The more you put in, the more you get out

If you’re employed, you can contribute 3%, 4% or 8% of your salary before tax to a KiwiSaver scheme. Increasing your contributions can make a massive difference to your results.

For example: On a $60,000 salary, increasing your contributions from 3% to 8% could give you an extra $197,000 at retirement. This is calculated over 47 years from age 18 to 65, in a conservative fund returning 3.1% per annum (after fees) and tax rate of 28%.

Now that’s a big difference. Use Sorted’s KiwiSaver savings calculator to find out how much difference it could make to you.

You can change your contributions by:

  • Letting your employer know in writing, or completing a KiwiSaver deduction form (KS2).
  • Contacting your KiwiSaver provider if you’re self-employed or not working.

You can choose the dollar amount you’re happy to pay

If moving to 4% or 8% is too much, you can make one-off lump sum payments or set up your own regular automatic payments instead. This might suit you better if your income varies.

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