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<\/p>\nWith a couple of tiny tweaks, your KiwiSaver could make you more money. And who, in these brutal economic times, wouldn’t take advantage of that? By Frances Cook<\/p>\n
You\u2019ve got a gift card in your wallet. It\u2019s worth $260.72. It expires June 30. And there\u2019s a reasonable chance you\u2019re going to let it lapse while you\u2019re busy doing literally anything else.<\/p>\n
That gift card is your KiwiSaver government contribution, but every year, thousands of New Zealanders miss out on it. And it\u2019s not just the $260.72 you\u2019re missing out on. <\/p>\n
There are small setting changes that can mean you get hundreds of thousands of dollars more, there are tax changes for the self-employed, and ways to use KiwiSaver to basically give yourself a pay rise. But we miss these things, because it\u2019s common to dismiss an easy win as not worth having. But those small cash deposits can build up in the background, until they\u2019re worth substantial money.<\/p>\n
So here\u2019s how to get the easy KiwiSaver wins locked in, before it\u2019s too late.<\/p>\n
The expiring gift card<\/p>\n
If you put $1042.86 (about $20 a week) into your KiwiSaver between July 1 and June 30, the government tops you up with $260.72.<\/p>\n
That might seem like a small amount over a year, but imagine if someone offered to pick up your grocery bill for a week, or handed you $260.72 to splurge at your favourite store. Wouldn’t you be stoked? I would.<\/p>\n
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A good way to gauge the value of an amount of money is to manage it in the form of a giftcard to your favourite store. (Source: istock.com)<\/p>\n
The trick is that once the June deadline passes, you can\u2019t go back and get that money. The opportunity is gone.<\/p>\n
So make sure you put that money into your KiwiSaver before the deadline, even if it\u2019s not the full $1042. You\u2019ll still get back 25c for every $1 up to that number.<\/p>\n
The pay rise you\u2019re turning down<\/p>\n
While you\u2019re in there, check something else.<\/p>\n
If you\u2019re employed, your employer legally has to match your KiwiSaver contributions at a minimum of 3.5%. <\/p>\n
If you\u2019re contributing less than 3.5% of your salary or wages, or you\u2019re on a contributions holiday, you\u2019re not getting that match. <\/p>\n
Which means you\u2019re basically turning down a pay rise.<\/p>\n
In the current economic environment , where plenty of people are getting annual pay rises of 1%, 2% or nothing at all, voluntarily opting out of a guaranteed bump from your employer is worth a second look. <\/p>\n
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<\/p>\n
“Congrats! Your salary increase this year is 0%.” (Source: istock.com)<\/p>\n
Some employers will even match by more than that, so check in with your HR or payroll department to make sure that you\u2019re getting the most you can.<\/p>\n
If you\u2019re self-employed<\/p>\n
If you work for yourself you have no employer to match your money going in, which is a huge bummer for the many self-employed New Zealanders out there.<\/p>\n
But in the spirit of still saving the most you can for your retirement, I have a tax hack for you instead.<\/p>\n
If you\u2019re operating as a company and paying yourself a PAYE salary, the employer side of your KiwiSaver contributions could count as a tax deductible expense.<\/p>\n
As always with tax, it doesn\u2019t apply in every situation, so check it with your accountant. <\/p>\n
But it\u2019s worth knowing about and seeing if you qualify, because every bit of money towards retirement is worth it.<\/p>\n
Sort the fund-amentals <\/p>\n
Want to know how I nearly missed out on $200,000? By being in the wrong fund.<\/p>\n
This was at the beginning of my career, when I was in a conservative fund, but had the time for growth.<\/p>\n
Generally speaking, conservative is good for when you plan to use access your KiwiSaver in the next few years, while growth can earn more, but needs more time \u2013 at least five years \u2013 to withstand the inevitable ups and downs of the market. <\/p>\n
And when I ran the numbers, what would be the difference in my nest egg by the time I hit retirement? <\/p>\n
It took me from $200,000, to over $400,000. Just by changing my fund type, no extra money from me.<\/p>\n
The main question to ask yourself is: when will I actually need this money? <\/p>\n
If you\u2019re using your KiwiSaver to buy your first home in the next couple of years, you probably want stability. <\/p>\n
But if retirement is a decade or more away, a more aggressive growth fund is likely to serve you better over time.<\/p>\n