Can I open a KiwiSaver for my kids?

Setting up a kids KiwiSaver account is free, and some providers like JUNO charge low or no fees for kids. Once they reach 18, your kid may qualify for the government or employer contribution, which can help them grow their KiwiSaver balance even further.

Is KiwiSaver worth for kids?

3 KiwiSaver for children teaches good money habits KiwiSaver is an extension of forming these good money habits. Children won’t see immediate rewards from putting money into their account, but any money they put aside now will pay off for them later in life.

Do kids get KiwiSaver government contribution?

When you join KiwiSaver you have access to the following benefits, however some of these won’t apply until you’ve turned 18. When you turn 18, the government will contribute up to $521.43 each year to your KiwiSaver.

Is KiwiSaver A Good investment?

KiwiSaver is one of the best long-term investment products for New Zealanders given the benefits they enjoy including, in most cases, matching employer contributions, the government member tax credit, which is up to $521 a year, and, if you are a first home buyer, you maybe be eligible for other benefits as well.

What age can you start KiwiSaver?

18
If you’re under 18 you can only join KiwiSaver through a scheme provider. You cannot join through your employer. If you’re between 16 and 17, you need at least one legal guardian to co-sign your application. If you don’t have a legal guardian, contact your chosen KiwiSaver scheme provider.

What are the disadvantages of KiwiSaver?

The two main drawbacks are compelling. Lack of diversification.

  • KiwiSaver is a poor cousin internationally. In other countries, people are prepared to use the government scheme as they’re offered big tax advantages, multi-manager platforms and early retirement options.
  • Your KiwiSaver questions answered.

    • What age can start KiwiSaver?

    Do employers have to pay KiwiSaver to under 18?

    Employers are not required to contribute to your KiwiSaver account if you are under 18, but they may choose to. If you are under 18 and in paid employment you can apply to Inland Revenue for a Savings Suspension after you have been contributing to KiwiSaver for 12 months.

    How much do you need to retire NZ?

    What kind of retirement do you want and how much money do you think you’ll need to fund it? The current NZ Super rates(opens in new window) after tax are $437 a week ($22,721 a year) if you’re single and living alone, or $672 ($34,955 a year) for qualifying couples.

    Is KiwiSaver taxed?

    Your KiwiSaver scheme invests your contributions so they earn money for you. You pay tax on the money your investment earns. Withdrawals from your KiwiSaver scheme are tax-free.

    Can I lose all my money in KiwiSaver?

    Could I lose it all? Because your money is in an investment fund, it can go up and down in value, so you can lose money. Ups and downs in the market are par for the course. It’s also important to know that KiwiSaver funds are not guaranteed by the government.

    Can you join KiwiSaver after 65?

    Great news if you’re 65 or over as a change in rules means you can now join KiwiSaver. This means you can invest your savings in the ASB KiwiSaver Scheme and have access when you need it. If you’re still working, you can keep making regular contributions from your wages.

    What do you need to know about KiwiSaver?

    KiwiSaver is a voluntary savings scheme to help set you up for your retirement. You can make regular contributions from your pay or directly to your scheme provider.

    Where can I find the Juno KiwiSaver index?

    More information about the JUNO KiwiSaver Scheme market indices can be found in the Statement of Investment Policy and Objectives (SIPO) . What is a Market Index?

    Who is the manager of Juno KiwiSaver fund?

    JUNO may be new, but we’re run by the award-winning Pie Funds team, who have been managing Kiwis’ money since 2007. Here are some of Pie Funds’ awards and ratings. Our favourite KiwiSaver fund for actively-managed returns (in recent times).

    How does the KiwiSaver scheme work for employers?

    It keeps track of overall membership of the scheme and ensures KiwiSaver deductions from employers are passed onto the members scheme provider. We also oversee the following functions: transferring any Government contributions to a members of KiwiSaver scheme.