KiwiSaver program to undergo review
The Financial Markets Authority (FMA) and the Retirement Commission have called on KiwiSaver members to check their annual statements for 2024 and see if they are on track for their retirement savings goals.
It is the time of the year again for the individual Annual KiwiSaver Statement.
While sharing a KiwiSaver campaign, the FMA and the Retirement Commission reminded New Zealanders to do their annual health check on their account.
Stuart Johnson (pictured above), FMA chief economist, and Tom Hartmann, the commission’s personal finance lead, suggested questions for Kiwis to ask when checking their accounts:
- What is my KiwiSaver balance now?
- Am I in the right investment fund for me?
- What could my balance be at age 65?
- Do the fees I pay in dollars look reasonable?
Johnson noted that the annual KiwiSaver statement was designed to provide New Zealanders with financial information in one place, saying that amid a tough economic period, it is worth remembering that KiwiSaver is about what people will have in the future.
“Just being able to see how your funds have performed over the year, how much you may have when you retire, reminds us all that KiwiSaver is a long-term investment,” Johnson said.
He added that people can access a “range of tools” that will help them make the best decision for their personal circumstances.
Hartmann said that the KiwiSaver account is not meant to be checked on every day as funds may go up and down in value.
“The annual statements we all receive give us an ideal opportunity to check in with KiwiSaver, get our settings right, and then let it go on growing our money for the long run,” he said.
Hartmann also said that the Retirement Commission’s Sorted website is available for New Zealanders to use the KiwiSaver fund finder, Smart Investor, and other KiwiSaver and retirement calculators that can help build financial plans.
Earlier this month, Retirement Commissioner Jane Wrightson called for a reform to improve New Zealand’s retirement income system, including increasing the default contribution rates to at least 4%.
Soon after Wrightson released 15 recommendations to enhance the system, the Financial Services Council said in a blog post that it welcomed the push for a critical review.
The Financial Markets Authority (FMA) and the Retirement Commission have called on KiwiSaver members to check their annual statements for 2024 and see if they are on track for their retirement savings goals.
It is the time of the year again for the individual Annual KiwiSaver Statement.
While sharing a KiwiSaver campaign, the FMA and the Retirement Commission reminded New Zealanders to do their annual health check on their account.
Stuart Johnson (pictured above), FMA chief economist, and Tom Hartmann, the commission’s personal finance lead, suggested questions for Kiwis to ask when checking their accounts:
- What is my KiwiSaver balance now?
- Am I in the right investment fund for me?
- What could my balance be at age 65?
- Do the fees I pay in dollars look reasonable?
Johnson noted that the annual KiwiSaver statement was designed to provide New Zealanders with financial information in one place, saying that amid a tough economic period, it is worth remembering that KiwiSaver is about what people will have in the future.
“Just being able to see how your funds have performed over the year, how much you may have when you retire, reminds us all that KiwiSaver is a long-term investment,” Johnson said.
He added that people can access a “range of tools” that will help them make the best decision for their personal circumstances.
Hartmann said that the KiwiSaver account is not meant to be checked on every day as funds may go up and down in value.
“The annual statements we all receive give us an ideal opportunity to check in with KiwiSaver, get our settings right, and then let it go on growing our money for the long run,” he said.
Hartmann also said that the Retirement Commission’s Sorted website is available for New Zealanders to use the KiwiSaver fund finder, Smart Investor, and other KiwiSaver and retirement calculators that can help build financial plans.
Earlier this month, Retirement Commissioner Jane Wrightson called for a reform to improve New Zealand’s retirement income system, including increasing the default contribution rates to at least 4%.
Soon after Wrightson released 15 recommendations to enhance the system, the Financial Services Council said in a blog post that it welcomed the push for a critical review.
