{
  "meta": {
    "title": "NZ retirement rules and assumptions 2026/27",
    "publisher": "Crucible Investments Limited (Retirement Calculator NZ)",
    "url": "https://retirementcalculator.co.nz/data/retirement-rules-2026-27.json",
    "documentation": "https://retirementcalculator.co.nz/methodology/",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "attribution": "Retirement Calculator NZ (retirementcalculator.co.nz)",
    "rulesAsAt": "2026-11-12",
    "researched": "2026-11-12",
    "description": "NZ Super rates (net rates set in law), the annual adjustment rules, residence phase-in, Winter Energy Payment, Massey University retirement spending guidelines, drawdown formulas, Stats NZ survival odds, election proposals (not law) and the model assumptions used by retirementcalculator.co.nz, each with its source. verified=false marks a value not yet confirmed on an official page."
  },
  "nzSuper": {
    "source": [
      "https://www.workandincome.govt.nz/eligibility/seniors/superannuation/how-much-you-can-get.html",
      "https://www.workandincome.govt.nz/products/benefit-rates/benefit-rates-april-2026.html"
    ],
    "sourceDates": {
      "WINZ-HOW": "2026-07-02",
      "WINZ-R26": "2026-07-13"
    },
    "effectiveFrom": "2026-04-01",
    "unit": "fortnightly, per person unless 'combined'",
    "weeklyIsHalf": true,
    "annualMultiplier": 26,
    "authoritative": "net at M (law sets net rates; gross is grossed up). Store published net figures; do not derive net from gross.",
    "rates": {
      "singleAlone": {
        "gross": 1294.74,
        "M": 1110.3,
        "S": 1068.3,
        "SH": 906.54,
        "ST": 867.72,
        "SA": 790.08
      },
      "singleSharing": {
        "gross": 1191.14,
        "M": 1024.9,
        "S": 982.9,
        "SH": 834.14,
        "ST": 798.44,
        "SA": 727.04
      },
      "coupleBothEach": {
        "gross": 984.28,
        "M": 854.08,
        "S": 812.08,
        "SH": 689.08,
        "ST": 659.56,
        "SA": 600.52
      },
      "coupleBothCombined": {
        "gross": 1968.56,
        "M": 1708.16
      },
      "coupleOneQualifies": {
        "gross": 984.28,
        "M": 854.08,
        "S": 812.08,
        "SH": 689.08,
        "ST": 659.56,
        "SA": 600.52
      },
      "partnerIncludedEach": {
        "gross": 933.16,
        "M": 812.06
      },
      "partnerIncludedCombined": {
        "gross": 1866.32,
        "M": 1624.12
      }
    },
    "sharingDefinition": "living with someone aged 18 or older (unless a dependent child who is 18), or a visitor staying more than 13 weeks in any 26-week period",
    "previous": {
      "effectiveFrom": "2025-04-01",
      "source": "https://www.workandincome.govt.nz/products/benefit-rates/benefit-rates-april-2025.html",
      "sourceDate": "2026-08-20",
      "rates": {
        "singleAlone": {
          "gross": 1254.28,
          "M": 1076.84
        },
        "singleSharing": {
          "gross": 1153.6,
          "M": 994
        },
        "coupleBothEach": {
          "gross": 952.94,
          "M": 828.34
        },
        "coupleBothCombined": {
          "gross": 1905.88,
          "M": 1656.68
        }
      }
    },
    "next": {
      "effectiveFrom": "2027-04-01",
      "published": false
    },
    "incomeTest": "None for the person themselves; overseas pensions can reduce it; partner-included rates are income tested"
  },
  "adjustment": {
    "source": "https://msd.govt.nz/documents/about-msd-and-our-work/publications-resources/official-information-responses/2024/december/10122024-calculations-used-for-a-married-couple-s-superannuation.pdf",
    "sourceDate": "2024-12-10",
    "statute": "New Zealand Superannuation and Retirement Income Act 2001 ss 15 and 16 (text not read: legislation.govt.nz HTTP 403)",
    "date": "1 April each year",
    "steps": [
      "s 15(2): increase net rates by the all groups CPI % change for the year to the previous December quarter (full ratio, no rounding of the %), if positive",
      "s 16(1)(a): couple combined net rate must be at least 66% and at most 72.5% of the net average ordinary time weekly wage (QES published before 1 March; gross FTE ordinary time weekly earnings less tax at M and ACC levy at 1 April rates)",
      "s 16(1)(b): single living alone = 65% of couple combined net",
      "s 16(1)(c): single sharing = 60% of couple combined net",
      "convention: combined = 2 x each; weekly amounts rounded to the cent"
    ],
