Should i join kiwisaver

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You cannot join KiwiSaver if you have a temporary, visitor, work or student visa. Are your funds going towards improving animal welfare or supporting animal testing? Unfortunately, a lot of providers are not straight up with this info. We can tell you what it will take to meet your goals. We can give you a realistic view of what is possible for your future. We know which funds are investing in industries you might not want to support. Just tell us about yourself so we can guide you to the right fund for you taking into account your current situation, future goals and what you personally value.

Older post Newer post. Better Saver. Think again. Reason 2: Customisable Risk Any investment carries a level of risk. Reason 5: Your Goals and Values Are Important One of the coolest things about KiwiSaver is that you can match your goals and values to the right fund for you. Get started now so you can have what you want later. Get expert KiwiSaver advice. You also may even qualify if you have owned property previously.

The KiwiSaver calculator can help you find out how much you're on track to save for your first home. Note that KiwiSaver is open to those over 65 to join as well. Find out how much you're on track to save for your retirement using the KiwiSaver calculator. Each fund holds a mix of investments, and which type they fit into is based on how much of the more risky stuff, like shares and commercial property, is in the mix. The more risk you take on, the more potential you have for better results, but your balance will have more ups and downs along the way.

Depending on how long you are investing for, and your attitude towards the ups and downs that can happen with investing, one type of fund will work particularly well for your situation.

There are a number of private KiwiSaver providers, like big banks or smaller niche players, who manage the schemes. You can choose the KiwiSaver scheme your savings are invested with or let your employer or the government choose one for you.

Each fund has a different mix of things it invests in — such as bank deposits, bonds, shares and property. Find out which type of fund is right for you in this guide on How to pick your KiwiSaver fund. Before switching, compare fees, fund performance and the services offered by providers using the KiwiSaver fund finder. Your reasons for changing KiwiSaver funds should be based on building your long-term balance. If you'd like some professional advice, speak to a financial adviser who specialises in KiwiSaver.

When you're ready to make the big switch, get in touch with your new KiwiSaver fund provider — they'll help you through the steps to move your savings over to the new fund. Not currently working? Not a problem — just contact a KiwiSaver provider to sign up and arrange a regular contribution amount.

No, not necessarily. In fact, from 1 December, there will be more advantages to staying in one than there were before: they'll exclude investments in fossil fuels and illegal weapons, cost significantly less than other funds, have a balanced investment mix instead of conservative , and offer a high level of service to their members. But since balanced funds are not right for everyone, default funds won't be either. To make your choice of whether to be in a default fund, first find out which type of KiwiSaver fund will work best for you.

KiwiSaver is not guaranteed by the government. It is, however, administered by Inland Revenue, which helps make sure it works properly, and overseen by the Financial Markets Authority, which makes sure KiwiSaver companies behave themselves and do right by you.

It's important to remember that KiwiSaver providers are private companies, like any bank we use. Here are more KiwiSaver facts. You let your new company know you want to move to them, and they do all the work behind the scenes. There are two ways of switching with KiwiSaver: staying with your provider but moving to one of their other funds, or moving to a new provider. There are good reasons to switch, such as when you're getting closer to the time you plan to start spending your KiwiSaver money, on a first home or in retirement.

But there are also bad reasons to switch, such as because you heard about some other fund doing better than yours. Here's why. When you take out your KiwiSaver money, either for a first home, financial hardship, or to use to live on in retirement, that money is tax-free.

Your KiwiSaver contributions are made after your income has been taxed, and the gains from your investments that you own in KiwiSaver are taxed as well. But when you withdraw for a first home or retirement at age 65, there is no tax to pay. It's your money to use.

To withdraw your KiwiSaver money, contact your provider directly. It helps to make sure your rate is correct so you're not paying more tax than you should be.

It's simple to correct this: just contact your KiwiSaver provider directly and let them know. Your KiwiSaver money is much like everything else you own — when you die it becomes part of your estate and is distributed according to the instructions you leave in your will.

It's important to have a will drawn up just in case. Without a will the government will use a set formula to split up your assets — and this might not be what you would have wanted. To make sure your wishes are followed, particularly with your KiwiSaver, here's more about wills.

Once you join you have to contribute for at least 12 months. In short, the whole thing. How fast you open the tap is up to you: keep it off for now and leave your money invested in KiwiSaver, open it slightly to drip-feed some income, or open it right up to spend or invest the entire amount although you may not be able to rejoin KiwiSaver if you draw it down entirely. For example, if you want to make regular withdrawals, there may be a minimum amount required or some fees.

It may be worth talking with a financial adviser about your financial needs and risks, and work out the best course of action to reach your goals. Find out how to find a financial adviser in our guide. You can still keep your KiwiSaver account open and growing.

The government will no longer pay its contribution though, since you're typically eligible for NZ Super. MENU 6 steps to get your money Sorted. MENU Tools. Smart Investor. KiwiSaver fund finder. MENU Guides. Browse guides by Setting goals.

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