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KiwiSaver – time is running out to qualify for Government Contributions

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KiwiSaver – time is running out to qualify for Government Contributions

Between 1st July and 30th June, the government will assess your contributions to your KiwiSaver account. If your contributions during this period amount to less than $1,043, you can top-up to reach the maximum of $521.43. To ensure you don’t miss out, act fast and make the necessary top-up by this Friday, 28th June.

Did you know the NZ government will soon be giving all eligible KiwiSaver members (between ages 18 & 65) a free top-up of up to $521.43*? The New Zealand government will add in in 50 cents for every dollar in member contributions up to a maximum of $521.43.

What’s the cut off date for my free KiwiSaver government top up?

Maximising Benefits for First Home Buyers:

If you’re a first home buyer saving for a deposit, taking advantage of this government top-up is a smart move. The additional money contributed by the government can be withdrawn and used towards your home deposit. It’s a fantastic opportunity to boost your savings and get one step closer to owning your dream home.

Pro-Rata Contribution for New Members:

If you’ve recently joined KiwiSaver within the year leading up to 30th June 2019, the government will contribute a pro-rata amount based on the number of days you’ve been a member. If you turned 18 during that period, you’re eligible for a top-up based on the number of days you were 18. This is a fantastic incentive for young members to kickstart their KiwiSaver journey.

Eligibility for Members Over 65:

Even if you’re over 65, you may still be eligible for the government’s top-up if you joined KiwiSaver before turning 65 and haven’t been a member for five years. It’s essential to check your eligibility to make the most of this opportunity and boost your retirement savings.

Act Now and Reap the Benefits:

With the deadline approaching fast, it’s crucial to take action promptly. Check your contributions, calculate your potential top-up, and make the necessary payment by 28th June to claim your free government contribution. Don’t let this valuable opportunity slip away!

Mike Bennett AFA

Mike Bennett

In 1985, after 7 years in the banking industry in NZ & London, Mike Bennett joined the Life Insurance Industry as an adviser. In 2001 he started “Acorn Insurance & Investment Ltd” with the key principle; “to satisfy the insurance and investment needs of New Zealanders with the best products and service possible”. To achieve the guiding principle of “best products and service” the “Acorn” uses various industry research tools to identify the best products and prices to meet our client’s needs. Acorn has agencies with most of New Zealand’s major insurance companies which means we are free to use whichever products best meet our client’s needs. Believing that if we get it right for our clients we will achieve win-win solutions. We also recognise that nearly all insurance solutions are a compromise between the benefits you’d like to have versus the premiums you’re prepared to pay – with this in mind we WON’T be trying to sell you more insurance than you need or want !!

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