    "floor": 0.66,
    "ceiling": 0.725,
    "singleAloneRatio": 0.65,
    "singleSharingRatio": 0.6,
    "history": {
      "2024": {
        "cpi": 0.046550291,
        "netAverageWage": 1192.4,
        "coupleCombinedWeekly": 799.18,
        "ratioToWage": 0.6702,
        "floorBound": false,
        "source": "MSD-OIA"
      },
      "2025": {
        "increase": 0.0365,
        "floorBound": true,
        "source": "Massey REG 2025 p 9 citing MSD annual general adjustment 2025 Cabinet paper",
        "verified": false
      },
      "2026": {
        "cpi": 0.0311,
        "averageWageGrowth": 0.0291,
        "observedIncrease": 0.031074,
        "verified": false
      }
    },
    "projectionDefault": "hold net rates constant in today's dollars (grows with inflation), as Sorted does; optional wage-growth toggle"
  },
  "eligibility": {
    "age": 65,
    "applyFrom": "12 weeks before 65th birthday; paid from birthday if applied on or before it, else from application date",
    "source": "https://www.workandincome.govt.nz/eligibility/seniors/superannuation/index.html",
    "sourceDate": "2026-07-02",
    "residence": {
      "source": "https://www.workandincome.govt.nz/eligibility/seniors/superannuation/who-can-get-it.html",
      "sourceDate": "2026-07-22",
      "rule": "years lived in NZ from age 20, including 5 years from age 50; need not be consecutive",
      "appliesTo": "people turning 65 from 1 July 2024; existing recipients before 1 July 2024 unaffected",
      "bands": [
        {
          "bornTo": "1959-06-30",
          "years": 10
        },
        {
          "bornFrom": "1959-07-01",
          "bornTo": "1961-06-30",
          "years": 11
        },
        {
          "bornFrom": "1961-07-01",
          "bornTo": "1963-06-30",
          "years": 12
        },
        {
          "bornFrom": "1963-07-01",
          "bornTo": "1965-06-30",
          "years": 13
        },
        {
          "bornFrom": "1965-07-01",
          "bornTo": "1967-06-30",
          "years": 14
        },
        {
          "bornFrom": "1967-07-01",
          "bornTo": "1969-06-30",
          "years": 15
        },
        {
          "bornFrom": "1969-07-01",
          "bornTo": "1971-06-30",
          "years": 16
        },
        {
          "bornFrom": "1971-07-01",
          "bornTo": "1973-06-30",
          "years": 17
        },
        {
          "bornFrom": "1973-07-01",
          "bornTo": "1975-06-30",
          "years": 18
        },
        {
          "bornFrom": "1975-07-01",
          "bornTo": "1977-06-30",
          "years": 19
        },
        {
          "bornFrom": "1977-07-01",
          "years": 20
        }
      ],
      "fiveFromFifty": 5,
      "otherRoutes": "Social Security Agreement countries (Australia, Canada, Denmark, Greece, Ireland, Jersey, Guernsey, Malta, Netherlands, South Korea, UK) and NZ realm (Cook Islands, Niue, Tokelau); refugees and protected persons use a different method",
      "statute": {
        "name": "New Zealand Superannuation and Retirement Income (Fair Residency) Amendment Act 2021",
        "verified": false
      }
    }
  },
  "winterEnergyPayment": {
    "source": "https://www.workandincome.govt.nz/products/a-z-benefits/winter-energy-payment.html",
    "sourceDate": "2026-09-18",
    "weekly": {
      "singleNoChildren": 20.46,
      "coupleOrWithChildren": 31.82
    },
    "period": {
      "from": "05-01",
      "to": "10-01"
    },
    "automatic": true
  },
  "superGold": {
    "source": [
      "https://www.supergold.govt.nz/",
      "https://supergold.govt.nz/support/supergold-transport-concessions"
    ],
    "accessed": "2026-11-12",
    "issued": "automatically with NZ Super or Veteran's Pension, or a main benefit at 65 or over; others aged 65 can apply",
    "benefits": "business discounts; free off-peak public transport in many areas (usually 9am to 3pm and 6.30pm to end of service weekdays, all day weekends and public holidays; varies by region)",
    "verified": false,
    "budget2026": {
      "item": "$43m upgrade to photo ID, free and optional, physical and digital, rollout from October 2028",
      "source": "https://www.lifetimeincome.co.nz/resources/retirement-news/2026/june/supergold-card-gets-facelift-in-bread-and-butter-budget-2026",
      "sourceDate": "2026-06-03",
      "verified": false
    }
  },
  "spendingGuidelines": {
    "name": "New Zealand Retirement Expenditure Guidelines, Annual Update 2025 (14th edition)",
