A survey reveals almost half of superannuaints cannot afford their retirement.
More than 500 people over the age of 65were questioned last month by Westpac Bank and Massey University for the Financial Education and Research Centre.
Of these, 47% felt they had adequate financial resources to meet their retirement needs.
The Financial Education and Research Centre says the cost for a couple to live a life with just a few luxuries is up to $761 a week.
At the moment, superannuation for a couple is about $536 a week.
The survey also found that a quarter of retirees have to supplement their pension with some sort of paid employment, and 46% say retirement is not what they thought it would be.
Financial Education and Research Centre director Pushpa Wood says the results are a wake-up call for people to stop and think about the sort of lifestyle they would like to have when they retire.