Your 2024 KiwiSaver check-up
The start of a new year is an opportune time to reassess and optimise our financial strategies. And for many New Zealanders, that includes making the most of their KiwiSaver plan. KiwiSaver is a powerful tool for retirement savings, and with a few strategic moves, you can enhance its impact on your financial future. To help you get started, here’s a handy check-list to ensure you’re making the most of your KiwiSaver plan.
Review your strategy
Start the year by reviewing your KiwiSaver strategy. Book in a review with your financial adviser, who can help assess your current circumstances and ensure your settings are still the right fit for you.
Your contributions
Consider increasing your overall investment contributions. Boosting your regular contributions or making additional voluntary contributions can help contribute to a more secure retirement. It’s important to assess whether increasing your KiwiSaver contributions or making contributions to a different investment plan aligns better with your financial goals. If you need guidance, ask your financial adviser who can help you make well-informed decisions.
Fund performance and fees
Regularly assess the performance of your KiwiSaver fund and compare it to others in the market. Additionally, review the fees associated with your provider. If you find that your fund's performance is subpar or fees are high, consider exploring other funds or providers.
First home buyer benefits
If purchasing a home is on your horizon, explore the KiwiSaver first home withdrawal option. This benefit allows you to utilise a portion of your KiwiSaver savings for your first home purchase. However, it’s important to note that withdrawing funds may impact your retirement savings. Talk to your financial adviser to check how this decision aligns with your overall financial goals and retirement plans, and to review your retirement planning after your home purchase.
Online tools and resources
Online tools and calculators like the one from Sorted, can help you understand your current savings trajectory and project future outcomes. Take advantage of these resources to gain insights into your retirement readiness – checking if you’re on track for the ideal retirement you envision or whether you need to make any adjustments to your strategy.
Need advice?
If you're unsure about the best strategy for your KiwiSaver plan, we’re here to assist. Get in touch with us for personalised advice based on your situation and goals. Even small adjustments today can lead to big positive outcomes in the long run.
The information contained in this publication is intended for general guidance and information only. It has not been personally prepared for you. Therefore, you should not act on this information if you have not considered the appropriateness of this information to your personal objectives, financial situation and needs. You should consult with us before making any investment decision. Historical market performance may not be indicative of future market performance.