    "publisher": "Massey University NZ Fin-Ed Centre, sponsored by Financial Advice New Zealand",
    "released": "2025-10",
    "asAt": "2025-06-30",
    "data": "Stats NZ Household Economic Survey 2022/23, retired households, inflation-adjusted to 30 June 2025",
    "source": "https://www.massey.ac.nz/documents/2292/new-zealand-retirement-expenditure-guidelines-2025.pdf",
    "levels": {
      "noFrills": "average of 2nd quintile",
      "choices": "average of 4th quintile"
    },
    "weekly": {
      "onePerson": {
        "noFrillsMetro": 705.34,
        "noFrillsProvincial": 580.75,
        "choicesMetro": 790.62,
        "choicesProvincial": 771.89
      },
      "twoPerson": {
        "noFrillsMetro": 937.38,
        "noFrillsProvincial": 1060.65,
        "choicesMetro": 1780.32,
        "choicesProvincial": 1243.41
      }
    },
    "nzSuperUsedWeekly": {
      "singleAlone": 538.42,
      "couple": 828.34,
      "rateDate": "2025-04-01"
    },
    "weeklyGap": {
      "onePerson": {
        "noFrillsMetro": 166.92,
        "noFrillsProvincial": 42.33,
        "choicesMetro": 252.2,
        "choicesProvincial": 233.47
      },
      "twoPerson": {
        "noFrillsMetro": 109.04,
        "noFrillsProvincial": 232.31,
        "choicesMetro": 951.98,
        "choicesProvincial": 415.07
      }
    },
    "lumpSumAt65": {
      "onePerson": {
        "noFrillsMetro": 181000,
        "noFrillsProvincial": 46000,
        "choicesMetro": 273000,
        "choicesProvincial": 253000
      },
      "twoPerson": {
        "noFrillsMetro": 118000,
        "noFrillsProvincial": 252000,
        "choicesMetro": 1033000,
        "choicesProvincial": 450000
      }
    },
    "lumpSumMethod": "Sorted retirement calculator; retire 65, life expectancy 90, balanced fund (3.5% net, 2% inflation); rounded to nearest $1,000. Reproduced by: gap x 365.25/7 a year, level real annuity, end-of-year, 25 years, real rate 1.035/1.02 - 1.",
    "renting": {
      "sharedRoomWeekly": 250,
      "lumpSum": 271000,
      "aloneWeeklyRange": [
        400,
        500
      ]
    }
  },
  "drawdown": {
    "defaults": {
      "inflation": 0.02,
      "returnInRetirement": 0.025,
      "endAge": 90
    },
    "sortedRetirementCalculator": {
      "returnInRetirement": 0.035,
      "inflation": 0.02,
      "pir": 0.28,
      "endAgeDefault": 90,
      "nzSuperIndexedTo": "inflation",
      "source": "https://sorted.org.nz/how-these-calculators-work/",
      "accessed": "2026-11-12"
    },
    "formulas": {
      "realRate": "r = (1 + h) / (1 + d) - 1",
      "levelRealIncome": "A = L * r / (1 - (1 + r)^-n); if r = 0, A = L / n",
      "yearsItLasts": "n = -ln(1 - L * r / W) / ln(1 + r); infinite if L * r >= W",
      "lumpForWeeklyGap": "L = G * 365.25 / 7 * (1 - (1 + r)^-n) / r",
      "schedule7AWeekly": "kiwisaver.mjs weeklyIncome(L)"
    },
    "rulesOfThumb": {
      "source": [
        "https://sorted.org.nz/retirement-navigator/",
        "https://retirement.govt.nz/news/latest-news/new-sorted-retirement-navigator-a-one-of-a-kind-tool-for-spending-in-golden-years",
        "https://investmentnews.co.nz/investment-news/how-to-hitch-a-smoother-income-ride-in-retirement-nz-actuaries-deliver-revised-rules-of-thumb/"
      ],
      "sourceDates": {
        "RC-NAV": "2025-06-16",
        "IN-RIIG": "2023-08-07"
      },
      "sixPercent": "6% of starting balance each year, fixed dollars, not inflation adjusted",
      "inflatedFourPercent": "4% of starting balance in year 1, then increased by inflation",
      "fixedDate": "each year: current balance / years left to chosen age",
      "lifeExpectancy": "each year: current balance / years left to life expectancy (Stats NZ cohort tables)",
      "navigatorAssumptions": {
        "verified": false
      }
    }
  },
  "lifeTables": {
    "period": {
      "name": "NZ period life tables 2022 to 2024",
      "source": "https://www.stats.govt.nz/assets/Uploads/National-and-subnational-period-life-tables/National-and-subnational-period-life-tables-2022-2024/Download-data/new-zealand-period-life-tables-2022-2024.xlsx",
      "published": "2025-07-30",
      "lx": {
        "male": {
          "65": 87763,
          "70": 82430,
          "75": 74535,
          "80": 62631,
          "85": 45282,
          "90": 24122,
          "95": 7467,
          "100": 1017
        },
        "female": {
          "65": 91629,
          "70": 87756,
          "75": 81905,
          "80": 72286,
          "85": 56809,
