Forum Home
PC World Chat
Thread ID: 79536	2007-05-22 23:59:00	Kiwisaver	Nomad (952)	PC World Chat

Post ID	Timestamp	Content	User
552320	2007-05-23 07:01:00	I thought with Kiwisaver, your employer would be contributing as well. That must make it more attractive to those who do not currently have any retirement saving schemes or their employer does not contribute to it as part of a salary package. On the surface it looks that way, however employers may also just as easily deduct the amount they are paying into Kiwisaver, from you wages. Or they may not give you a pay rise at the next wage bargaining round to account for the amount they are paying into kiwisaver. Also i think people on hourly rates without a contract lose out on employer contributions. However Kiwisaver isn't for very low wage people, and the governemnt have admitted this. Another thing is, that you get the amount plus the $1000 and tax savings at 'retirement age' There is nothing stopping the government putting up retirement age to 70 or 75, when a 30 year old reaches that age. Just wondering, is the $1000 that will be paid out at retirement age, in 'Todays Dollars' or in 2007 dollars. Anyone know?	rogerp (6864)
552321	2007-05-23 07:25:00	On the surface it looks that way, however employers may also just as easily deduct the amount they are paying into Kiwisaver, from you wages . Or they may not give you a pay rise at the next wage bargaining round to account for the amount they are paying into kiwisaver . Also i think people on hourly rates without a contract lose out on employer contributions . However Kiwisaver isn't for very low wage people, and the governemnt have admitted this . Another thing is, that you get the amount plus the $1000 and tax savings at 'retirement age' There is nothing stopping the government putting up retirement age to 70 or 75, when a 30 year old reaches that age . Just wondering, is the $1000 that will be paid out at retirement age, in 'Todays Dollars' or in 2007 dollars . Anyone know?Depends on what it is invested in in the meantime, how long before you reach retirement age and whether the Gummint at the time feels like paying it out . Probably $1000 . 00 - if you're lucky! :D	johcar (6283)
552322	2007-05-23 07:35:00	They can't tell you the interest rate because there isn't one inverstment company. You get to choose. Or if you can't be bothered some are chosen for you. So it all depends on what their individual interest rates are. All this is just because of the "NZers spend $1.15 for each $1 they earn". Well probably quite a lot do. I have no mortgage, no hire purchases, no credit card debt. Nothing. So I sure don't do that. On the other hand I have no money either.:D But I prefer to save for myself rather than have the governmnet confiscate it and stick it away till retirement age, which is likely to keep extending anyway. Tough luck if you're dead before that age. The exception is the measley amounts you are able to get early for your house payments. And they won't guarantee your money is safe either. So that puts me right off for a start.	pctek (84)
552323	2007-05-23 09:53:00	They can't tell you the interest rate because there isn't one inverstment company. You get to choose. Or if you can't be bothered some are chosen for you. So it all depends on what their individual interest rates are. All this is just because of the "NZers spend $1.15 for each $1 they earn". Well probably quite a lot do. I have no mortgage, no hire purchases, no credit card debt. Nothing. So I sure don't do that. On the other hand I have no money either.:D But I prefer to save for myself rather than have the governmnet confiscate it and stick it away till retirement age, which is likely to keep extending anyway. Tough luck if you're dead before that age. The exception is the measley amounts you are able to get early for your house payments. And they won't guarantee your money is safe either. So that puts me right off for a start. Too true. I would say that many people on these forums would be intelligent enough to choose schemes or invest their money in places that would be far better than what you could get in Kiwisaver. That is why I believe kiwisaver is for the 'Average' worker, earning the average wage, in the average public sector job.	rogerp (6864)
552324	2007-05-23 11:22:00	All this is just because of the "NZers spend $1 . 15 for each $1 they earn" . Well probably quite a lot do . Bollocks! I'm 23 and have 13k saved up . And in no way am I considering joining up with Kiwisaver . They wont give interest rates (if any) There are a lot of better options like Raboplus, Southern Cross and other term investment places . If I die, what then? Who gets my moolah? (Helen Cluck ain't getting it) What is the tax rate on any interest earned? What if I suffer a (for example) car accident . All my money is so close yet so far . What if they decide to close down kiwisaver, will we get our money back . WITH interest? And so forth	bob_doe_nz (92)
