KiwiSaver
What is KiwiSaver?
KiwiSaver is a government-sponsored retirement savings scheme that allows New Zealanders to save for their retirement in a tax-efficient way. It was introduced in 2007 and has since become a popular way for individuals to save for their future.
How does KiwiSaver work?
When you join KiwiSaver, you will choose a provider and contribute money to your account on a regular basis. The government will then match your contributions by up to $521.43 per year. Your money will then be invested in a range of assets, such as shares, bonds, and property.
What are the benefits of KiwiSaver?
There are many benefits to joining KiwiSaver, including:
Tax benefits: Your contributions to KiwiSaver are tax-deductible, which means that you will pay less tax on your income. The government also pays tax on the interest and investment earnings in your account, which means that your savings will grow faster.
Matching contributions: The government will match your contributions to KiwiSaver by up to $521.43 per year. This is a great way to boost your retirement savings.
Investment options: KiwiSaver providers offer a range of investment options to suit different risk appetites. You can choose a more conservative option, such as a cash fund, or you can choose a more aggressive option, such as a growth fund.
Retirement planning: KiwiSaver is a great way to plan for your retirement. It helps you to save for the future and to make sure that you have enough money to live comfortably when you retire.
Is KiwiSaver right for me?
KiwiSaver is a good option for anyone who wants to save for retirement. It is especially beneficial for people who are young and who have a long time to save. However, it is not compulsory to join KiwiSaver. You can choose to join at any time, and you can leave at any time.
How do I join KiwiSaver?
To join KiwiSaver, you need to choose a provider and complete a membership form. You can do this online or through your bank. Once you have joined, you will need to start making regular contributions to your account. The minimum contribution is $1,042.86 per year.
Is KiwiSaver safe?
KiwiSaver is a safe way to save for retirement. All KiwiSaver providers are regulated by the Financial Markets Authority (FMA), which means that they must meet certain standards of safety and security.