          "90": 34939,
          "95": 13173,
          "100": 2296
        }
      },
      "e65": {
        "male": 19.4,
        "female": 21.5
      }
    },
    "cohort": {
      "name": "NZ cohort life tables, March 2026 update (median projection)",
      "source": "https://www.stats.govt.nz/assets/Uploads/New-Zealand-cohort-life-tables/New-Zealand-cohort-life-tables-March-2026-update/Download-data/nz-complete-cohort-life-tables-1876-2024.csv",
      "published": "2026-03-27",
      "survivalFrom65": {
        "1961": {
          "male": {
            "85": 0.6023,
            "90": 0.3668,
            "95": 0.1369,
            "100": 0.0277,
            "e65": 21.1
          },
          "female": {
            "85": 0.7165,
            "90": 0.4987,
            "95": 0.2286,
            "100": 0.0608,
            "e65": 23.7
          }
        },
        "1971": {
          "male": {
            "85": 0.654,
            "90": 0.4178,
            "95": 0.1651,
            "100": 0.0358,
            "e65": 22.2
          },
          "female": {
            "85": 0.7574,
            "90": 0.546,
            "95": 0.262,
            "100": 0.074,
            "e65": 24.7
          }
        },
        "1981": {
          "male": {
            "85": 0.6997,
            "90": 0.4666,
            "95": 0.1945,
            "100": 0.0452,
            "e65": 23.2
          },
          "female": {
            "85": 0.7924,
            "90": 0.5895,
            "95": 0.2952,
            "100": 0.0883,
            "e65": 25.5
          }
        },
        "1991": {
          "male": {
            "85": 0.7402,
            "90": 0.5132,
            "95": 0.2249,
            "100": 0.0558,
            "e65": 24.1
          },
          "female": {
            "85": 0.8225,
            "90": 0.6295,
            "95": 0.3282,
            "100": 0.1038,
            "e65": 26.3
          }
        }
      }
    }
  },
  "electionProposals": {
    "status": "NOT LAW. Preliminary results only; official results due 2026-11-27; no coalition agreement as at 2026-11-12.",
    "national": {
      "age": "65 to 67 gradually from 2044, subject to cross-party talks",
      "verified": false,
      "source": "https://www.localmatters.co.nz/general_elections_2026/where-the-parties-stand-on-new-zealand-super/"
    },
    "act": {
      "age": "67 over an eight-year transition (reported as by 2035)"
    },
    "nzFirst": {
      "citizensOnly": true,
      "timing": "grace period, within three years (reported as from 2029)",
      "age": "no change",
      "source": "https://www.nzfirst.nz/winston_peters_citizenship_and_superannuation",
      "sourceDate": "2026-09-06"
    },
    "labour": {
      "age": "no change, no means test",
      "verified": false
    },
    "green": {
      "age": "no change",
      "residency": "restore 10 years (secondary source)",
      "verified": false
    },
    "opportunity": {
      "replaceWith": "Citizen's Income plus top-up"
    }
  },
  "modelAssumptions": {
    "allFiguresIn": "today's dollars (real terms)",
    "inflation": 0.02,
    "wageGrowth": 0.035,
    "weeksPerYear": "365.25 / 7",
    "returnsBeforeRetirement": {
      "defensive": 0.015,
      "conservative": 0.025,
      "balanced": 0.035,
      "growth": 0.045,
      "aggressive": 0.055
    },
    "returnAfterRetirementDefault": 0.025,
    "returnAfterRetirementSorted": 0.035,
    "volatilityOurAssumption": {
      "defensive": 0.04,
      "conservative": 0.06,
      "balanced": 0.09,
      "growth": 0.12,
      "aggressive": 0.14
    },
    "volatilityAfterRetirementDefault": 0.06,
    "distribution": "lognormal annual returns with arithmetic mean equal to the fixed return",
    "simulatedMarkets": 1000,
    "seed": 20261112,
    "safeShare": 0.9,
    "horizonDefault": 95,
    "spendingPhasesOurAssumption": {
      "ages": [
        75,
        85
      ],
      "shares": [
        1,
        0.9,
        0.8
      ]
    },
    "survivorSpendingShareOurAssumption": 0.7,
    "guardrails": {
      "lower": 0.8,
      "upper": 1.2,
      "cut": 0.1,
      "raise": 0.1,
      "freezeYears": 2
    },
    "nzSuperIndexing": "CPI (held level in real terms), optional growth with wages",
    "taxThresholds": "held level in real terms",
    "policyAge67Assumption": {
      "act": {
        "from": 2027,
        "to": 2035
      },
      "national": {
        "from": 2044,
        "to": 2052
      }
    },
    "citizensOnlyFrom": 2029
  }
}