Gap between pension and cost of living widens: research

Latest research from Massey University shows the gap between what retirees get from the state and the cost of even a no-frills lifestyle has widened significantly and many are working beyond 65 to pay for it.The Westpac Massey Fin-Ed Centre calculates what retirees currently spend to maintain their lifestyle, and what they receive in New Zealand super. Report author, Dr Claire Matthews from the Massey Business School, says the gap has at least doubled for most households, which is a significant change from previous reports. But she says the it also shows households are becoming better prepared for retirement, topping up their superannuation payments through savings or working longer.