Frequently Asked Questions

You have probably heard a lot about KiwiSaver and retirement in the news over the last few years and should know why it is so important to save for your retirement. The facts are hard to ignore:

• There are generous government incentives on offer that should not be missed out on. Especially the HomeStart grant of up to $5,000 ($10,000 for new builds) and the $521.43 Government Contribution per year (for every $1 you put into your KiwiSaver account, the government will put in 50 cents up to a maximum of $521.43) if you meet certain eligibility criteria, including being over 18.
• Life expectancies are continuing to increase and most people will live well past the current retirement age of 65.
• Planning to live off New Zealand Superannuation alone may not allow you to enjoy your retirement or the lifestyle you are currently used to. NZ Super as at 1 April 2018 is $400.87 per week for a single person living alone or $616.72 per week for a couple (before tax).
• If you’re hoping to maintain your current lifestyle when you retire you need to start making plans to start saving now. For example: If you’re earning a salary of $60,000 a year (pre-tax), you will generally need two thirds of your salary for each year of your retirement ($40,000) before allowing for inflation. NZ Super is only around $23,058.36 per year for an individual or $34,916.96 per year for a couple (before tax). 

If you are employed, please use our contributions table to see what contributions you will need to make toward your KiwiSaver account. If you can't afford the contributions from your pay, you should not join a KiwiSaver scheme. If you are already in a KiwiSaver scheme and are having trouble making contributions, please contact us for information about possibly stopping your contributions. We can also recommend a budgeting service that may be able to help you.