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You’ve got options:
You can contribute 3%, 4%, 6%, 8% or 10% of your gross (before tax) wage or salary and make additional voluntary contributions.
You’ll need to contribute a minimum of 3% for the first 12 months of membership.
You can make voluntary contributions. You will need to contribute $21 per week for 12 months between 1 July and June 30 to qualify for the FREE Government Contribution.
If you’re 18 or over and contributing at least 3% of your salary or wages to your KiwiSaver, your employer is also required to put in a minimum of 3% of your before tax pay (less employers superannuation contribution tax).
For every $1 you contribute to your KiwiSaver account from 1 July to the following 30 June, the government will match it by 50 cents, up to a maximum of $521.43 per year. You must be at least 18 to qualify.
KiwiSaver is heavily regulated by the government. Regardless of who you select as your provider, your money is managed and distributed by an independent trust separate from the provider. This provides more security and peace of mind around our money that is being invested.
Long-term investing, such as KiwiSaver, can be daunting, especially with the current market volatility. Panic changing fund types is likely to cause you to lose out on potential gains in your investment in the long run.
Covid is a great example. Unfortunately, many Kiwis changed funds immediately after Covid hit (March 2020) resulting in a loss that for some will take years to recover from.
Your weekly amount figure is based on a life expectancy of 90, and does not include your New Zealand Superannuation entitlements.
Your KiwiSaver account returns are subject to investment and other risks (including potential losses). No returns are guaranteed or assured, and returns can at times be negative, particularly given the length of the investment period shown in the illustration. Past performance is not necessarily an indicator of future performance and returns over different periods may differ.
At IKONIK, we’re passionate about financial education and helping everyday kiwis take control of their financial futures. We believe the unique service we offer is life changing. If you enjoyed your IKONIK experience as much as we enjoyed helping you , we’d love to help your loved ones too.
TOGETHER WE CAN MAKE A DIFFERENCE!
Whilst fees are an important factor in assessing the competitiveness of a scheme, studies have shown that “there is often an inverse relationship between fees and investment outcomes achieved by members, as those funds with the lowest fees will often provide lower investment returns than their higher fee counterparts”
Socially responsible investing (SRI) typically excludes investing in companies or industries that could have wider negative effects on the environment or society.
Choosing to invest in an SRI fund means you can avoid investing in companies or industries that don’t align with your personal values such as:
• Fossil fuels
• Nuclear power production
• Military weapons manufacturing
• Civilian firearms production
• Tobacco production
• Alcohol production
• Gambling operations
• Adult entertainment
• Genetically modified organisms
Some providers offer online forms, tools, calculators and information on how to optimise your KiwiSaver.
More communication is not always better communication, but if the provider gives you options on how you like to be reached, that usually helps too.