For some, that reflection will bring about change.
Have you been spending less during lockdown? Reviewing your spending will help you to draw up a realistic monthly budget.
You can then calculate whether you can afford to retire early.
Your budget should include spending on home maintenance, car upgrades, helping family members, health and travel.
Let's say you need $1000 net per week — so take $52,000 off your total savings for every year between now and age 65.
To keep it simple, stick to actual dollars saved and disregard investment returns, $1000 per week is just an estimate — many couples live on less, while some spend a lot more.
To get an accurate estimate, go through your credit card and bank statements for the past 12 months. There are online tools that you can use for your budget and retirement planning, but a pen and a calculator work well too.
A qualifying couple aged 65 gets $652 per fortnight each in NZ Super — this is the current rate after tax for a couple who both qualify. Using these figures, once you reach the NZ Super qualifying age you will not need to spend $1000 per week of your savings, just $348.
If you both retire now at age 62 and spend $52,000 per year you could use up nearly a third of your savings between now and age 65. This may give you a less comfortable retirement than you were hoping for.
You have done very well to save over $500,000 between you. This will have taken motivation and discipline. Financial independence is important to you, and providing for a comfortable retirement.
The flipside of the coin is your health — many people work too hard to build up their wealth, and don't live long enough to enjoy it. Perhaps during this period of lockdown you have had time to reflect on this aspect of your lives as well.
Going from fulltime work to retirement is a big step. Can either of you move to working part-time? If you can earn enough between you to cover your living expenses, you won't need to dip into your retirement savings just yet.
It will also give you time to decide if you are ready to give up work altogether.
Shelley Hanna is an Authorised Financial Adviser FSP12241. Her disclosure statement is available on request and free of charge by calling 06 870 3838 or go to peak.net.nz. The information contained in this article is of a general nature and is not personalised. Send your KiwiSaver questions to shelley.hanna@peak.net.nz