New Zealanders and their fund managers can't seem to stomach investing in big, hairy, risky long-term privately funded infrastructure projects.

Business leaders have delivered a blunt message to John Key: Raise the superannuation age. Eighty-eight percent in a Herald survey say retirement funding should be raised to 67, as the debate rages over the country's future.

When I turn 80 and before I need pre-packaged, means-tested care from one of NZ's friendly retirement corporations, I plan to live like a king.

As KiwiSaver's fifth birthday approaches, Tamsyn Parker checks what it has achieved, the arguments it sparks, and the changes still to come.