Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

AMP implores non-contributors to reconsider

AMP implores non-contributors to reconsider making regular KiwiSaver contributions

Leading life insurer and retirement savings provider AMP is currently calling for the 1 million New Zealanders* who have stopped contributing to KiwiSaver on a regular basis to consider reinstating regular contributions to their KiwiSaver accounts in order to save for their retirement.

The importance of saving for retirement should not be underestimated as Kiwis need to face the reality that they will have to bear more of the cost of their own retirement in the future.

Therese Singleton, General Manager of Investments and Insurance at AMP says: “More than 1 million KiwiSaver members across New Zealand have not made a single contribution towards their KiwiSaver account in the last 2 months. This could have a significant impact on their final retirement income when we know as little as $5 a week could mean around $30,000 upon retirement**.

“We know for many individuals they may be on parental leave, are self-employed and haven’t gotten round to making a contribution yet or are struggling financially so the burden to save even a small amount seems insurmountable, however, a little now really can make a difference in the long run,” points out Singleton.

“Many people don’t know that if you are an employee and have taken a contributions holiday or are self-employed you can set up regular or one-off contributions without having to make the minimum employee contribution of 3%. The key to remember is that every little bit counts thanks to the wonder of compounding interest – especially as any contribution will count towards your Member Tax Credit which could mean up to an additional $521 from the Government each year,” continues Singleton.

“It’s important that people understand they are potentially missing out on the long term benefits of saving for their retirement and also missing out on their annual Member Tax Credit, so we’re just trying to encourage people to re-consider and get their KiwiSaver balance growing again,” concludes Singleton.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>


Commerce Commission: News Publishers’ Association Seeks Authorisation To Engage In Collective Bargaining

News Publishers’ Association of New Zealand Incorporated seeks authorisation and provisional authorisation to engage in collective bargaining with Facebook and Google. The Commerce Commission has received applications from News Publishers’ Association of New Zealand Incorporated (NPA) seeking authorisation and provisional authorisation on behalf of itself... More>>


Reserve Bank: MPC Continues To Reduce Monetary Stimulus
The Monetary Policy Committee agreed to raise the Official Cash Rate (OCR) to 0.75 per cent. The Committee agreed it remains appropriate to continue reducing monetary stimulus so as to maintain price stability and support maximum sustainable employment... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>



REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>


BNZ: Auckland Retail Card Spending Bounces Back In Step Two
Bank of New Zealand (BNZ) card spending data released today shows one week of retail therapy at Alert Level 3 Step 2 has been enough to raise card spending in Auckland to levels greater than before the Delta lockdown... More>>