I've lived in Australia all my working life, can I come back for the NZ pension? - Ask Susan

Got questions? RNZ has a podcast, Got questions? RNZ has a podcast, No Stupid Questions, with Susan Edmunds.

We'd love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but - even better - you can drop us a voice memo to our email questions@rnz.co.nz

I was born in New Zealand in 1965 and moved to Australia when I was about 22 years old and have lived here since. I would like to retire back in NZ. If I moved back to New Zealand in the next two years, could I apply for the New Zealand pension at retirement age? Or have I missed the residency boat for living in NZ and applying for the NZ pension? Australia's pension is means tested and I'm trying to avoid.

New Zealand has a social security agreement with Australia, which means you can use the time you spent living in that country to satisfy the residency requirements for the pension here.

If you do this, you can qualify for the pension from 67 in New Zealand - the age you'd be able to apply in Australia.

You may also need to test if you are eligible for anything from Australia and if so, that will be deducted from your NZ Super.

I would question whether this is an agreement that is working well for New Zealand because you've spent most of your working life paying tax in Australia but are proposing to come back here to be supported by New Zealand taxpayers. However these are the rules and maybe you've just caught me on a grumpy day.

I am 70 still working, because I love it and I need to. My question is I am not eligible for KiwiSaver so my employers do not have to contribute anything for me, neither do I. Why can't I still join? I put money aside myself each pay instead.

You can join. The rules have changed so people of any age can join KiwiSaver. Once you're 65 your employer might stop making contributions and you won't get anything from the Government but there's nothing to stop you joining the scheme.

We hear a lot about those who are asset rich but cash poor. But what is the best advice for those in the opposite situation: no assets, some cash (in my case because I was trying to save for a deposit but lost out to the huge increases in house prices up to and beyond Covid). Should we continue to scrimp and scrape in the remote chance the Lotto numbers come up? Or invest in silver and gold? KiwiSaver? Or just blow the savings on a lengthy cruise?

I asked Liz Koh, of Enrich Retirement for your help on this one.

Do you have the ability to buy a house anywhere in New Zealand, in which you would be happy to live? Having a freehold house in retirement makes a big difference.

Koh says if that is out of the question, you'll need to use your money to cover your future living costs.

The asset threshold for the accommodation supplement, for example, is quite low and hasn't been changed for a long time - your savings may mean you don't qualify for this help.

"NZ Superannuation is simply not enough to cover rent or mortgage payments. Keep enough cash on hand to cover whatever you might need for an emergency fund and for essential living costs over the next two to five years. Invest the remainder for the medium and long term in a diversified portfolio or managed fund.

"Investment and speculation are two different things and if you are not asset rich, then speculation in high risk investments such as precious metals is not a good idea. A financial adviser can help choose the best investment options for you."

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