Partial / Semi-Retirement Calculator NZ 2026/27

Quick answer: Add your part-time income and NZ Super together, subtract that from your desired annual spending, and the difference is the top-up you need from savings each year. In the worked example below, $15,000 of part-time income plus $28,867.80 of NZ Super (single, living alone) against $58,000 of desired spending needs a $14,132.20 a year drawdown from a $200,000 balance, which lasts about 19.9 years at a 3.5% Balanced return. Enter your own numbers below.

This partial retirement calculator works out how long your savings will last once you combine part-time work, New Zealand Superannuation and a drawdown from your KiwiSaver or other savings to cover your living costs. Semi-retirement, sometimes called partial retirement or phased retirement, is increasingly common in New Zealand. Rather than stopping paid work altogether, many people cut back to a few days a week, take on consulting or casual work, or step down to a lower-paid role, then top up the gap between that income and their desired spending from their savings. You enter your NZ Super status, whether you are eligible yet, and if so your living situation, since the rate differs for someone living alone, someone sharing, and a member of a qualifying couple, your annual part-time or other income, the savings balance you have available to draw down, your desired annual spending, and an expected return on the balance that is not yet spent. The calculator works out the annual top-up you need from savings once your part-time income and NZ Super are added together, then works out how many years that balance will last at your chosen return, or confirms it could last indefinitely if the return on the balance already covers what you need to draw. It updates instantly as you type. This suits anyone weighing up cutting back their hours, checking whether a part-time income bridges the gap to NZ Super, or wanting a realistic number for how long a KiwiSaver balance will support a semi-retired lifestyle. General information only, not financial advice.

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Updated  Current rates and legislation applied.
Verification & Methodology
NZ Super rates: $1,110.30 a fortnight single living alone, $1,024.90 a fortnight single sharing, $854.08 a fortnight for each partner in a qualifying couple, net amounts on the standard M tax code from 1 April 2026. Annualised over 26 fortnights: $28,867.80, $26,647.40 and $22,206.08 respectively, matching the figures on our NZ Super Rate Calculator.
Expected return options: Conservative 2.5%, Balanced 3.5%, Growth 4.5%, Aggressive 5.5% a year, net of fees and after a 28% prescribed investor rate, in line with published FMA/Sorted return ranges. General planning assumptions, not a forecast for any specific fund or provider.
Method: Annual drawdown needed = desired spending − (NZ Super + part-time income). If that drawdown is at or below the balance multiplied by the return rate, the balance never falls and lasts indefinitely. Otherwise, years until the balance reaches zero = −ln(1 − return rate × balance ÷ drawdown) ÷ ln(1 + return rate).
Last verified: July 2026, against Work and Income NZ Superannuation rates and published FMA/Sorted fund return ranges.
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19.9 years
until your balance reaches zero, at a 3.5% return
NZ Super a year$28,867.80
Part-time income a year$15,000.00
Combined income before savings$43,867.80
Desired annual spending$58,000.00
Return earned on balance a year$7,000.00
Drawdown needed each year$14,132.20

Annual drawdown = desired spending minus (NZ Super plus part-time income). If that drawdown is at or below the return the balance earns, it lasts indefinitely; otherwise years = −ln(1 − return rate × balance ÷ drawdown) ÷ ln(1 + return rate). A planning estimate only: it assumes a constant return and steady income and spending, and does not model market volatility, sequencing risk, inflation or tax.

Next step: If the years shown feel short, the two biggest levers are usually your part-time income and your fund type, both worth checking before you touch your spending. A few extra hours of part-time work often closes more of the gap than a change in investment return, and shifting to a fund type that suits the drawdown phase, rather than the one you picked while still building your balance, is worth reviewing with your KiwiSaver provider. Compare fund options and past performance using the free Sorted KiwiSaver Fund Finder, or see how a lump sum withdrawal compares with staged drawdown at 65 using our KiwiSaver at 65: Lump Sum vs Drawdown Calculator.

How this calculator works

This calculator works in two steps. First, it adds your NZ Super and part-time or other income together, then subtracts that from your desired annual spending to give the annual drawdown you need from savings. If your combined income already covers your spending, there is no drawdown. Second, where a drawdown is needed, it is compared with the return your remaining balance earns each year, the balance multiplied by your chosen return rate. If the drawdown is at or below that return, the balance never falls, since growth replaces what you take out, so it lasts indefinitely. If it is larger, the calculator solves for the years until the balance reaches zero, using the same approach as our Retirement: How Long Will My Money Last Calculator.

NZ Super while working part-time

NZ Super is paid at a standard rate from age 65 and is not income tested, so part-time work or savings do not reduce the payment. The rate depends on living situation: $1,110.30 a fortnight living alone, $1,024.90 sharing, and $854.08 for each partner in a qualifying couple, net on the M tax code from 1 April 2026. Annualised over 26 fortnights, that is $28,867.80, $26,647.40 and $22,206.08 a year. Combining part-time income with NZ Super, rather than relying on one or the other, is what makes semi-retirement work for many: part-time income covers a chunk of spending, NZ Super covers another from 65, and savings only need to bridge the gap left.

