Lifetime renters have to save bigger nest-eggs than homeowners

  • For Kiwi households a financial plan used to mean buying a house to live in, and killing the mortgage fast enough to have time to save a retirement nest-egg.

For a generation facing lifetime renting, a different tack is required.

Financial planner Liz Koh says New Zealander’s lifelong financial wellbeing is based on owning a debt-free home by retirement. Once that is in place, NZ Super provides a basic income, which can be supplemented from savings.

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MARK COOTE/FAIRFAX NZ
Financial planner Liz Koh says renters need to save bigger nest-eggs than homeowners.

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