The Government has made a few changes to KiwiSaver this year. We’ve covered the April updates here, and there are two new changes as of July 1st that you may find interesting:
Now, a further 500,000 Kiwis are eligible to join KiwiSaver as they’ve removed the entry age (this used to be capped at 65 years old).
New members between 60-64 years are no longer locked in for five years. Instead, they can access the funds when they reach the qualifying age, which is currently 65.
So, if you or anyone aged 65+ aren’t in KiwiSaver - it’s something you can now look into. The benefit is that once you reach 65, you can use your KiwiSaver like a bank account, taking out small bits at a time. This leaves the rest of your nest-egg still growing in your KiwiSaver fund, even in retirement.
If you’re in KiwiSaver but unsure whether you’re with the right provider or in the fund that’s right for your situation, book in for a KiwiSaver catch-up with one of our specialists.
This is a free chat, on the phone or in person, and shouldn’t take more than 20 minutes.
We will talk about your current KiwiSaver set up, and explain your options - so you can assess whether you are with the right provider and fund type for your situation.
The sooner you get this sorted, the better. As over 90% of Kiwis are missing out on potential financial benefits, by leaving their nest egg sitting in a default fund.