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| Thread ID: 79536 | 2007-05-22 23:59:00 | Kiwisaver | Nomad (952) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 552310 | 2007-05-22 23:59:00 | Hi, just read about it. Don't watch the news often. My basic questions. How is the $20 per week (up to) calculated? I guess the money are invested somehow and there should be interest and this would fluctuate but are there any ideas what abouts this figure is? If a person loses a job or goes overseas (migrates) are they able to get the money out before they reach 65yrs and would they lose any interest accumulated? Cheers |
Nomad (952) | ||
| 552311 | 2007-05-23 00:16:00 | Explained here www.kiwisaver.govt.nz Hopefully unlike last time, when it matures we will actually get it when we retire. |
winmacguy (3367) | ||
| 552312 | 2007-05-23 01:23:00 | Thanks winmacguy, Answered my questions. I used a calculator thing and it showed me a table of the transactions. Its shows the figure of $20/week but it doesn't go into how that is calculated. It also says there are some financial firms involved but doesn't say what contribution we can get from them. Its says the following: The estimator does not include any return your investment might make, or take account of any fees which might be charged. So the actual balance of your savings will vary from that shown. So I guess we get a tax credit as well as the return on the investment by the financial firm and perhaps we get to choose a portfolio like balanced, conservative or growth (with risks of course)? |
Nomad (952) | ||
| 552313 | 2007-05-23 01:43:00 | I think they still have a few details to "iron out" ;) | winmacguy (3367) | ||
| 552314 | 2007-05-23 05:31:00 | Hi, just read about it. Don't watch the news often. My basic questions. How is the $20 per week (up to) calculated? If a person loses a job or goes overseas (migrates) are they able to get the money out before they reach 65yrs and would they lose any interest accumulated? Cheers If you're an employee, your savings will be 4% of your before-tax salary or wages (that means your total salary, including bonuses, commission, extra salary and overtime). Or, you can choose to contribute 8%. You can switch between contribution rates. And you'll never get your money. Do you trust the government? |
pctek (84) | ||
| 552315 | 2007-05-23 05:38:00 | And you'll never get your money. Do you trust the government? Not if last time is anything to go by ;) |
winmacguy (3367) | ||
| 552316 | 2007-05-23 05:58:00 | Thanks winmacguy, Answered my questions . I used a calculator thing and it showed me a table of the transactions . Its shows the figure of $20/week but it doesn't go into how that is calculated . It also says there are some financial firms involved but doesn't say what contribution we can get from them . Its says the following: The estimator does not include any return your investment might make, or take account of any fees which might be charged . So the actual balance of your savings will vary from that shown . So I guess we get a tax credit as well as the return on the investment by the financial firm and perhaps we get to choose a portfolio like balanced, conservative or growth (with risks of course)? I contacted the Kiwisaver AKA IRD through their website last week toto find out how it was calculated, and what the interest rate would be, and so far they haven't replied . I am not holding my breath . I am also a little confused about 'Todays Dollars', as I am unsure how they can predict what 'Todays Dollars' will be when I retire in 30 years . From what I understand, Kiwisaver is for 'average' people . It is not for poor people, as they won't be able to afford to pay into it . When I mean 'average', I mean that the government are automatically putting people into it, when they start a new job . You physically have to 'opt out' if you don't want to do it, and your 'average' person either won't know the advantages of opting out, or won't be bothered . If I was 60 and earning the average wage, I would definately sign up, as you get your $1000 paid to you after 5 years, and there are also the tax advantages . |
rogerp (6864) | ||
| 552317 | 2007-05-23 06:01:00 | I think they still have a few details to "iron out" ;)Hmm. Like, for instance, what is in it for the self-employed... There must be a huge number of self-employed people who the Gummint thinks can look after their own retirement needs. OK, I am self-employed and looking after my own interests (have been for a while now) but it still seems a little too focussed on employees.... | johcar (6283) | ||
| 552318 | 2007-05-23 06:24:00 | Hmm. Like, for instance, what is in it for the self-employed... There must be a huge number of self-employed people who the Gummint thinks can look after their own retirement needs. OK, I am self-employed and looking after my own interests (have been for a while now) but it still seems a little too focussed on employees.... It seems to be focused on 'Average Wage' Public Service Employees, who don't have self control over their spending. What I really want to know is if someone would be better sticking their cash in a high interest saving account, or having it in Kiwisaver. Kiwisaver to me at the moment is all mumbo jumbo with no substance to back up the figures. |
rogerp (6864) | ||
| 552319 | 2007-05-23 06:34:00 | What I really want to know is if someone would be better sticking their cash in a high interest saving account, or having it in Kiwisaver. Kiwisaver to me at the moment is all mumbo jumbo with no substance to back up the figures.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. | Jen (38) | ||
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