The holiday weather has been so sensational that I thought I would start my YouTube videos a bit earlier than planned.
"Planned?" I hear you say with an incredulous tone. Yes indeed - everything that appears on the internet from Truly Independent Financial Advice New Zealand Limited is part of a meticulously-planned, 21st Century style cyber-campaign. If it looks a bit rough, well, that's the branding I'm after so that means it's working.
"KiwiSaver Quick Info Videos?" I hear you say - again, with a tone that suggests that this is a ridiculous idea. Let me explain:
Over the next few weeks, I am going to share information with you about KiwiSaver. It'll be in bite-sized chunks because more than a minute or so about KiwiSaver can get a bit dull. So I am going to keep them short, snappy and relevant.
This one is about how much to save for retirement . It's probably going to be my most scenic film, so enjoy it while it lasts. Basically, the answer is a big fat "dunno" because how much you need to live on and how much you need to save is a very personal thing. And unlike most Authorised Financial Advisers, I do not claim to be able to see into the future beyond my next cup of tea.
So one way to do it is to pretend that today is your 65th birthday, and you would ideally like to stop working. How long would your savings last, if you have any? The good news is that you are entitled to income from your NZ Super . But how long would you last on that? If the answer is "about 10 minutes", then obviously you need to put some more money aside. KiwiSaver is a great way to do that.
This next one is about KiwiSaver and children. Quick information here about what happens when a child joins KiwiSaver. Basically, the Government throws in $1,000 and that stays there until they are entitled to NZ Super. That's a long time, but that's also a long time to build up a useful pot of money.
This will be particularly helpful to them when they want to buy their first home. If you have put extra money in, that money plus the investment earnings is accessible to help them buy a first home.
Enrolling children has to be done with a form at the provider. Get your own and your child's original birth certificate. Also, arrange for the IRD to give them their own IRD number. That way, their investment earnings are taxed at the right rate.
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