While young families have been at the forefront of the Aotearoa New Zealand’s housing crisis, there’s an emerging cohort of New Zealanders increasingly impacted – retirees.

The Retirement Commission is warning of a doubling of retirees who have to pay rent by 2048 and more retirees with mortgages costing over 80 percent of the pension. The warning accompanies the release of the Commission’s three yearly review of the country’s retirement income policies.

Released late November, the 2022 Review of Retirement Income Polices reveals that currently, 40% of people aged 65 and over have virtually no other income than NZ Super. Another 20% have only a little more than that.

In casting forward, the report outlines three stories of retirement. The first is the most familiar retirement narrative – a house owned outright with occupants expecting a long and potentially healthy retirement.

The second is a story of greater struggle – even with a house owned outright, but where the occupants are living generally on NZ Super, perhaps asset-rich and cash-poor. This story is also one of a brief retirement, which the Commission notes as is often the case of Māori and Pacific Peoples, whose life expectancy is shorter than Pākeha.

The third story, according to the Commission, is an emerging one – that of the increasing number of older people paying rent and the increasing number still paying a mortgage after 65.

The Retirement Commissioner Jane Wrightson says that with declining home ownership rates, and the rising costs of living, more people are working for longer because they have not managed to save enough, still have mortgages or are paying rent.

“Many Kiwis simply do not have enough money to retire due to their housing situation,” says Wrightson.

Along with a making a strong case for retaining NZ Super settings as they stand, The Retirement Commissioner has made a series of recommendations aimed at ensuring good retirement outcomes for all:

• simplifying saving and spending in retirement
• improving retirement outcomes for Māori, Pacific Peoples and women
• a case to extend the range of housing options for seniors.

The Commissioner says achieving those better retirement outcomes requires cross government and private sector collaboration.

“This cannot be achieved by one agency alone and is why the recommendations I have made do not just sit with government but with all of us in differing ways.”

Read the 2022 Review of Retirement Income Polices here >

The Hello Project a timely reminder

A campaign by adman Greg Partington aims to get New Zealanders looking out for and checking in on their older neighbours. The Hello Project is a multi-platform national awareness campaign to encourage Kiwis to stop, think, reflect, and connect with our kaumātua to help broaden the circle of care and improve access to tools and technologies to those in need.

Launched before Christmas, the Hello Project serves as a timely reminder to be watching for signs that all may not be well with older people who can be particularly vulnerable this time of year.

Partington came up with the campaign after he found his mother lying on the kitchen floor after suffering a debilitating stroke. Hurt and unable to move, she lay alone for 20 hours. Her home lights were on all night, as was her television.

To prevent such events, Partington encourages people to become familiar with neighbours’ habits so they can be more alert to when things don’t seem right.  He also encourages families to use the holiday season as a time to make a plan to periodically check in with older loved ones. A simple ‘hello’ can be all it takes.

Though the campaign ad focuses on a porch light left on, other signals include drawn curtains, rubbish bins not put out, unanswered phone calls, a build-up of mail.

If you are worried about a neighbour can call the police to request a welfare check.

See more about the campaign in this Stuff article.