Five reasons to review your KiwiSaver
Published date | 22 January 2023 |
Publication title | Herald on Sunday |
The world changesNo one predicted how KiwiSaver balances would soar after the initial lockdown in 2020, or fall in 2022. Nor can they say for sure when they’ll regain lost ground. Gyrations in prices can be a good wake-up call over how much risk an individual can tolerate. Just be aware that dialling down from growth to balanced or balanced to conservative shouldn’t be done if possible when markets have fallen. Anyone who found they couldn’t stomach the falls in their KiwiSaver this year, or the brief, but dramatic dive in 2020, should seek advice.
Your personal circumstances change Life changes. We go on OEs, start or end relationships, have children, buy homes, and slowly inch our way towards retirement. As we cycle through those different life transitions, our KiwiSaver needs may change. That may mean switching up to growth, or down to balanced or conservative at the right time. Anyone in a default fund really needs to make an active choice. For people who want a set and forget KiwiSaver as they age, then a life stages fund may work. This transitions the money from growth to balanced to conservative as the member ages. AMP, Generate, Lifestages, and other KiwiSaver providers offer this type of fund. The downside of this is that this approach to KiwiSaver may be a one-size-fits-all and not take into account individuals’ personal circumstances. But life stages funds can be a fallback position. At the other end of the scale, many providers and funds focus on niche areas such as meeting the needs of Christian and Muslim investors.
Rules changeThe rules haven’t changed much for KiwiSaver, although the $1000 free kickstart was removed in 2015, and there have been tax changes along the way.
Even so, it’s worth keeping abreast of changes and the effect they could have. The First Home Grant house price and income caps have changed over the...
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