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Find out how to maximize your KiwiSaver contributions. Getting good advice now could mean HUNDREDS OF THOUSANDS of additional dollars in retirement!
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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.
If you’re contributing to a KiwiSaver scheme from your salary or wages, your employer is required to put in a minimum of 3% of your before tax pay (less employers superannuation contribution tax), if you’re 18 or over.
As an employee paying PAYE, you’ll need to contribute 3% for at least the first 12 months of membership.
If you have not already bought your first home and you have been in KiwiSaver for at least 3 years, you can withdraw all employer’s contributions, your own contributions, plus any returns made on your investments. With recent changes to KiwiSaver you can also now withdraw the governments contributions, except you must leave a $1,000.00 balance.
If you’re a first-time home buyer, or a previous home owner and you’ve been making regular KiwiSaver contributions for 3 – 5 years, you may be eligible for a First Home Grant of up to $10,000. You apply for the grant through Kāinga Ora – Homes and Communities.
You must also make sure the house or land you want to buy meets the property requirements.
In the 12 months before you apply, you must have earned:
Property Value Requirements: https://kaingaora.govt.nz/home-ownership/first-home-grant/check-property-criteria/
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.
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.
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.