KiwiSaver - we know what it is, and even likely have it ourselves, but how can we make it work to its full potential? Newshub spoke to the Milford team to find out what Kiwis can do to get the most out of their KiwiSaver account.
We’re all busy. Between work, family, friends, and a head full of ‘must-do’ daily tasks, it’s easy for things to get knocked down the priority list. Particularly those that may seem far away, like your KiwiSaver account.
With more than 3 million Kiwis in KiwiSaver, you’re probably already a member. Joining and contributing is a great start. But once you’ve done that, it’s worth asking yourself, are you truly making the most of your KiwiSaver?
Take this one easy step
Research from the Financial Services Council’s Money and You survey shows that 75 percent of people feel their overall wellbeing is linked to their financial wellbeing. The research also showed those who get good financial advice, tend to do better financially. Yet most of us don’t seek financial advice.
Despite getting advice on many other things in our lives, when it comes to something personal like our money, it’s common to delay and leave it for another day. But to be fair, it’s not that cut and dry.
The financial advice industry has not traditionally been seen as very accessible to those without large amounts of money – making it particularly challenging for those early in their savings journey.
At Milford, they don’t believe this should be the case. That’s why they’ve created a digital financial advice solution for their KiwiSaver members.
Through their custom-built online tool, you now have access to expert financial advice in relation to the Milford KiwiSaver Plan right at your fingertips, no matter how big or small your balance is. Best of all, it’s offered at no extra cost.
Taking this one easy step and receiving financial advice, can make a big difference to your savings. It can help you identify your goal, whether that’s buying your first home or retiring comfortably, and then help to ensure you’re on track by recommending the right fund and the appropriate contribution amount.
This may not seem like a big deal but have a look at this example. Let’s say you had done a first home withdrawal and you had a long time until retirement. You were in a conservative KiwiSaver fund, but after receiving financial advice you found out you should actually be in a growth KiwiSaver fund. Taking the advice and making this one simple change could add thousands of dollars to your retirement. Giving your future self extra flexibility to do what you love.
Bringing it all together
It’s not surprising our financial wellbeing is linked to our overall wellbeing. We all want peace of mind when it comes to our money – but it can be hard to know where to start. Getting good financial advice is one easy way to help get yourself on track and it’s never been easier to get started.
This is intended to provide general information only and should not be viewed as investment or financial advice. Past performance is not a reliable indicator of future performance. Before making financial decisions, you may wish to seek financial advice. Read the Milford KiwiSaver Plan Product Disclosure Statement as issued by Milford Funds Ltd at milfordasset.com. The disclosure statements of all Milford Financial Advisers contain more information and are available on request free of charge. For more information about getting advice at Milford see our website.
This article was created for Milford
