But here's the thing about that long-term view; it's your secret weapon for turning those final working years into a launch pad for the retirement you actually want. Even the smallest steps now can make a big difference.

 

Start with where you are, not where you think you should be

First things first: take stock of your current situation without judgment. If you haven't looked at your workplace savings scheme, or KiwiSaver balance, in a while (or ever), now's the time. You might be pleasantly surprised, or you might realise you need to make some adjustments.

Don't panic if the numbers aren't where you hoped they'd be. With ten years ahead of you, there's still time to make meaningful changes.

There are plenty of online tools, like budget calculators, that help form a clear picture of your financial position. You could start with Lifetime’s Budget Planner or check out  Sorted’s  wide range of resources, which let you test different scenarios to see if you’re on track. Or, for a more personalised plan, you might want to sit down with a financial adviser.

 

Boost your savings, if you can

If you're in catch-up mode, you're not alone. And you have options. Start with the basics: make sure you're contributing enough to your workplace scheme to get any employer matching. It's literally free money and leaving it on the table is like declining a pay rise.

Consider bumping up your contributions if you can. Even an extra 1% of your salary can make a surprising difference over ten years, thanks to the magic of compound interest. If your mortgage is nearly paid off or the kids have left home, consider funnelling those freed-up dollars into retirement savings, too.

 

Tackle debt before retirement

Carrying debt into retirement can eat away at your income. If possible, focus on paying off high-interest loans, credit cards, or hire purchase agreements first. The interest on these often outweighs the returns you might get from investments, so clearing these balances makes financial sense.

For many, the biggest debt is the mortgage. Aim to clear this before you retire, or at least reduce it as much as possible. That way, your NZ Super and other savings aren’t swallowed up by repayments, giving you more flexibility and peace of mind.

 

Picture your retirement lifestyle

Do you see yourself travelling overseas every year, moving to a smaller home somewhere quiet, or simply enjoying time with the grandkids? Getting clear on your retirement “must-haves” versus “nice-to-haves” will help you figure out what income you’ll need.

Think about everyday costs (food, power, health care), lifestyle extras (holidays, hobbies, dining out), and big one-off expenses (helping the kids, a new car, or renovations). This exercise often highlights whether you’re on track, or whether you need to adjust expectations or savings habits.

Our Buckets of Money for retirement planning guide is free and can help you get clear on your post-work goals in a realistic, structured way. You can request a copy, here.

 

Plan your retirement income

Here's where many people get stuck: they've been focused on accumulating money for so long that they haven't thought about how they'll actually use it in retirement. Start thinking about your retirement income sources now. You'll have NZ Super (though it probably won't cover everything you want to do), your workplace savings scheme, and possibly KiwiSaver and other investments or assets.

Consider what your expenses might look like in retirement. Some costs will disappear (no more work clothes, daily coffee runs, or commuting costs). But others might increase, like healthcare or travel.

Then consider when and how you’ll draw on your savings to fund this. For example, many retirees move part of their savings into lower-risk investments, or into products designed specifically to provide regular drawdowns.

This is an area where specialised guidance really helps. It can be complex to balance investment risk, inflation, and income needs over a retirement that might last 20–30 years.

Check out Lifetime’s Income Projection tool for an idea of how much income you could generate from your savings in different scenarios.

 

Build an emergency fund

Unexpected expenses, like car repairs or dental work, can derail even the best-laid plans. If you haven’t already, aim to build a cash buffer that can cover at least three to six months of expenses. That way, you’re not forced to dip into your long-term retirement savings at the wrong time (such as during a market downturn).

 

Protect yourself with insurance

As you get closer to retirement, it’s worth reviewing your insurance cover. Are you paying for coverage you no longer need? Is your health insurance still fit for purpose? A quick check-in could save you money or highlight gaps in your protection.

 

Consider working part-time

Retirement doesn’t have to mean stopping work altogether. Many Kiwis continue part-time, whether for financial reasons, social connection, or simply because they enjoy it. The good news is you can still receive NZ Super while working past 65, so having some ongoing income may allow you to delay dipping into your savings.

 

Make a plan for your home

For most Kiwis, the family home is their biggest asset. Think about what role it might play in your retirement. Will you stay put, downsize, or move closer to family? Could you free up equity through selling, or through a home equity release product? These are big decisions, but starting to think them through now helps avoid rushed choices later.

 

Get your affairs in order

Finally, don’t forget the paperwork. Draft or update your will, set up enduring powers of attorney, and make sure your workplace scheme or KiwiSaver or has the correct nominated beneficiaries. It’s not the most exciting part of retirement planning, but it’s a gift to your family and gives you peace of mind.