How to Make More Money from Your KiwiSaver
- July 8, 2014
Although some people are feeling apprehensive about having a KiwiSaver, if you are provided with some more information regarding your account and how you could make more money from it, it could change your opinion about having one. This will just give an insight on how to make some extra money to ensure that you feel good about the funds you have saved that will go towards a house or retirement in the future.
Primarily, it is important to know that every time you put a dollar into KiwiSaver, the government with match it with 50 cents, which means that you could be receiving an extra $521.43 every year. This is on top of whatever your employer is contributing and the $1000 kick-start that you automatically receive when you join KiwiSaver. If you do have a KiwiSaver, it’s important to do some research on where and how much you should be receiving in your account, the time you spend becoming more knowledgeable about your KiwiSaver will only help you understand how much you should be getting.
This is how you receive the entire amount every year from the government and ensure that you are getting every dollar you deserve for working hard. You must be aged 18-65 and putting in at least $1,042.86 dollars each year. If you are not earning very much you might think that number is a bit steep but keep in mind that it is actually only $20.06 dollars a week. If you start now, it will be a lot easier than you think.
So, what if you’re self-employed? Make sure you know how much you are paying and calculate that is does work out to be $1,042 dollars before mid-June and you will receive the money from the government. Earning more than $34,762? You will have to be contributing 3% or more to receive the full government match, so just double check that you are putting in that much and that you do obtain the exact money you should. If you are employed but earning less than $34,762, than you have to contributing more than 3%, however, if you can’t bring yourself to raise the percentage, just make sure you add the amount that you are missing by mid-June and you will receive the full amount. If you don’t reach the full amount, you are still entitled to money from the government but not as much as you could be getting!