Choosing a fund return as you draw down

The return you choose matters as much in drawdown as it did while building up your balance, but the trade-offs differ. A higher return, such as Growth or Aggressive, stretches your balance further on paper, but also means bigger swings, which is riskier when you are simultaneously taking money out, since a market fall early in drawdown can do lasting damage that the same fall would not cause during accumulation. That is one reason many people shift towards a Conservative or Balanced fund as they move from saving to spending. As a guide, net of fees and after a 28% prescribed investor rate, Conservative funds average around 2.5% a year, Balanced around 3.5%, Growth around 4.5%, and Aggressive around 5.5%. These are broad planning ranges, not a forecast for any specific fund.

Worked example

Take someone aged 66 doing part-time consulting for $15,000 a year, who lives alone and receives the full single living alone rate of NZ Super, $28,867.80 a year, together $43,867.80 before touching savings. Their desired annual spending is $58,000, so the gap to cover from savings is $14,132.20 a year. They have $200,000 in KiwiSaver and other savings, in a Balanced fund assumed to return 3.5%, earning roughly $7,000 a year on the full balance. Since the $14,132.20 needed is more than the $7,000 the balance earns, it is drawn down over time, and solving the compounding formula shows it lasts about 19.9 years, comfortably into their mid-eighties. Dropping the part-time income to zero would shorten that considerably, showing how much it does to stretch the savings.

If your income already covers your spending

Not every result is a countdown. If part-time income and NZ Super already add up to more than desired spending, there is no drawdown: the balance stays fully invested and, at the chosen return, keeps growing. For example, someone earning $20,000 part-time plus the living-alone NZ Super rate of $28,867.80 has $48,867.80 of income before savings. Against desired spending of $45,000, that is a surplus of $3,867.80 a year, and the calculator shows Indefinitely, since the balance is untouched.

What this calculator assumes

  • Part-time income, NZ Super and desired spending are treated as after-tax amounts, with no separate income tax, ACC levy or PIR applied inside the calculator.
  • NZ Super rates are net amounts on the standard M tax code from 1 April 2026, and assume you already meet the residency and age requirements.
  • A constant expected return every year on the balance, and steady part-time income and spending, neither adjusted for inflation over the years shown.
  • The drawdown is spread evenly each year, and the calculator does not model market volatility or a run of poor early returns, sometimes called sequencing risk.

Who this calculator is for

This is for anyone planning to step back from full-time work gradually rather than all at once, whether that means cutting hours, moving to consulting or casual work, or taking a lower-paid role while topping up the difference from KiwiSaver or other savings. It suits people approaching 65 checking how part-time income bridges the gap until NZ Super starts, people already over 65 combining NZ Super with part-time work and a savings drawdown, and anyone wanting an honest, numbers-based answer to how long their balance will actually last under a realistic semi-retirement income mix.

Frequently Asked Questions about partial and semi-retirement

What is partial or semi-retirement?

Stepping back from full-time work gradually rather than stopping in one go, often by cutting hours, moving to casual or consulting work, or taking a lower-paid role, then topping up the difference between that income and your living costs from savings or NZ Super.

Can I receive NZ Super while working part-time?

Yes. NZ Super is not income tested, so you receive the full standard rate alongside part-time earnings or any other income. Extra earnings can change the tax code applied to your combined income, but they do not reduce the NZ Super entitlement itself.

How is the years my savings will last figure calculated?

The calculator adds NZ Super and part-time income, subtracts that from desired spending to find the annual drawdown needed, then compares it with the balance's return. At or below that return, the balance lasts indefinitely; otherwise it solves for years until it reaches zero.

What if my part-time income and NZ Super already cover my spending?

Then no drawdown is needed. The calculator shows a surplus instead, and the result reads Indefinitely, since the balance is untouched and, if it stays invested, keeps growing at your chosen return.

What return should I use for my remaining balance?

A realistic long-run figure net of fees and tax, not a single strong year. As a guide, Conservative funds average around 2.5% a year, Balanced 3.5%, Growth 4.5%, and Aggressive 5.5%. Many move to a more conservative fund once they start drawing down.

Does this calculator account for tax?

No. Treat part-time income, NZ Super and spending as after-tax amounts, since the calculator applies no income tax, ACC levy or PIR. Extra income can affect your tax code, so check take-home figures with Inland Revenue or your payroll for precision.

What happens once I stop part-time work altogether?

Set part-time income to $0 to see how long your balance lasts on NZ Super and savings alone. Part-time income is often the biggest bridge to NZ Super, so removing it can shorten how long the balance lasts.

Can I use this calculator before I turn 65?

Yes. Choose "Not yet 65, no NZ Super", and the calculator works out your drawdown from part-time income and savings alone. Once NZ Super starts at 65, select your living situation to see how much longer the same balance lasts.

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Official NZ sources

This calculator is built from primary New Zealand sources. Always confirm current figures against the official source for your situation: