Time For Your Annual KiwiSaver Health Check

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – and the Retirement Commission – Te Ara Ahunga Ora – are together calling on KiwiSaver members to check their annual statements this year and see if they are on track for their retirement savings goals.

Individual KiwiSaver member statements arrive about this time every year. It’s a great moment to think about doing an annual “health check” on what’s happening with your account. The Annual KiwiSaver Statement is not like a bill, it’s a useful tool to check your settings and see where you are heading on your retirement savings journey.

Sharing a campaign to help KiwiSaver members get the most from their statements, FMA Chief Economist, Stuart Johnson, and Tom Hartmann from the Retirement Commission, agree there are a few questions that New Zealanders can ask themselves, as they read their annual statement:

1. What is my KiwiSaver balance now?
2. Am I in the right investment fund for me?
3. What could my balance be at age 65?
4. Do the fees I pay in dollars look reasonable?

Stuart Johnson said: "The Annual KiwiSaver statement has been designed so that all the information you need is in one place to think about your own settings. We know this is a tough economic period for lots of people, but it’s worth remembering KiwiSaver is about what you will have in the future. Just being able to see how your funds have performed over the year, how much you may have when you retire, reminds us all that KiwiSaver is a long-term investment. As well as asking our top four questions, there’s a range of tools people can use to help make the best decision for their own personal circumstances.”

Tom Hartmann, Personal Finance lead at Te Ara Ahunga Ora, said: “Your KiwiSaver is not something you want to be checking every day, since you would continually see ups and downs in value that can be a bit of a rollercoaster. The annual statements we all receive give us an ideal opportunity to check in with KiwiSaver, get our settings right, and then let it go on growing our money for the long run.

“Our Sorted website features the KiwiSaver fund finder, Smart Investor, and other KiwiSaver and retirement calculators that can help you build your plan.”

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