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KiwiSaver Health Check

Updated: Apr 19

With the cost of living on the rise (such as increasing interest rates, fuel, and food), many of us are feeling the pinch. That's why it's so important we know where and how our money is being spent.

A few little tips which might help:

  • Have a scan through your last three months' bank statements and see if there's any costs you can reduce or get rid of (e.g., credit card debt charging you a high interest rate, or unused subscriptions)

  • Make sure you know what your KiwiSaver is doing (e.g., who looks after it, how it's being invested, and what tax rate you're on). A few minor tweaks can make a huge difference to your nest-egg.

  • Understand how compound interest works - Having your money work for you instead of against you is important to help reach your savings or retirement goals.

  • Review your insurances. Pricing has gone up across the market and it's important to ensure your covers still meet your needs.

Boost your KiwiSaver account with up to $521 from the government

As you may already know, the Government puts in 50cents for every dollar you contribute to your KiwiSaver, up to a maximum of $521 per year (July 1- June 30) (so you would have put in at least $1,042 to get the $521 maximum). That's a 50% return on your money!

If you don't manage to put the full amount in, the Government still puts in 50 cents for every dollar you have contributed (e.g., if you put in $600, the government will put in $300). Your contributions need to be in your KiwiSaver account by the cutoff, 30th of June. KiwiSaver Government Contributions make a significant difference An 18-year-old getting the Government contribution each year could have as much as $36,000 more for their retirement when they reach 65. Employed? You may already qualify for the full Government Contribution If you're an employee earning $34,762 or more and are contributing at least 3%, you're set to receive the full $521 from the government.

Topping up your KiwiSaver if you haven't put in $1,043 If you're self-employed, work part time, a stay-at-home parent, or on a savings suspension, you may not have contributed to your KiwiSaver in the last 12 months. The best thing to do is contact your KiwiSaver provider or myIR and see how much you've contributed. You may then decide to top up your account (with whatever you can comfortably manage) before the cutoff at the end of June. KiwiSaver is a long-term savings initiative to help you get ahead. Whether that may be for your first home, or your nest-egg for retirement, this can be an integral part of your overall financial strategy. Government contribution eligibility criteria

  • You're a member of a KiwiSaver scheme and mainly live in NZ

  • Between 18-65 years of age

  • Contributed funds to your KiwiSaver account since June 2021

Do you know who looks after your KiwiSaver and how it's being invested? We can offer a KiwiSaver health check to help ensure your nest-egg is working for you.

The importance of reviewing your insurances.

Our life circumstances are constantly changing, so to remain fit for purpose, and to ensure you’re not paying too much but are still adequately protected, your insurances need to be frequently reviewed.

Part of that process involves talking to us. For us to help you effectively, we need to know when something in your life changes as this is likely to affect the sort of insurance cover you need. Here are some of the situations we face regularly that should spark a review of your insurances:

  • Buying or selling property: Your debt levels may go up or down, meaning your need for insurances will change.

  • New relationship: For example, de facto, marriage, civil union or divorce. Your insurance ownership may no longer be correct, depending on your new relationship status.

  • Children: For example, having them, or maybe your kids are now grown up and are financially independent. You may want to make provisions for your child if something were to happen to you early in their life or maybe you need to decrease your covers now your kids are off your hands.

  • New employment: For example, starting a business or moving from self-employment to becoming an employee. You may have insurances suitable for your old job but if you move, it’s important to have this reviewed as they may no longer work as intended.

  • A change in health: For example, if you have a major injury, or are diagnosed with an illness and can't go to work, we will check your insurance benefits and see if you are covered for that condition and can make a claim.

So, when something changes in your life, you need to think carefully about how your insurance cover might be affected. Reviewing your insurances is also an opportunity to:

  • Refresh your memory on what you have cover for. You may have taken your cover out some time ago and aren't sure exactly what you have in place.

  • Identify claim opportunities. We can make sure you're making the most of your cover and haven't missed out on any claims.

Contact us today to review your KiwiSaver fund.

kiwisaver health check
kiwisaver health check

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