A new survey shows 62 per cent of Kiwis believe they need to be saving more than they are with 56 per cent of those above 60 saying they don't have enough saved.
The ASB survey of 800 people found another 40 per cent plan on using KiwiSaver for day to day expenses when they retire.
Senior wealth economist, Chris Tennent-Brown, told Mike Hosking how much people need varies drastically from person to person.
"A lot of people have worked out how much they are going to need but still need to keep working and saving to get there and there are other people who are maybe dialling down their expectations as they get older. It really varies a lot because it's such a wide range of situations driving it."
"We don't know how long we are going to live, when we are going to retire and what our work life is going to look like so this is where good planning comes into it."
He said just because you turn 65-years-old doesn't mean you need to use your money.
"A lot of people are getting onto this, there is quite a high proportion of people who think, 'oh well I will leave it in KiwiSaver or invest it in something else'."