You can save for your retirement with KiwiSaver. But how does it work? And whom should you invest with? INNOVEST is here to help you understand this great scheme and how small amounts put away now can return big dollars late.
- What is a KiwiSaver fund?
- How much do you contribute?
- When can you use the funds?
KiwiSaver is a voluntary, work-based savings initiative with a range of membership benefits. These include regular contributions from your employer, an annual member tax credit paid by the government and eligibility (conditions apply) to withdraw it towards the deposit of your first home.
The scheme is managed by a number of private companies called KiwiSaver providers. These include, but are not limited to banks.
You can choose to contribute 3%, 4% or 8% of your pay towards your KiwiSaver.Your employer must contribute a minimum of 3%. If you’re self employed, you agree with your KiwiSaver provider how much you contribute.
Generally KiwiSaver is locked till you’re eligible for NZ Super (65 years). It does not affect or reduce the amount of Super you receive.
You may be eligible to draw on your KiwiSaver when purchasing your first home. Alternatively it can be withdrawn if you’re moving overseas permanently, are suffering significant financial hardship or are seriously ill.
Why do you need us?
It is widely known that most people don’t fully understand KiwiSaver. According to research many of us are invested in cash, default and conservative assets which may not be suitable for long term retirement savings. You could be missing out on hundreds of thousands in your retirement!
We can take you through your KiwiSaver investment options and tell you – without any financial jargon – how things work.
Talk to INNOVEST to find the best KiwiSaver scheme for you.
INNOVEST provides KiwiSaver advice and information to help you find the best KiwiSaver scheme provider for your investment. Get in touch with our highly experienced registered financial advisers in New Zealand to discuss KiwiSaver investment options today!
Everyone has different needs and goals – our financial advisory services include sourcing the best mortgage advisers and personal loan lenders in NZ, working with the best NZ insurance companies to secure you the best deal, arranging car loans and finance, as well as providing the best KiwiSaver advice. Talk to us today!