Unlocking KiwiSaver: How an AI Legalese Decoder Can Simplify Complex Terms and Conditions
- November 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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****** just grabbed a
Only put in the maximum of what your employer matches.
Then put the rest into a fund that you can withdraw when/if you need.
If your employer isn’t matching I see no reason to put anything extra over the min govt contribution amount
IÔÇÖve just raised my KS to 10%.
My reasoning for this was
Our Debts are very close to being paid off and with my new ÔÇ£largeÔÇØamount of freed up cash I didnÔÇÖt want lifestyle creep to gobble it up. IÔÇÖm in it for the long term +|~20 years so IÔÇÖve chosen a low fee KS provider who I would have invested with anyway.
My goal is to invest/ save a minimum of 15% of my income so the increase is just set and forget and removes the temptation along with not having access so I canÔÇÖt ÔÇ£loan ÔÇ£ aka give, to broke family members who have chosen fast rewards over balance and not always the fun option.
> ItÔÇÖs more liquid & allows for more diversity in investing,
Yes
> but that could be viewed as a negative as IÔÇÖm not a pro investor
Then put it in the same fund as your KS. Almost all providers will offer the same inside and outside KS. Pretty sure Kernel does for all funds.
> I can take it out, meaning I miss out on the long term investing returns?
Only if you take it out.
That said, your diversification may not be as great as you think.
S&P500, Global 100, Global ESG (likely even the Global Infra, but i don’t have the patience to go see where they pop up in the other funds) all have significant overlap. You are basically very awkwardly buying a lot of Apple, Google, Microsoft, Amazon. Not necessarily a problem if intended, but make sure you actually understand the diversification you get.
A lot on this sub would say do 3% and the rest into more available investments, which while is technically correct, in a country that has atrocious savings habits, doing as much as possible to help you save towards your long term goals is better for people who struggle to save.
I do max contribution because I can use it towards my first home, not being able to access it is a good thing.
(Although I also have other savings in the bank which IÔÇÖm pretty good at not touching)
So you are asking is if you should force lock your own money and limit it’s investment options and opportunities vs not.
What’s the benefit of the force lock? Unless you are mentally challenged and have compulsive gambling issues there is 0 benefit.
I would consider investing in the non-kiwisaver kiwisaver account. Many Kiwisaver providers have an investment fund you can use which exactly like kiwisaver except you can get it out when ever you like. It also doesn’t have the employment contribution.
I like it as I understand how my kiwisaver works, so this gives me trust in the investment account thats with them as its essentially the same just more flexible options of using it when I want/need to.