Massey retirement guidelines 2025: the eight spending figures explained

The Massey University New Zealand Retirement Expenditure Guidelines are the standard benchmark for what retirement costs here. The 2025 edition (the 14th, published October 2025) gives eight weekly spending figures: for one or two people, on a No Frills or Choices lifestyle, in a metro or provincial area. They range from $580.75 a week (one person, No Frills, provincial) to $1,780.32 (two people, Choices, metro). They describe what retired households actually spend, not what they should, and they assume you own your home. Rules checked 12 November 2026.

The eight figures

Total weekly spending, at prices as at 30 June 2025 (Massey REG 2025, Tables 1 and 2):

The report is written by Associate Professor Claire Matthews at Massey's Fin-Ed Centre and sponsored by Financial Advice New Zealand. Sorted's retirement calculator uses these figures for its spending suggestions. No 2026 edition had been published when we checked on 12 November 2026.

What No Frills, Choices, metro and provincial mean

The figures come from Stats NZ's Household Economic Survey for the year to 30 June 2023. Massey picks out "retired" households, where at least one source of income is NZ Super, a war pension or another government pension, and adjusts their spending for inflation to 30 June 2025.

• No Frills is the average spending of the second quintile: retired households in the 20% to 40% band when ranked by spending. It is a basic but not deprived lifestyle.
• Choices is the average of the fourth quintile: the 60% to 80% band. It reflects households with more room for discretionary spending. It is not a luxury budget; the top fifth spends more.
• Metro means the main cities. In earlier editions Massey defined this as Auckland, Wellington and Christchurch.
• Provincial means everywhere else.

Because these are averages of real households, they move around in ways a designed budget would not. For two people, No Frills metro ($937.38) is lower than No Frills provincial ($1,060.65), even though cities are usually dearer. For one person, metro and provincial Choices are only $18.73 apart. These quirks come from the survey samples, so do not read too much into small differences between cells.

How much of each budget NZ Super covers

Set against today's NZ Super ($555.15 a week for a single person living alone and $854.08 for a couple, after tax at M), the figures show how central NZ Super is:

For a No Frills lifestyle, NZ Super covers between about four fifths and almost all of the budget. Only a Choices couple in a main city relies on savings for more than half of their spending.

A single person who shares a home gets the lower sharing rate of $512.45 a week. Against the No Frills metro figure that leaves a gap of $192.89 a week rather than $150.19, which needs about $367,000 at 65 to last to 95 in 9 of 10 markets on our assumptions. Massey's single figures are for one-person households, so a sharer's own spending may well be lower too.

Massey’s gaps and lump sums

Massey compares each figure with NZ Super at 1 April 2025 ($538.42 a week for a single person living alone, $828.34 for a couple, after tax at M) and works out the lump sum at 65 needed to fill the gap:

Massey's lump sums use the Sorted retirement calculator: retire at 65, live to 90, a balanced fund returning 3.5% after fees and tax, 2% inflation, rounded to the nearest $1,000. We reproduce seven of the eight exactly with that method; the eighth is within 0.2%.

One small inconsistency: Table 1 of the report prints NZ Super at the April 2024 rates, while the gap tables use April 2025. We follow the gap tables.

Updated for 2026 NZ Super, to 95, in 9 of 10 markets

NZ Super rose about 3.1% on 1 April 2026, to $555.15 a week single and $854.08 for a couple, so every gap is now smaller. But our calculators use more cautious assumptions than Massey: the 2.5% return after 65 used on KiwiSaver statements, a plan to 95 rather than 90, and a lump sum that lasts in 9 of 10 simulated markets rather than on average returns. Here is each cell on that basis:

Note that this mixes 2025 spending figures with 2026 NZ Super. Prices rose too, so the true 2026 gaps are a little larger; we will update when Massey publishes a 2026 edition. Our how much do I need to retire guide explains step by step why our figures are higher, and the how much do I need calculator lets you pick any cell or enter your own spending.

How to use the guidelines well

• As an anchor, not a target. They show what similar households spend. Your own bank statements are a better guide to your future. Our retirement budget guide shows how to build your own figure.
• If you rent, add rent. The figures assume most households own their home. Massey notes a room in a shared house costs around $250 a week, and renting a one or two bedroom place alone is likely $400 to $500. Covering $250 a week from 65 to 95 in 9 of 10 markets needs about $476,000 on our assumptions, against Massey's $271,000. See renting in retirement.
• Expect spending to change with age. The figures are averages across all retired ages. Spending tends to be higher in your late 60s and lower in your 80s, apart from health and care.
• Remember one-off costs. A new car, a roof or a big trip sit outside a weekly average.
• Choose metro or provincial by where you will live, not where you live now, if you plan to move.
• Mind the date. The 2025 figures are prices at 30 June 2025, built from a survey of spending in 2022/23. Prices have risen since, so treat them as a slightly low estimate of today's costs until a new edition appears.
• Think about which quintile you are really in. Most people picture themselves as average. If your working-life spending was well above average, a No Frills figure may feel very tight; start from your own spending and use Massey to sense-check it.

This is general information, not financial advice.

Questions

What is the difference between No Frills and Choices?

No Frills is the average spending of retired households in the second fifth by spending; Choices is the fourth fifth. Choices reflects households with more room for discretionary spending.

Which cities count as metro?

Massey has defined metro as Auckland, Wellington and Christchurch in earlier editions. Everywhere else is provincial.

Do the Massey figures include rent or a mortgage?

They assume most retirees own their home, so they do not allow for rent or mortgage repayments. Add those separately.

Why are Massey’s lump sums lower than this site’s?

Massey uses Sorted's assumptions: 3.5% a year, 25 years to age 90, average returns. We use 2.5% after 65, plan to 95 and want the money to last in 9 of 10 markets. With Massey's own method we reproduce their figures.

Is there a 2026 edition of the Massey guidelines?

Not when we checked on 12 November 2026. The 2025 edition, published in October 2025, is the latest. We will update our figures when a new edition appears.