KiwiSaver

Consulting with a financial adviser about your KiwiSaver account can be very beneficial as they can provide expert advice and guidance on how to manage and grow your retirement savings.

• Review your current KiwiSaver account and provide recommendations for changes, such as switching to a different fund or increasing your contribution rate.
• Help you understand the different types of KiwiSaver funds available and the potential risks and returns associated with each one.
• Provide advice on how to optimise your KiwiSaver fund for your specific financial goals, such as saving for a first home or retirement.
• Help you understand the tax implications of your KiwiSaver contributions and withdrawals and how they may affect your overall financial plan.
• Provide guidance on how to withdraw your KiwiSaver savings, such as under the first home withdrawal scheme or significant financial hardship withdrawal.
• Help you create a comprehensive financial plan that takes into account your KiwiSaver savings, along with other investments and assets.
• Provide ongoing support and review of your KiwiSaver account to ensure it aligns with your goals and risk tolerance.

Whether you should invest in a KiwiSaver or a managed fund depends on your specific financial goals and risk tolerance. Both options can provide a way to save for retirement, but they have different features and potential risks and returns.

KiwiSaver

• KiwiSaver is a government-supported retirement savings scheme in New Zealand.
• Employers are required to make contributions to their employees' KiwiSaver accounts, and you can also make personal contributions.
• You can choose from a range of investment funds with different levels of risk, including conservative, balanced and growth options.
• You can get government contributions and first home withdrawal.
• Convenient automatic contributions.
• You will have to reach your retirement age to access KiwiSaver funds.

Managed Funds

• Managed funds are professionally managed investment portfolios that pool money from multiple investors.
• They can be invested in a wide range of assets, such as shares, bonds, property, and cash.
• Managed funds can offer higher returns, but also carry higher risks.
• You will have more investment options.
• May require more active management on your part.
• You can withdraw the money if you need to.

It's important to consider your investment goals, risk tolerance, and overall financial situation when deciding whether to invest in a KiwiSaver fund or a managed fund. It's also a good idea to consult with a financial adviser for personalised advice and guidance.

It is a good idea to switch your KiwiSaver fund, if:

• Your risk tolerance has changed

  If you've become more or less risk-averse over time, it may be a good idea to switch to a fund that aligns with your new risk tolerance.

• Your investment goals have changed

  If your investment goals have changed, you may need to switch to a fund that aligns with your new goals.

• Your current fund has high fees

  If your current fund has high fees, switching to a fund with lower fees could help you save money in the long run.

• Your current fund is no longer suitable for your current stage of life

  If you are in a different stage of life and your current fund is not suitable for your current stage, you may want to consider switching to a fund that aligns with your current stage of life.

• You want to have a more diversified portfolio

  If you want to have a more diversified portfolio, it can be a good idea to consider switching to a fund that invests in different types of assets, rather than just one type of assets.

• You are nearing retirement

  You may want to consider switching to a more conservative fund to protect your savings.

It's important to remember that switching funds can also have its own risks, such as losing out on potential returns if the new fund performs poorly. It's a good idea to consult with a financial adviser before making a decision to switch your KiwiSaver fund, they can help you understand the pros and cons of different schemes and help you make an informed decision that aligns with your goals and risk tolerance.

If you die, your KiwiSaver savings will be paid to your estate. Your estate is the total of all your assets, including any cash and investments, property, personal possessions and any other assets you may own. Your estate will be distributed according to the terms of your will, or if you do not have a will, according to the laws of intestacy in New Zealand.

If you have nominated a beneficiary for your KiwiSaver account, the money will be paid directly to them. A beneficiary is someone you have nominated to receive your KiwiSaver savings in the event of your death. This can be done through your KiwiSaver provider.

It's important to keep your will and your beneficiary nominations up to date to ensure your assets are distributed as per your wishes. It's also good to review your will and beneficiary nomination regularly to make sure they are still aligned with your current wishes and circumstances.