Still haven’t got KiwiSaver sorted out? Perhaps you have an account, but aren’t contributing much or are still confused by it all? Well, now’s the time to take our advice!
I speak with people every day who still don’t see the point of making contributions into their KiwiSaver account or find the whole thing too complicated.
So, here’s KiwiSaver in three easy steps:
> You make a contribution to your KiwiSaver savings of a recommended minimum of $20.06 per week
> The government will then put $521.43 per year into your account
> The funds are locked in until you reach 65 years old (with the exception of a first home withdrawal), and at 65 you can choose to take the money out in a lump sum or have it drip fed to you.
Simple!
KiwiSaver is a no brainer and unless you are one of the lucky ones who have enough savings or investments to see you through your retirement you are going to struggle living on a pension. Why not try living on a pension for a month and see how you do – the basic benefit is $366.94 per week for a single person and $564.52 per week for a couple. Of course you may be entitled to other benefits such as an accommodation supplement but I would suggest that you don’t rely on that.
Every year we ring our clients to ensure their KiwiSaver savings are working their best for them. Sometimes people need a bit of strong-arming into it – but trust us, it’s for their own good!
So next time we give you a call about your KiwiSaver please do take a few moments to ask questions and take ownership of your account – if you don’t you may be very disappointed when you hit retirement.
What you do now will make a profound difference to your KiwiSaver account at age 65.
If you do have questions, don’t wait for us to ring you – drop our KiwiSaver advisers an email or call at the office any time (06 870 7050). We are only too happy to answer your questions and make suggestions as to how you can make your KiwiSaver money work for you.
Photo by Towfiqu barbhuiya on Unsplash
