When I turn 80 and before I need pre-packaged, means-tested care from one of NZ's friendly retirement corporations, I plan to live like a king.

As KiwiSaver's fifth birthday approaches, Tamsyn Parker checks what it has achieved, the arguments it sparks, and the changes still to come.

Metlifecare has changed the terms of its much debated $216 million merger deal, as shareholders prepare to vote on the proposal today.

A combination of Kiwis living longer and large numbers of baby boomers retiring in the next two decades means the country needs to consider a new retirement option, warns the Financial Services Council.

Metlifecare's $216m merger with two other retirement village operators has been approved in a report prepared by indepdendent assessors.