In a campaign announced on June 25, the Financial Markets Authority (FMA) and the Retirement Commission called on KiwiSaver members to actively review their annual statements to see if they are on track for their retirement savings goals.
With individual KiwiSaver member statements being sent out from scheme providers, they suggest that “it’s a great moment to think about doing an annual “health check” on what’s happening with your account. The Annual KiwiSaver Statement is not like a bill, it’s a useful tool to check your settings and see where you are heading on your retirement savings journey.”
FMA Chief Economist, Stuart Johnson, and Tom Hartmann from the Retirement Commission, suggest KiwiSaver members ask themselves the following questions as they read their annual statement:
Johnson said: “The Annual KiwiSaver statement has been designed so that all the information you need is in one place to think about your own settings. We know this is a tough economic period for lots of people, but it’s worth remembering KiwiSaver is about what you will have in the future. Just being able to see how your funds have performed over the year, how much you may have when you retire, reminds us all that KiwiSaver is a long-term investment. As well as asking our top four questions, there’s a range of tools people can use to help make the best decision for their own personal circumstances.”
Hartmann, Personal Finance lead at Te Ara Ahunga Ora, added: “Your KiwiSaver is not something you want to be checking every day, since you would continually see ups and downs in value that can be a bit of a rollercoaster. The annual statements we all receive give us an ideal opportunity to check in with KiwiSaver, get our settings right, and then let it go on growing our money for the long run.”
Adding to the FMA and Retirement Commission’s advice, Threefold KiwiSaver Adviser Carl Pheasant shared “Taking an active role in managing your KiwiSaver is crucial for securing a comfortable retirement. By regularly reviewing your contributions, understanding your investor profile, seeking professional advice, and monitoring your balance, you can ensure your KiwiSaver works hard for you.”
If you would like assistance in reviewing your KiwiSaver Annual Statement and understanding if your on track to meet your retirement goals, book a complimentary review by clicking here or by emailing cl************@th*******.nz with the subject ‘KiwiSaver Review’.
Source: FMA Media Release
