All residents of New Zealand are eligible to earn a government pension once they reach the age of 65, regardless of how much they have earned in their life and the value of their assets when they reach retirement. This is called NZ Super.
It’s the equivalent of 40% of the after-tax average ordinary time wage for individuals and 66% of the after-tax average ordinary time wage for couples. You can apply for NZ Super three months before you turn 65.
It’s a great system – but it’s important to remember there are no guarantees the government will continue this generous scheme into the future. So it’s an idea to also set extra money aside for your retirement while you are still working.