Partial / Semi-Retirement Calculator NZ 2026/27

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.

Related calculators

• Retirement: How Long Will My Money Last Calculator: the same drawdown-duration formula on a savings-only basis, without part-time income or NZ Super.
• KiwiSaver at 65: Lump Sum vs Drawdown Calculator: compares taking a lump sum against staged drawdown once you reach 65.
• NZ Super plus KiwiSaver Combined Income Calculator: see your total likely retirement income from both sources together.
• Retirement Number Calculator: work out the target nest egg you need before you even get to a drawdown plan.
• Retirement Savings Shortfall Calculator: check whether your current KiwiSaver contributions are on track to reach your target before you retire.

Official NZ sources

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

• Work and Income, NZ Superannuation rates and eligibility
• Inland Revenue (IRD), KiwiSaver, withdrawals and tax codes
• Sorted (Te Ara Ahunga Ora, Retirement Commission), KiwiSaver Fund Finder and fund return guidance