The cost of being: A retiree who’s not old enough to get NZ Super yet

As part of our series exploring how New Zealanders live and our relationship with money, a retired empty nester explains how and where they spend, and why being retired is like running a startup.

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Gender: Male.

Age: 62.

Ethnicity: Pākehā.

Role: Retired, empty nester.

Salary/income/assets: No salary, no super – too young still. Drawing $4,000 per month from my investments. My wife does the same.

My living location is: Suburban.

Rent/mortgage per week: Home owner, no mortgage.

Student loan or other debt payments per week: None.

Typical weekly food costs

Groceries: $450 for two.

Eating out: $150 for two.

Takeaways: Not much.

Workday lunches: Nil.

Cafe coffees/snacks: $100.

Savings: It’s all about the spending now. Retirement is like running a startup – you have to get the burn rate right. Too high and you run out. Too low and you aren’t living your best life.

I worry about money: Never.

Three words to describe my financial situation: Comfortable, choices, lifestyle.

My biggest edible indulgence would be: Chocolate, after dinner most nights.

In a typical week my alcohol expenditure would be: Low for me, but my wife likes a glass of wine with dinner.

In a typical week my transport expenditure would be: No petrol (we love our EV). <$10 on the bus. Charging the car would be around $10 a week unless we go out of town. Local trips are on the ebikes.

I estimate in the past year the ballpark amount I spent on my personal clothing (including sleepwear and underwear) was: $1,200.

My most expensive clothing in the past year was: $350 for a lightweight cycle jacket.

My last pair of shoes cost: $250 – tan suede Adidas Gazelles.

My grooming/beauty expenditure in a year is about: $400 for haircuts.

My exercise expenditure in a year is about: $2000 – bike maintenance, clothes, pilates.

My last Friday night cost: $30 for chicken chow mein and half a dozen wontons.

Most regrettable purchase in the last 12 months was: $500 worth of diesel for a Toyota Hilux we hired. Holy crap, 14l/100km – why do people like them?!

Most indulgent purchase (that I don’t regret) in the last 12 months was: An expensive road bike to replace my previous main bike. $12,000 isn’t that expensive right?

One area where I’m a bit of a tightwad is: Phone bills and power bills.

Five words to describe my financial personality would be: Tight, unless it’s a bike.

I grew up in a house where money was: OK, but not plentiful. Solo mum.

The last time my Eftpos card was declined was: Last month (forgot to transfer money).

In five years, in financial terms, I see myself: About the same, spending a bit less of my money as I’ll have Super.

I would love to have more money for: Donations.

Describe your financial low: Post-separation, 10 years ago – it coincided with the end of a contract job and a difficult contracting market. A lot to think about, but I landed on my feet and met my gorgeous (now) wife.

I give money away to: Environmental groups, The Spinoff, my children.