Could ‘that day’ be sooner than you think?

When Paul Mason, a graphic designer turned entrepreneur, sold his cycle apparel business in 2020, he faced a question many New Zealanders ask: Can I afford to retire now? Aged 57 at the time, Paul enlisted the help of online retirement calculators but found them ill-equipped to accommodate his circumstances or answer his questions.

“The online tools I tried all defaulted to a retirement age of 65. This didn’t reflect my circumstances or those of many of my friends who had worked hard to gain financial freedom earlier in life,” says Paul.

Driven by curiosity and a desire to help others, Paul built his own retirement model. It wasn’t long before friends began using it, too. Some discovered they could retire earlier than expected. The impact was life-changing.

Recognising the need for more intuitive, anonymous, and empowering tools, and with the time and focus afforded during the COVID-19 lockdowns, Paul transformed his model into a free to use website: www.thatday.co.nz. ThatDay is a Charitable Trust designed to help New Zealanders understand how much they need to save and invest to fund their retirement, on their terms.

Paul says the key features that set ThatDay apart from other online retirement calculation tools include:

• Calculating KiwiSaver balances automatically, including for couples, in a single step.
• Allowing users to choose any retirement age, not just 65.
• Showing both the lump sum, and regular savings contributions required to fund their desired retirement lifestyle.
• Providing actionable savings advice by assessing discretionary spending and providing guidance on ways to comfortably reduce this.
• Allowing users to save and update their ‘Retirement Snapshot’, transforming the platform from a one-off retirement calculator into a dynamic retirement planning tool that evolves with the user.

In contrast, other tools require manual input of projected KiwiSaver balances, assume retirement at 65, and separate budgeting advice from retirement planning, making the process more fragmented and less user-friendly.

To validate the tool’s financial assumptions, Paul collaborated with the University of Auckland Business School’s Master of Applied Finance programme. He says the result is a robust, accessible platform that empowers users to take control of their financial futures.

Craigs Investment Partners was an early supporter of ThatDay’s development. As the foundation funding partner, Craigs enabled the continued development and public launch of the tool in 2023. Today, ThatDay features four financial services partners, including Craigs, who offer support to users ready to take the next step in their retirement journey.

“We saw real value in supporting ThatDay because it aligns with our holistic approach to financial planning and our goal to help New Zealanders make informed, confident decisions about their financial futures,” says Jeremy Williamson, Head of Private Wealth and Markets at Craigs. “It’s a tool that simplifies a complex topic, enables people to better understand their overall financial circumstances and goals, and empowers them to take action, wherever they are on their path to financial independence and retirement.”

Paul hopes ThatDay will inspire a shift in how New Zealanders think about money, encouraging smarter spending and earlier financial freedom.

“Retirement planning shouldn’t be intimidating or confusing,” says Paul. “ThatDay is about giving people clarity, confidence, and control, so they can live the life they want, sooner.”

For more information, visit thatday.co.nz.

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