First, make sure you’re not still in a default fund! We can help you work out your risk profile and what sort of KiwiSaver strategy will get you to your goals.
You have a long time until retirement, so you could afford to take a bit more risk – unless you’re planning to buy a house in the next few years and need your KiwiSaver money for a deposit. The money you put aside in KiwiSaver during this period is especially effective because the power of compounding interest should do the hard work for you.
If you saved between 18 and 30 and then never added to your KiwiSaver account again, you’d probably end up with more than someone who started saving with a vengeance at 40. That’s purely because of the effect of returns adding to returns over time. Talk to us about how to make the most of that.
You might be thinking about buying your first home. Tweak your KiwiSaver savings to maximise your balance as much as you can and get to your goal as fast as possible. Then, once you’ve bought the house, you’ll need to adjust your fund settings as you get back into the habit of saving, this time for the long haul to 65.
This is peak savings time for many people. If you’ve paid off your mortgage and other significant debts, you might be able to afford to funnel more of your money into your retirement savings. Talk to us about whether KiwiSaver is the most appropriate way to do that, or whether you should consider some other investment options alongside it.
Now it’s time to think about the final tweaks you want to make to your retirement savings strategy before you think about transitioning out of the workforce. Do you want to cut down to part-time work? Explore other opportunities?
If you’re planning to work past 65, you may nd that the pension becomes a great way to bolster your retirement savings. Your
KiwiSaver strategy should involve a plan to turn your lump sum into a useful sustainable income stream.
Have a question or two? Please don’t hesitate to contact us. Whatever your stage of life, we are in your corner and can help you work through your KiwiSaver options.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek advice from a financial adviser.