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KiwiSaver: top 10 tips


Our top 10 tips on making KiwiSaver work for you

1. Enrol

Sometimes, the hardest part is joining.  Most people are automatically enrolled in KiwiSaver but about 1 in 5 aren’t because they’re contractors or self-employed. If you’re not sure if you have a KiwiSaver account you can check with Inland Revenue (they can tell you what contributions have been received from you and your employer and what scheme you are a member of so you can get in touch with your provider). If you are not a member you can always join when you want to by signing up directly with a KiwiSaver provider.

2. Choose the right fund 

KiwiSaver is more than just a fancy savings account, it's a managed investment scheme which means you need to make sure you are in the best fund, for you. To do this it’s a good idea to think about what kind of journey you want to take and what you want your destination to look like when you get there. A higher risk generally means higher potential returns over time, but more ups and downs along the way. Here at AMP we have this tool to help you choose which fund or funds you want to be invested in.
If all of this is too much of a faff, you may choose a "life-steps" programme - it automatically changes which fund you are invested in as you grow older and reach a different stage in your life, so you don’t generally need to worry about it being in the “right” fund.
 

3. Contribute, regularly

Regular contributions from you and your employer plus investment returns (the money earned on your savings), will continue to build your nest egg. A little contribution, often, will go a long way at retirement. As your balance grows, so will your investment earnings, and before you know it, you will have a nice little nest egg.
 

4. Get extra money for free

If you’re between the ages of 18 and 65, and you put in $1,042.86 each year (about $20 a week), you may be eligible for the government contribution of $521.43. Find out the Eligibility Criteria.

5. Time in the market beats timing the market

If you keep investing regularly over a long period of time, short-term drops in the markets won’t have as much impact on your overall investments. So instead of worrying about when to buy and/or sell based on market conditions, keeping to a regular savings/investment strategy will help to smooth the journey.
 

6. Don’t “chase returns”

It’s like driving with your eyes in the rear vision mirror. That’s fine for a while, but can be disastrous.
 

7. Decide what level of fees you’re willing to pay to get the expertise and service you want

All KiwiSaver providers will charge you fees for managing your money – these fees cover things like paying investment managers for their expertise and decision making to invest and grow your money, the services you receive as a client, and running costs. To find out what you’re being charged take a look at your KiwiSaver scheme’s Product Disclosure Statement – here's AMP’s.
 

8. Decide if you want to put your money where your values are

Ethics are personal. There’s no absolute right or wrong answer as to which investments are ethically acceptable, and which investments are not. People value different things - that’s why we've got funds from a range of New Zealand’s leading fund managers (AMP Capital, ANZ, ASB, Mercer, Nikko), so that you as an investor can pick and choose what kind of investment you want.
 

9. Make sure you can access help when you need it

Each KiwiSaver provider has its own level of customer service, communication, online tools, and access to expert advisers and fund managers. It’s important you’re with a provider who gives you what you want. Here at AMP we have a team of people who can help you from simple requests to concise financial advice. We feel it’s important that you have a provider who is there to give you the help and guidance that you need. 

10. Don't forget about it – check in every so often (online preferably) but don’t check it too often

It’s good to check in on your account every once in a while. On the My AMP app, you can change your funds, see your balance and your personal rate of return for your investment. But we don’t recommend checking in every day, as markets will rise and fall and it can be a bit scary watching your investment move up and down.
 

Important information

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.
For more information, download a copy of the AMP KiwiSaver Scheme Product Disclosure Statement and Fund Update Booklet, which have been lodged on the Scheme's offers register entry at companiesoffice.govt.nz/disclose.
While care has been taken to supply information on this website and within the chatbot tool that is accurate, no entity or person gives any warranty of reliability or accuracy, or accepts any responsibility arising in any way including from any error or omission. The content provided is intended to be used as information only and does not constitute personalised advice. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.
A disclosure statement is available from your Adviser, on request and free of charge.
Past performance is not indicative of future performance and returns are not guaranteed by any party.