KiwiSaver health check
When did you last check up on your KiwiSaver account?
Take our simple KiwiSaver health check to make sure your KiwiSaver account is on track to help you achieve your retirement goals.
- Do you know who your KiwiSaver account provider is?
- It’s important to know who your provider is, because they are looking after your money for you
- You can use the My KiwiSaver tool to find out who your provider is – you’ll need your IRD number to register.
- Do you know what type of fund you are in?
- Most KiwiSaver providers have a choice of different types of investment funds where you can put your money
- Each fund has a different mix of things it invests in – such as bank deposits, bonds, shares and property
- Your KiwiSaver fund should match your investor type – your investor type depends on things like how long you are investing for, and how you feel about risk
- Your investor type may change over time or as your personal circumstances change, so remember to revisit that from time to time
- Examples of fund type include defensive, conservative, balanced, growth, or aggressive
- You can use the KiwiSaver Fund Finder to find the right fund for you.
- Is your KiwiSaver account on the right tax rate?
- The money your KiwiSaver account earns on it’s investments is taxed
- The tax rate you pay is called a PIR (short for ‘prescribed investor rate’) and can be either 10.5%, 17.5%, or 28%.
- If you don’t make sure you’re on the right tax rate for you, you could end up paying more tax than you have to – and you won’t be able to get that money back
- Check with your provider to find out what tax rate you’re on and make sure it’s the right one for you
- You can also find out more in the KiwiSaver and tax section at KiwiSaver.govt.nz
- Do you know how much money you have in KiwiSaver?
- It’s important to keep track of your KiwiSaver account balance, as it’s the money that will help you enjoy your retirement
- Try using the KiwiSaver account calculator on Sorted to see how your current balance could grow between now and when you retire, and what kind of weekly retirement income it might give you.
- Your provider must provide you with an annual statement that includes details of your personal KiwiSaver balance and the contributions received.
- Do you think KiwiSaver is government guaranteed?
- No it’s not – every investment comes with some level of risk, including KiwiSaver. The important thing is to understand your own risk profile and use that to find the right KiwiSaver fund for you.
- Your provider must provide you with an annual statement that includes details of your personal KiwiSaver account balance and the contributions received.
- The FMA closely monitors providers making sure they follow the rules and act in your best interests.
Comment from Mike – once you’ve answered these questions, if there are any you were unsure of please contact me so we can help get you back on track.