Results out today show our expectations don't match reality when it comes to paying off our mortgages.

The Colmar Brunton research commissioned by BNZ shows almost a third of New Zealanders believe they'll have to keep working past the traditional retirement age of 65 to live the lifestyle they want.

But when it comes to mortgages we're less realistic.

Seventy-three percent expect to have it paid off by the traditional retirement age of 65, however one in three will be older than that when they finally pay off the last cent.