552325	2007-05-23 11:37:00	Bollocks! I'm 23 and have 13k saved up . And in no way am I considering joining up with Kiwisaver . They wont give interest rates (if any) There are a lot of better options like Raboplus, Southern Cross and other term investment places . If I die, what then? Who gets my moolah? (Helen Cluck ain't getting it) What is the tax rate on any interest earned? What if I suffer a (for example) car accident . All my money is so close yet so far . What if they decide to close down kiwisaver, will we get our money back . WITH interest? And so forth There are still to many questions with Kiwisaver, and they aren't bothering to answer them through their website . I hadn't thought about who would get the money if you died . I would certainly expect it to be paid out to the family, as it is a saving scheme, not an insurance scheme .	rogerp (6864)
552326	2007-05-23 12:15:00	Bollocks! I'm 23 and have 13k saved up . And in no way am I considering joining up with Kiwisaver . You might want to put $500 or $1000 of that into some Rakon shares while they are still affordable . At the rate they are going you should be able to get your money back with interest in a year or so . Just my 2 cents .	winmacguy (3367)
552327	2007-05-23 12:49:00	I did some quick numbers and even if there is no interest, well not sure when they mentioned "financial firms" . If a person had the avg $35,000 pay a year and contributes the max of 8% that is $2,800 . Ignoring the start up gift of $1,000 he/she still gets $1040 each year . That is not bad . If a person puts $2,800 as a lump sum rather than a per week thing so we are over estimating here when comparing to the per income pay date intervals of Kiwisaver . Anyway, if you put in $2,800 lumpsum and throw into a balanced portfolio in investment which can be higher than a bank term investment account you will get no where of $1040 . More like 10% gross or 7% net as of currently . That's more like $200 after tax .	Nomad (952)
552328	2007-05-25 21:07:00	I'm 23 and have 13k saved up. And in no way am I considering joining up with Kiwisaver. Good work, keep it up. They wont give interest rates (if any) It is an investment type portfolio, It's invested, then after a year they calculate how much interest you have made. Fairly standard stuff. There are a lot of better options like Raboplus, Southern Cross and other term investment places. They are called "low risk" investments. Half my funds are in this sort of thing. You don't make as much in these types of investments. But with the Governments tax breaks, kiwisaver looks quite good from an investment standpoint. If I die, what then? Who gets my moolah? (Helen Cluck ain't getting it) It is paid out to your estate. Don't expect it to be an instant payout though. What is the tax rate on any interest earned? Kiwisaver will be part of the PIE (Portfolio Investment Entity) the tax levels are explained here www.sorted.org.nz What if I suffer a (for example) car accident. All my money is so close yet so far. You can apply for your money back under special circumstances like hardship and total disability although it doesn't mean you will get it. What if they decide to close down kiwisaver, will we get our money back. WITH interest? I would expect you would get it back with interest, the Government doesn't hold your funds, your designated scheme provider holds(invests it) for you. If the Government closes down the scheme I wouldn't expect to get your money back instantly, It's very hard to pull a lot of money out of investments all at once. I think they would leave the money with the scheme provider until you retire. And so forth I would recommend you spend more time reading up about it. Try www.sorted.org.nz The IRD also has some good info on their site. Personally 3 things about it ring alarm bells. 1. Will the government reduce/stop or make NZ Super income dependent. 2. Will it affect my next wage negotiation round. 3. I want to retire at 60 (or before), I can't get the money from kiwisaver until retiring age (currently 65) and I'm sure the Government will push it up by the time I retire. So for me I don't plan to use the kiwisaver scheme. But I would recommend it for those who are very poor savers.	porkster (6331)
552329	2007-05-25 21:21:00	There are still to many questions with Kiwisaver, and they aren't bothering to answer them through their website. I hadn't thought about who would get the money if you died. I would certainly expect it to be paid out to the family, as it is a saving scheme, not an insurance scheme. There are still too many people that haven't bothered looking for the answers, but just waiting for someone to spoon feed them. www.stuff.co.nz http://www.kiwisaver.govt.nz/ www.ird.govt.nz	porkster (6331)
1 2 3