How Much Do You Really Need to Retire? A Closer Look for Couples
Many people assume that couples have it easier in retirement — shared bills, one roof, and economies of scale. But new research from Massey University’s NZ Retirement Expenditure Guidelines 2024 paints a different picture.
If you’re a couple living in a metro area and hoping to enjoy a lifestyle that includes dining out, holidays, hobbies, and a bit of breathing room — known as the “Choices” lifestyle — you’ll need to plan for more than double the weekly spend of a single person.
The Numbers: Choices Budget in Metro Areas
According to Massey’s 2024 figures:
Single person: $768.76 per week
Couple: $1,739.85 per week
That’s 2.3× more for a couple — far higher than a simple “double groceries” assumption.
So Why Do Couples Spend So Much More?
Here are some key reasons:
1. Two sets of living costs that don’t halve
While some expenses are shared (like power or rent), others don’t scale down — things like:
Medical costs
Travel and transport
Insurance
Personal spending (e.g. hobbies, clothes)
2. Lifestyle inflation
The Choices budget captures a lifestyle that includes:
Holidays and weekends away
Dining out and entertainment
Gifts and support for grandchildren
Hobbies and personal pursuits
Couples often prioritise these experiences — and spend accordingly.
3. More income = more spending
Couples are more likely to have multiple income sources in retirement, including part-time work, investment income, or private super. That financial flexibility often translates into higher lifestyle spending.
Why This Matters for Retirement Planning
Understanding these spending patterns is crucial when setting retirement goals — especially if you’re a couple in a metro area aiming for more than just the basics.
Being realistic about your future lifestyle can help you:
Adjust your KiwiSaver contributions
Review your investment or debt repayment strategy
Ensure you're on track for the weekly income you’ll need
Takeaway
Whether you’re single or a couple, the Massey guidelines offer a useful benchmark for planning. If you haven’t looked at your target retirement income in a while — or you’re not sure what’s realistic — now is a great time to do so.
📩 Want help figuring out if you’re on track?
I’d love to help you check in on your KiwiSaver, clarify your goals, and build a strategy that fits the lifestyle you’re working toward.
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