I've got $9m, what do I do with it? Ask Susan

RNZ money correspondent Susan Edmunds.

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Need your help. Our bank deposit needs to be re-invested for another six months.

To your knowledge, what are the highest and safest interest rates, as I'm in my 80s and can't make sense of the world anymore. I have approximately $9 million to invest.

With that amount of money, my inclination is to tell you to look for some personalised financial advice.

You should be able to structure your investments to get a stronger return than you'd get from a bank deposit alone.

Your bank may have a private wealth team who can help. The main banks generally offer private banking services to people who have more than about $1-2m to invest.

You could also look for an independent adviser. Financial Advice New Zealand has a directory on its website.

Dean Anderson, who is chief executive at Kernel, says he thinks your financial situation is not likely to be challenging to work out.

"Nine million dollars to invest is a good chunk of change, but I expect the lifestyle expenses would never burn through that, so he has a lot of choices. It is more about getting support to understand what he would like to achieve, if he wants to leave anything to charity, family... and then helping with the literal process of account opening, managing the investment."

I've really enjoyed your coverage around solar power recently. To what extent does adding a solar power set-up increase the sale value of a property?

We're likely to move on from our current house in around 4-5 years, so the usual 'it will pay for itself over the long term' doesn't apply the same way.

I wondered about this too. New Zealanders typically move house every seven years, so lots of us are shifting just at the point our solar systems are forecast to start really delivering returns.

Paul Fuge, general manger at Consumer's Powerswitch, says there's no clear data on this at this stage.

"My view is that solar is currently more likely to be seen by prospective buyers as an added bonus, rather than something that adds a clear dollar or percentage premium to the sale price. It may, however, help sway buyers, when they're choosing between similar properties.

"That said, I think this will change over time, as the value of solar, particularly in terms of resilience and cost savings, becomes more widely understood, especially as electricity prices continue to rise."

I'll be 65 in a few years and will able to access my KiwiSaver, and now I want to plan how to use it. I am single, with no dependents.

I think it was John Key who said he'd like to die on the day he spent his last cent and that is how I'd like to plan for my retirement as well.

I have read various strategies, usually involving drawing about 46 percent of the balance per annum, but most seem to be predicated on the idea that you want to preserve your capital, which I don't. I will be using my KiwiSaver to supplement my Super,

I won't have any other sources of income during retirement. I would be interested to hear the views of your experts.

Koura founder Rupert Carlyon said sometimes people talking about a 4-6 percent drawdown were expecting to use up capital too, depending on how conservatively their investments were structured.

He said it might be that a drawdown of 7 percent a year was achievable, but it was important to be careful with your assumptions.

"You don't want to be caught short, so you don't want to be forecasting a set of balances that run out at 82, and then all of a sudden you live to 95 or you get caught out by a big market crash at the age of 75. Conservatism in your assumptions is critical here."

Edward Glennie, an adviser at Genesis Advice, said if you went to him, he would run your expected KiwiSaver balance at 65 through Lifetime Retirement Income's projection calculator to see what it recommended.

I went to Lifetime founder Ralph Stewart. He says you raise an important point that affects a lot of retirees.

You're potentially in a better position than many - about 40 percent of people over 65 are living on NZ Super alone and another 20 percent have only a bit more.

"For most retirees, spending some of your savings is the only realistic way to top up NZ Super and live comfortably. Very few New Zealanders can live off investment returns alone.

"Spending your savings over 30 years is trickier than it sounds," he said. "You need to make sure your money lasts as long as you do, while keeping up with inflation, and managing investment ups and downs.

"It's very different from saving for retirement - now you need your money to provide regular income, ideally for 30-plus years."

He said it would be something that would need regular monitoring.

"We work out the right mix of shares and bonds to give you the best chance - we aim for 80 percent - that your money will last 30 years. We keep an eye on your investments and adjust them as needed.

"Every year, we recalculate how much you can safely withdraw, and adjust your fortnightly payments up or down to keep you on track."

He said, as an example, a couple aged 69 and 67 with $300,000 in savings could take $438 a fortnight on top of NZ Super, and increase that to $626 with inflation by the time they were 85.

You could check Lifetime's calculator or you could ask your KiwiSaver provider to point you in the right direction for some advice.

I think the next step in the evolution of KiwiSaver will be more help for people in managing their money after they stop work. All the advice so far has mostly been on how to build up a balance, not spend it.

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