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Ready for Retirement? Thrift S7/ E4 Season 7 / Episode 4
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“The idea of staying here and your income just going on maintenance and paying other people to do stuff is just really silly,” Burdon tells RNZ’s Thrift podcast.
She’s planning a low‑budget retirement supported by the many friends she’s made locally. But what does thrifty retirement planning look like?
Think about your vision
Retirement coach Tracey O’Callaghan says people often focus only on whether they have enough money.
To figure that out, she suggests asking in your 50s: What will you be doing for the next 20–30 years? Then audit your budget and consider future costs.
She recommends setting up separate accounts for things like health insurance. “I know with health insurance, as soon as you start hitting 70, 75, that it’s prohibitively expensive.”
She also suggests gradually building an emergency fund for unexpected expenses.
Get your house in order
Before your income drops, prepare for the activities you want to pursue in retirement — whether that’s training for a new business, building raised garden beds, or gathering supplies for a hobby.
It’s also wise at any age to organise wills and powers of attorney, especially before losing a regular pay cheque. Low or no‑cost advice is available from the Citizens Advice Bureau, the Public Trust, or your local library.
Triage the need‑to‑haves from the nice‑to‑haves. “It might be that you’ve been to the beautician or the hairdresser once a month. You might just say, I’ll do it every six weeks instead,” O’Callaghan says.
For downsizing, Burdon believes it’s best to sell while you’re still healthy and have time to find both a buyer and your next home. Sorting through possessions is a big task — she filled half a rubbish bin in one morning —and selling items can provide a small income boost.
“I feel empowered that I’m doing it and I really know I’ve made the right choice.”
Madeleine Burdon believes it’s best to downsize while you’re still healthy and have time to find both a buyer and your next home.
Nate McKinnon
If you’re on a pension, consider ways to supplement your income, O’Callaghan says. Retirement could bring new work, study, business ventures, market sales, growing produce or flowers, or even creating storage space for bikes.
While funds may shrink, free time often grows, meaning tasks you once paid others to do could become DIY.
“This morning I spent my time making sourdough, making kombucha… But now I’m doing all that, which is saving money and using time,” O’Callaghan says.
“So many people now want somebody to cut the grass for them or babysit their kids.”
Burdon, for example, belongs to a time bank community where people exchange skills for free, with everyone’s time valued equally.
Tracey O’Callaghan says tasks you once paid others to do could become DIY.
Nate McKinnon
Who are you when you are retired?
For many, work is their social network. When that ends, some fill their time with costly outings instead of low‑cost catch‑ups at home. Volunteering or joining a committee can help you keep using your skills and stay connected.
If you’re in a relationship and have always had set roles, O’Callaghan suggests renegotiating who does what around the house. Otherwise, it can be tempting to go out and spend money simply to get some breathing space.
