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busymum 
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 Topic: Kiwi Saver discussion
Posted: 13 June 2007 at 9:26pm |
It's two weeks until KiwiSaver kicks off... what is everyone thinking about this? Will you do it? Why or why not?
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mummy_becks
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Posted: 13 June 2007 at 10:03pm |
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We have been talking about it and for DH he is better off joining it with the $20 they give back to you (only by $1 a week but still $1 is something). Still a lot more research to be done yet (more with the providers that are going to be taking our money).
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I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived!
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Bumble
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Posted: 13 June 2007 at 10:35pm |
nope.... we are not going for it.... i mean 4% of salary before tax, then it is taken out after tax...puhlease....
We just cant afford to lose that much a month.....  Not with needing to redo our mortgage next year.... 
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formerly known as "Bee"
Ethan ~ March 2003 Big 6 year old school boy!
Micah ~ Aug 2008 ~ Smiley pants who loves telephones!
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Paws
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Posted: 13 June 2007 at 10:39pm |
We'll be doing it for sure....we need to get saving and the incentives are great. Plus B is due for a pay rise soon so hopefully that will come close to covering it.
B's pretty up on the info too seeing as ASB is one of the providers so he's been through all the relevent info.
www.kiwisaver.govt.nz
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nuttymama
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Posted: 14 June 2007 at 6:30am |
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We are with you Bee at the moment we simply can't afford to lose that much money a week!
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Abigail 06/01/2005
Jayden 21/11/2001
Micheal 03/04/1997
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busymum
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Posted: 14 June 2007 at 8:46am |
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I'm just not sure about locking money into a fund for 40 years when we still have a family to raise! We already have our first home so no incentive there for us. And I don't understand the opting out clause. After 3mos there's no way to opt out, does that then confirm that yoyu can't get your hands on it, or does it also mean that you will be required to stick with the contribution until you're 65??
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SMoody
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Posted: 14 June 2007 at 9:13am |
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We have decided not to go for it. We made the same mistake in SA. Huge policies for the future ect. And even took out extra policies. And when we saw the results it was not worth it. We could have invested that money better ourselves. And that is what we are doing this time around.
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emz
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Posted: 14 June 2007 at 10:44am |
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4%! Hah! Try having 7% of your income being in COMPULSORY super savings (Defence Force). That's over $120 a fortnight net that we have no say over where it goes. The benefits are pretty OK, but for a young couple with a MASSIVE mortgage, it's pretty tough. But in 40 years time we'll have a couple hundred thousand just from DH's super alone so that's good.
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caliandjack
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Posted: 14 June 2007 at 10:47am |
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I'm signing up, you get $1000 after 3 months, and depending on the provider you are with, after 12 months you can put half of it onto your mortgage, and you get 1% from your employer that means my employer is contributing to my mortgage..yay!
With the tax back I'm only paying $7. Also i'm a hopeless saver, anything that forces me is a good thing.
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minik8e
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Posted: 14 June 2007 at 11:43am |
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I think I'm going to join...the only thing that REALLY worries me, is employers using it as a bargaining tool for salary/wage levels... In saying this, we will use the deposit subsidy, and the mortgage contributor thing if the provider offers it (I'm looking at ASB as a provider, as I already bank with them and I think they're fairly solid). Still, for me, 4% is not a huge amount as I only work between 10 and 14 hours a week, and 22 in the holidays (I'm a Uni student).
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miss
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Posted: 14 June 2007 at 11:52am |
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We are looking at the ASB offer too - they have already sent us info and suggested we look at the mortgage ting. it isn't high on our priorites at the moment, but once things have settled with bubs we will look into it properly.
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busymum
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Posted: 14 June 2007 at 12:35pm |
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hmmm I agree that mortgage thing seems to be a good idea...
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Lulu
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Posted: 14 June 2007 at 1:07pm |
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The government has had a super scheme before where everyone lost all their money that they had put in. Kiwisaver is not guaranteed. I trust myself with my own investing, not the government.
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Lou
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caliandjack
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Posted: 14 June 2007 at 1:15pm |
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This time the money goes into your own superannuation fund provider, ie ASB, AMP etc its not managed by the govt. The previous superannuation (which national spent) was run by the govt.
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fattartsrock
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Posted: 14 June 2007 at 1:51pm |
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I am op the opinion that unless the GVT makes us save for our retirement (or at least dangles big carrots) most people won't, and we really need to. I do relaise it is a lot of $ out of lower income earners wages, though, and shoddy employers will use it as a bargaining tool, but in general its a great idea. JM2CW
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The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P
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Paws
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Posted: 14 June 2007 at 2:10pm |
 fattartsrock wrote:
I am op the opinion that unless the GVT makes us save for our retirement (or at least dangles big carrots) most people won't, and we really need to. I do relaise it is a lot of $ out of lower income earners wages, though, and shoddy employers will use it as a bargaining tool, but in general its a great idea. JM2CW |
I agree!! NZ has the WORST savings record worldwide I believe it is....that is shocking....kiwis cannot save. (and yes I put myself in that boat too). I would rather be forced to save now and actually have something for my retirement that to have nothing.
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Bombshell
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Posted: 14 June 2007 at 8:11pm |
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we wont be doing it...we have house, investments and really see no benefit to us.
However - am still trying to get my head around whether or not entering into the bank one for miss Gabriella would be worthwhile with the startup etc....Im waiting for it to settle and be more set in stone with what the banks are offering and if it is that she will benefit then i will open one for her. If it goes under then we wont really have lost anything...if it continues then she may benefit once she is 18.
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busymum
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Posted: 14 June 2007 at 8:56pm |
With DH starting a new job, our endevour is to save $30 a week of "no-touchie" money. Well it's to cover unexpected things like washing machine breaking down and the recent car seat upgrade we had to do suddenly. But it's not to cover purchases (clothes, furniture) or regulars like car maintenance. I like saving for myself, generally speaking, cause then I can choose how and when I spend it - maybe I'm a control freak like Emma 
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Kiwi Saver discussion
