QuoteReplyTopic: kiwisaver Posted: 31 March 2008 at 9:57pm
A couple of people have mentioned this in the house/family thread thing (sorry can't remember what it was actually titled).
Just thought I would mention it in case people are unaware and might be interested. You can get kiwisaver for your children all you need is to apply for an ird number for them and then get it set up. We have Spencer in with AXA as we don't have to make any contributions and also if we want to make them they can just be random one offs doesn't have to be a set amount. The gov do not match what you put in but they do still put the $1000.
We figure it will be awesome for him if he is allowed to take it out for a house deposit when he is older and married and ready to give me some grandchildren
yeah we looked into that...but she can only use the money if she wants to use it to buy a house she will live in...we have trusts set up tohelp her out there so kiwisaver will be a moot point for that use and she will need to wait til 60 something then if not using it for that....UGH
Well they give you the $1000 and you don't have to put anything in. 60 years of compound interest and she probably won't need to do anything else for her retirement.
Well they give you the $1000 and you don't have to put anything in. 60 years of compound interest and she probably won't need to do anything else for her retirement.
I have been looking into this to see if it's worth it for Michaela and noticed that the info regarding min contributions says "If you are not an employee, you may contribute to FirstChoice KiwiSaver at any rate that you choose. There is currently no minimum contribution amount or rate. Members will be notified if a minimum contribution amount is introduced." So if we do sign up for her and then they introduce a min contribution that means we'll have to start paying for the scheme.
Also concerned if the markets remain turbulent that the $1000 boost from the government won't go far, it's an investment scheme (purchasing units) rather than a savings plan so there's no compounding interest and if the funds go down so does the money in there. It's possible that the investment management charge would also eat the government boost away to nothing over time.
I would definitely speak with a qualified financial adviser before making any decisions.
On my dads advice we have signed Bella up. We just put in $5 a fortnight for her. Kinda like a bank account for when she wants to buy a house with the advantage of a free $1000.
Yeah we did all ours through our financial advisor so am pretty happy with it. DH is already in a super sheme with his work so we aren't all tied into it. I figure if it goes tits up for Spencer then is no big deal as we haven't actually put anything into it.
Hmmmm didn't know about poss mandatory contributions but will cross that bridge if or when needed.
I saw an article from Mary Holm (the Herald Kiwisaver advisor) who said that you can find providers who allow zero contributions - so I'm assuming there are some that require money to be put in other than the gvt. contribution.
Julia I was thinking about the bank but DH and I both have our accounts with ASB so I don't really want to do kiwisaver through them as well - the whole 'eggs in one basket' thing. But I will be opening up an account with them for Rowan and get the $10 credit they're offering.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot delete your posts in this forum You cannot edit your posts in this forum You cannot create polls in this forum You cannot vote in polls in this forum
kiwisaver
Topic Options
Post Options
Thanks(0)
cuppatea wrote:
