# Massey University Fin-Ed Centre — New Zealand Retirement Expenditure Guidelines: Annual Update 2025 Document ID: doc-0081 Publisher: Massey University Fin-Ed Centre Catalogue publication/document date: October 2025 Physical PDF pages: 28 Original capture/access label: June 2026 Original and primary sources reviewed: 9 October 2026 [Preserved bundled original](/pdfs/2025%20-%20Massey%20-%20NZ%20Retirement%20Expenditure%20Guidelines.pdf) [Primary publisher source](https://www.massey.ac.nz/documents/2292/new-zealand-retirement-expenditure-guidelines-2025.pdf) ## What the document contributes Claire Matthews’s 2025 annual update reports observed expenditure for eight pension-receiving household groups, using 2022/23 Household Economic Survey data adjusted to June 2025 prices. No Frills and Choices describe averages for selected income quintiles rather than recommended minimum budgets. Labelled tables compare spending with April 2025 NZ Super rates and illustrate savings assumptions. A dedicated housing section examines mortgages, rates, renting and retirement-village costs, explaining why current retiree averages understate some future renters’ needs. This is a distinct edition from the 2024 update first published in January 2025. Conflicting headline rate and inflation figures in the original are disclosed in the companion brief. ## Substantive findings - The 28-page Annual Update 2025 was first published in October 2025 by Massey’s NZ Fin-Ed Centre, with Financial Advice New Zealand support; Claire Matthews is the author (physical pp. 1–2). - The base is the 2022/23 Household Economic Survey, adjusted by category CPI to June 2025. A retired household is defined by receipt of NZ Super, a war pension or another government pension, and may include people still working (printed pp. 5, 23–24). - No Frills uses average spending of the second household-income quintile; Choices uses the fourth. The eight groups combine one/two people, Metro/Provincial locations and these two quintiles; they are observed averages, not prescribed budgets (printed pp. 5, 23–24). - Table 5 gives weekly expenditure of $580.75–$790.62 for the four one-person groups and $937.38–$1,780.32 for the four two-person groups, in the June 2025 update (printed p. 9). - Table 4 uses April 2025 after-tax M-code NZ Super of $538.42 weekly for a single person living alone and $828.34 for a qualifying couple. Table 5 spending exceeds those historical rates for each group; Table 1’s headline rates differ (printed pp. 6, 9). - The housing section explains that current retiree cohorts have high home ownership, considers mortgage/rates/maintenance costs, and uses August 2025 market-rent examples. It does not forecast future household expenditure or establish current rents (printed pp. 13–17). - Sampling, participant recall/diaries and small expenditure subclasses limit precision. Savings illustrations depend on explicit assumptions; neither these averages nor their lump-sum examples replace a budget based on an individual’s circumstances (printed pp. 10–12, 23–24). ## Identity, dates and provenance Physical p. 2 states FIRST PUBLISHED OCTOBER 2025. Massey’s related news page is labelled last updated 28 October 2025, which does not establish the first publication day. The bundled PDF has SHA-256 4cb46064ddb75ca14b9e296c56a962cda46ad9f167e2030ce2d6d6b9c91eaba0. The current Massey download has different bytes (0431eef83611b8825cb69ddab3bfafca99de0f1083628f4dd25ede4e3c2b9355), but all 28 pages have identical whitespace-normalised extracted text. The original bundle remains intact. Doc-0075 is a different 2024 edition, not a duplicate to merge. The June 2026 capture/access label is retained as catalogue history. The October 2026 review does not change the original PDF or turn historical findings into current outcomes. ## Where to check the original Physical pages are one greater than printed pages after the cover: physical p. 6/printed p. 5 methods; physical pp. 7–11/printed pp. 6–10 key findings and Tables 1–6; physical pp. 14–18/printed pp. 13–17 housing; physical pp. 24–25/printed pp. 23–24 methods/limits. Table 1 uses older NZ Super figures ($519.47/$799.18), whereas Tables 4–5 use $538.42/$828.34. The key-findings inflation range (2.54–3.16%) and statement about two groups above CPI do not agree with Table 2 (2.33–3.02%, five groups above 2.70%). These inconsistencies are preserved and disclosed, not silently resolved by changing the PDF. ## Evidence limits Annual Update 2025, first published October 2025, 28 physical pages; distinct from doc-0075’s Annual Update 2024 first published January 2025. Observed 2022/23 pension-receiving household data adjusted to June 2025 are not recommended budgets, future forecasts or current rates. Conflicting original headline rates/inflation summaries are disclosed; labelled Tables 2, 4 and 5 govern the cited comparisons. Original PDF and June 2026 access label preserved. ## Additional primary sources - [Massey report series](https://www.massey.ac.nz/research/research-centres/financial-education-and-research-centre-fin-ed-centre/) - [Massey related news (web update 28 October 2025)](https://www.massey.ac.nz/about/news/is-kiwisaver-enough-after-buying-a-first-home/)