Free money from the Government? Yes please!

June 30 is just around the corner. Have you put enough into your KiwiSaver this year to make sure you receive the maximum contribution from the government?

The maximum you can receive is $521.43 this financial year. If you aren’t making regular KiwiSaver contributions, you might want to log into your KiwiSaver account to see if you are on track to receive the full amount. If you haven’t, you can always top it up so that you do.

How it works is that each year the Government pays 50 cents for every dollar you contribute to your KiwiSaver account (if you meet certain conditions), up to $521.43. So if you contribute $1,042.86 annually you will get the full government contribution.

To qualify for a government contribution, you must be:

  • aged 18 or over
  • living in New Zealand
  • not yet eligible for a retirement withdrawal, currently reaching the age of 65.

You need to be contributing a little over $20 a week to hit the maximum target. If you are self-employed or on a contributions holiday, you might not be putting enough in. Why don’t you take a few minutes and check your KiwiSaver account to see if you are on track.

How to make voluntary contributions to your KiwiSaver account:

  1. Log into your online banking.
  2. Under payees, search for your KiwiSaver provider i.e Booster KiwiSaver, ANZ KiwiSaver or Milford KiwiSaver. Most providers are already pre-registered with the banks as a payee, so all of the information should pre-populate.
  3. Make sure you have your KiwiSaver member number/investor number handy to ensure the money goes into your correct account.
  4. From here you can either make a one-off lump sum payment. Or you can choose to set up a regular Automatic Payment.

Even if you don’t contribute $1,042.86 over the year, you’re still eligible to get some government contribution – as long as you pay in some money before 30 June.

We are always here to help, so if you have trouble logging onto your KiwiSaver account, or can’t work out how to make the voluntary contribution, give our KiwiSaver team a call.

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