Kiwis over 65 lead jump in income from self-employment
"As a 68 year old, I would love to retire, but I don't understand how anyone can survive on the government superannuation."
Featured comment(BusinessDesk) Older Kiwis may be less inclined to put their feet up, based on the latest quarterly income survey, which shows a jump in income for the self-employed aged 65 and above.
The median weekly income from self-employment for those aged 65 and above increased by $19 a week, or 5.3%, to $384, Statistics New Zealand's June quarter income survey shows. The proportion of that age-group getting income from self-employment rose to 7.5% from 6%.
For all New Zealanders surveyed, the median weekly income from all sources rose 1.8% to $560 and for those receiving income from wages and salaries, up 0.7% to $806. Median hourly earnings climbed 2.4% to $20.86.
The number of people receiving income from government transfers lifted 3%, with a 5% jump in the number of people aged 65-plus being the main contributor to this rise.
The median weekly income from all sources for Maori was up 3.4% to $475, while the equivalent non-Maori increase was 2.7% to $575 a week.
Aucklanders had the highest median weekly income from paid employment at $863 and Wellington the second-highest at $850.
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Comments and questions6
You cant win - older folk dont want to retire but get pushed or opt for self employment, then word on the street is IRD are upset about all the small gst transactions and are questioning the 'trading status' of these grey entrepreneurs. In other words IRD is broke and they find it easier to rattle the small change than chase the big boys.
Thats what happens when the backside falls out of super funds worldwide- comes time to use it and you can't survive on the returns , and unlikely they will return to a stage they will provide the returns they need in their lifetime - what options do the grey brigade have????? It is fair to expect they are able to survive , I'd say earning a bit is a whole lot better than leaning on the government
As a 68 year old, I would love to retire, but I don't understand how anyone can survive on the government superannuation.
So i will carry on for a while yet, as i don't want a "bread and water" lifestyle.
Of course one cant survive on government superannuation.
You need a freehold dwelling and a gross income of nzd 100k to have anything like a decent retirement.
Someone tell Bernard Hickey the baby boomers are still working productively.
Let's face it, most super-fund schemes are basically Ponzis in disguise. The first few get out while the money is still coming in, but the majority don't break even to get their money back (in real terms) and the last few get nothing significant at all.
The magic of compound interest, elastic money supply and inflation dupes them every time. I wonder how much Michael Cullen understood about these matters of elastic money magic. Was he cynical or stupid when he set up the Cullen fund? (Hint, he bought Kiwirail back as his swansong act).