Superannuation or retirement benefits

[rv1103]

Hi All,

We have just started new in NZ and were looking at options for long term income, such as steady income near retirement age etc.
I have heard NZ govt does pay out some amount on regular basis for old folks.

Is this something we have to initially contribute to separately or it is guaranteed by the govt once we reach old age.

Appreciate if someone can provide some insight on this. Thanks in advance.

[JandM]

You can start finding out by looking here. https://sorted.org.nz/guides/retirement/about-nz-super/

[catt]

Look into Kiwi Saver.... you pay into it and your employer will pay a percentage as well. Also NZ superannuation (pension) will be payable so long as you have worked in NZ for the qualifying period but you need to look at the NZ Superannuation site to get better info.

[rv1103]

Thank you all for the useful reply/links.
Another question pertaining to the same topic, if parents are issued with Residency under either of the categories(tier1/2), how will they stand in terms of Superannuation benefits, medical coverage here.
(using 65 as the age when they enter NZ with valid residence visas).
- Are they entitled to free medical benefits across the board(including GP, medication, major illness, scans etc.) as elderly
- Will they get superannuation benefits
( i read that to be entitled for superannuation, you need to be atleast 65 yrs & should have spent some time in NZ )

Appreciate all inputs, thank you.

[JandM]

- Are they entitled to free medical benefits across the board(including GP, medication, major illness, scans etc.) as elderly

No, not all free. They are entitled to the same things free as other Residents. (There has been talk by some politicians that the elderly should get free health care, but it hasn't happened so far - watch the news about the election for this. http://www.nzherald.co.nz/nz/news/ar...ectid=11311349)

- Will they get superannuation benefits

I can't tell you this. It depends on a person's individual circumstances, including what country they came from and what pension they might be entitled to from that country, among many other factors. You and they would need to check it out with the superannuation people.