Learn more about your KiwiSaver account
By starting to save early with KiwiSaver, it’s likely to be your main source of retirement income. It’s important to understand how much you have now, and how much you’re likely to have by the time you get to retirement.
It’s easy to find out how much money you have in your AMP KiwiSaver Scheme account by either looking at your last statement or accessing your online account. If you’re with AMP you will receive our informative “Making Plans” newsletter regularly, this includes your balance - making it easy for you to track how you are doing.
With AMP you can monitor your accounts online via My AMP . Here you can also see how your money is being invested, and make changes to your investment mix.
Knowing your risk profile before you invest
Before you start investing, it helps to have an idea of why you want to invest, how long you’ll invest for and your attitude to risk. There are many types of investments to choose from, so selecting one that will help you reach your particular goals is essential. You can invest in:
|Investment type (asset class)||General risk-return level|
|Cash (eg savings accounts and term deposits)||Low risk, possibly low returns|
|Fixed income (eg bonds and debentures)||Low risk, investments can be linked to inflation rate|
|Property (eg buildings, land and factories)||Moderate to high risk|
|Equities (eg shares)||High risk due to numerous economic and global factors|
Understanding investments and choosing the best one to suit your personal situation can be difficult. Professional financial advice is always a good place to start. There is value in understanding your personal goals and developing a plan and an Adviser will work with you to understand your personal situation and develop a plan that suits you.
Making the most of KiwiSaver
The money in your KiwiSaver account is invested on your behalf by an experienced team of investment professionals (fund managers).
The AMP KiwiSaver Scheme allows you to choose from a range of different funds. Each fund will suit different investors, depending on how long you want to invest for and your willingness to take risks to potentially receive higher returns in the long term. Your options are :
- the Lifesteps Investment Programme - your money is invested based on your age.
- the option to choose your own funds - you decide which fund or funds your money should be invested in. Learn more.
- a mix of Lifesteps and your choice of up to six other funds.
There’s good debt and bad debt
Good debt is when you borrow to invest and your investment produces more income than the cost of the borrowing. It’s also good debt if, despite the borrowing costs, the investment is likely to increase in value after you have invested, like property or shares. An education loan is also generally considered to be good debt, as it should enhance your career prospects.
Bad debt happens when you borrow to invest but the value of the investment declines over time, or if you borrow to fund your lifestyle. Bad debts include things like a car loan or borrowing money to pay for an overseas holiday.
It isn’t always possible to avoid bad debt, but it’s worth trying to minimise it. And if at all possible, avoid credit card debt that can easily spiral out of control with such high interest rates.
Important informationShow more
AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited.