The government contributions make KiwiSaver an attractive way to save. But, like any investment, there are no guarantees about how a KiwiSaver scheme will perform.

A If you start a new job, you'll probably be automatically enrolled in KiwiSaver, but you can opt out. Otherwise, you'll have to join the scheme yourself.

Quick guides

Is KiwiSaver for me?

The decision on whether to join KiwiSaverA is up to you. You might prefer to pay off your mortgage or credit card debt before saving for retirement, or to save in other ways such as buying property or investing in shares.

When you're making your decision, consider:

  • Can you afford the contributions?
  • How much money do you think you will need to ensure a reasonable standard of living in retirement? A couple on NZ Super gets just over $420 a week after tax and a single person living alone gets just under $280. Could you live comfortably on that for, say, 15 or 20 years?
  • Do you want the security of your own retirement nest egg - either for emergencies or if the NZ Super age of entitlement or rate is changed in the future?
  • Do you want to pay off other debts - such as your mortgage, hire purchase or credit card debts?
  • Do you already have a savings scheme? You can join KiwiSaver irrespective of whether you have another retirement fund - however in some cases you maybe able to transfer your existing savings into a Kiwisaver scheme (check with your employer or fund manager). However it would be wise to seek independent advice.

Important

Like you, we can't predict the future - which means we can't guarantee the performance of any savings scheme. Nor do we endorse any specific KiwiSaver provider or scheme. ConsumerSaver is a good starting point - but, before you commit, we strongly suggest you seek independent financial advice. See our full disclaimer.