling globally. Their expertise was instrumental in enabling our expansion into the U.S. market," said Hopkins. Likewise, Wayne Zhou, GM at Paraform Recruiters, relied on Concord to pave his path from Australia to the world stage as the company closed a $20 million USD Series A. Solving startups problems before they happen Concord Visa offers strategic guidance that goes beyond compliance, consulting with startups on their broader business objectives, identifying potential pitfalls related to visa compliance that traditional firms often overlook. For example, many international startups heading to the States receive advice to pursue treaty visas (E2 visas), which are initially straightforward but can become invalid when a company raises funding from diverse international investors. This can lead to a scramble to secure alternative visas under tight deadlines, or needing to leave the country within 60 days. "We act as strategic advisors, looking far down the road to anticipate challenges," adds Park. "A common issue we see is companies outgrowing their initial visa strategy after successful funding rounds. Our expertise helps them plan for these eventualities, ensuring their talent remains compliant and their growth trajectory isn't disrupted by unforeseen immigration complexities." Concord Visa is also building innovative technological solutions to further streamline the immigration process. Currently in development, these tools will proactively monitor changes in employment status, promotions, or residential addresses, automatically flagging potential visa compliance issues before they escalate. Concord Visa is 100% owned by Crimson Education, and currently helps with immigration into Australia, United Kingdom, New Zealand, and the United States.
