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.
