Man with glasses in hand pondering

What does a typical salary get you in retirement?

Let’s look at Kayla. Kayla is 21 years old and working 40 hours a week as a Building Surveyor. Kayla earns $57,500 a year before tax.

When Kayla starts working at Blue Building Surveyors she joins KiwiSaver. Money is tight, so Kayla chooses to contribute the minimum of 3% to her KiwiSaver account. If you're a KiwiSaver member making contributions from your pay, usually your employer also has to put money in. So Kayla’s employer Blue Building Surveyors match her 3%* contribution. Kayla has chosen the AMP Balanced Fund.

If Kayla keeps contributing to her KiwiSaver account and doesn’t make any withdrawals, by the time she turns 65 she will likely have over $200,000!**

That’s how much Kayla is likely to see in her account if she keeps working at Blue Building Surveyors and only contributes the minimum 3%.

While $200,000 seems a lot, it may still not be enough to support Kayla in retirement. If Kayla gets a promotion or another job that pays a bit better, or if she increases her contributions to 4%, 6%, 8% or 10%, or if she makes additional voluntary lump-sum contributions, she’s likely to see her nest egg grow even bigger.

How do I increase my KiwiSaver contributions as an employee?

  • All you need to do is tell your employer you want to increase your KiwiSaver contributions.
    To do this, you can copy and paste this email and send it to your payroll or HR department, or to your manager:

Dear Manager,
Please update my KiwiSaver contribution rate to [choose from 3,4,6,8, or 10%]. Please let me know when this has been done.
Thank you, [your name]

If you would like to see what your KiwiSaver account may look like in retirement try our our KiwiSaver journey calculator - click here.

Important information

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* before Employer Superannuation Contribution Tax.

** The AMP KiwiSaver Scheme retirement journey calculator was used to calculate Kayla’s likely account balance. You can see more information about how the calculator works, and what we assumed when calculating Kayla’s savings by reading below.

Important information about the calculator

This calculator is intended as a guide only and does not constitute investment advice. While care has been taken to ensure the information supplied is accurate no person accepts any liability for any loss or damage arising out of the use of this calculator. Results do not reflect actual returns and are not predictions of future returns (which are subject to investment and other risks, including loss of income and principal invested). Returns are not guaranteed by any person and fees are subject to change.

Investing in the AMP KiwiSaver Scheme is subject to risk, which includes the potential for you to lose income and any amounts invested. When using this calculator, you should have regard to your particular objectives, needs and financial situation. This calculator and the results it produces is intended to be of a general nature only and is not intended to be personalised advice. If necessary we recommend that you seek appropriate professional or financial advice before acting on any of the results provided by this calculator. A disclosure statement is available from your adviser, on request and free of charge.

How the calculator works

The AMP KiwiSaver Scheme calculator can show you (and your partner):

  • Your estimated savings (after fees and taxes) you may have in your KiwiSaver account at your selected retirement age using your inputs and the ‘Assumptions’ listed below, and
  • An estimate of your annual income (after fees and taxes) your estimated savings (and NZ Super) may provide you in retirement. NZ Super is defaulted to your annual projected income, you can remove NZ Super under ‘Other savings/assets’ in advanced options.
  • Forecast a deposit that you may be able to save for your first home.

It has been designed for New Zealand conditions only.

What we have assumed when calculating Kayla's KiwiSaver savings