FREE Kiwisaver Money
It is that time of year again to make the annual Kiwisaver contribution in order to get the FREE government contribution of up to $521.
Normally we would say go for it as it is a no brainer – you are getting a 50% return on your investment. HOWEVER due to the current environment, you should weigh up doing this against your cash requirements for the immediate future.
If you do want to go ahead, all you need to do is make sure that you have contributed at least $1,042 to your Kiwisaver account before 30 June. Those that have started self-employment during the last 12 months will need to check with your Kiwisaver provider to see how much more (if any) you need to contribute.
Those of you that are employed, you can still get the full FREE Government money but you will need to check with your Kiwisaver provider to make sure you have already contributed at least $1,042 to your Kiwisaver. If not you can top it up with an extra payment.
For more information, contact your Kiwisaver provider direct to find out their payment cut off date as it maybe before 30 June.
Also a couple of other reminders with Kiwisaver –
1. Make sure that your PIR (tax rate) on your Kiwisaver is correct;
2. The funds that your Kiwisaver is invested in would have taken a hit recently but maybe somewhat returning to the the pre-COVID values. It is important that you seek financial advice in regards to how your Kiwisaver is structured to ensure that it meets your needs and financial goals.