Are you on track with your KiwiSaver?
Everyone loves a little helping hand and retirement savings can always do with a little boost!
Did you know that any eligible person contributing to their kiwi saver account is eligible for the Government contributions so for every dollar you put into KiwiSaver the government will put in 50 cents - up to $521.4. How great is that?
To get that full amount, you just need to contribute at least $1,042.86 by June 30th every year. If you’re an employee and are working full time, you’ll probably hit your minimum contribution without noticing. However, it’s always good to check your contributions for the year to make sure – why not log in now and see how much is in there?
If you’re self-employed, you might not be contributing to your KiwiSaver automatically or receiving an employer contribution. Instead, you’ll need to make voluntary contributions. If you’re contributing roughly around $20 a week, you should hit the $1,042.86 goal each year. If you’re not going to hit the $1,042.86 for the year, you can bump up your contributions if you want to get there buy making a lump sum contribution before 30th June 2022.
If this is the first time you are hearing of this and you would like to plan for next year, you could look at increasing your KiwiSaver contribution rate, making a lump-sum contribution, or setting up regular contributions to help you reach that goal.
If you have missed out on the government contributions this year DON’T FEAR, you might not get the full contribution from the government, but you will still get 50 cents for every dollar you’ve contributed.
Aiming to contribute $1042.86 per year is still a good way to make sure your savings for the future keep growing.