5 steps to get your $260

15 April 2024
Reading time: 3 minutes

Posted by Tom Hartmann, 11 comments

For every dollar you put into KiwiSaver, the government puts in 25 cents – up to $260 each year. Here’s how not to miss out:

Step 1: See if you’re already getting your government contribution this year.

You’re on track to get your full boost from the government if you’re an employee earning at least $30,000 a year (before tax) and have been contributing at least the minimum 3.5% into KiwiSaver.

No need to do anything – just watch $260 drop into your account in late July or August. Done!

If this is not you, however, move on to step 2.

Step 2: Check if you’ve contributed at least $1043.

If you are not an employee or you earn less, you’ll need to check your contributions. In order to get that full boost from the government, you need to have paid in at least $1043 this year.

How much have you put in? The easiest way to find out is to ask your KiwiSaver provider – here’s a contact list. (If you’re not sure who your provider is, you can call 0800 KIWISAVER to find out.)

Step 3: Figure out how much you’re short.

Your KiwiSaver provider will be able to tell you whether you’ve contributed $1043 this year. If you haven’t yet, there’s still in time to top up your account by mid-June and get the full $260.

How much do you need to put in to get across the line? Your provider will know.

Step 4: Top-up your KiwiSaver account by mid-June.

During the weeks ahead, before June runs out, make arrangements with your KiwiSaver provider to top up your account. You may want to set up an automatic payment each time you’re paid, or just pop in a lump sum when you’re ready. Aim to have at least $1043 in for the year by mid-June.

Even if you can’t get the full $1043 into your KiwiSaver by mid-June, it’s still worth paying in as much as you can – the government will match each dollar with 25 cents. So even putting in $200 nets you $50, for example.

Step 5: Pop in at least $20 a week to get your boost next year.

For anyone who typically puts in less than $1043 per year – and I'm thinking of all the self-employed, stay-at-home parents, part-time and casual workers out there – here's how to set yourself up to get the government contribution next year.

The KiwiSaver year runs from July to June. To make sure you don’t get caught short next year, set yourself up to contribute at least $20 a week, starting this July.

Again, automatic payments make it easy to set and forget. When next year rolls around, that government money will flow in without you needing to check anything.

Over your entire KiwiSaver experience, the government contribution could be worth as much as $24,300* – a real boost!

*If you put in $1043 each year from the age of 16 until the age of 65, the government will have given you $12,740. If you get an average return of 5% (after fees, tax and inflation) per annum on this, you will have more than $24,300 by the time you access it. That's on top of your own contributions, your employer contributions and any other investment returns you will have received.

Here's how to make your money work harder

My Money Sorted: Jaelyn

Comments

Tom from Sorted | 12 May 25

Sorry, no, that $521 is only for those 18–64.
Anonymous | 9 May 25

Hi, if I wanted to open my 11 year old a KiwiSaver, would they be eligible for the $521 boost?
Tom from Sorted | 22 April 25

Hi Deb, thanks for your question (and apologies to anyone under 18 or over 64), the amount you can get is indeed based on how long you've been a member. So if you join partway through the year, the amount you can receive is adjusted accordingly.
Trish Peehi | 22 April 25

This does not relate to over 65'ers.....
Deb McKerr | 21 April 25

Is the government contribution pro rata-ed if you haven't been a member for a full year?
Tololima | 19 April 25

I have well surpassed the limit
And when can I get my 521$
Terry | 18 April 25

People aged over 65 and retired cannot get a Kiwi saver account or the benefits you describe.
Anonymous | 18 April 25

You haven't mentioned that one needs to be under the age of 65 to benefit from the Govt each year or is that a myth too:)
Tom from Sorted | 13 September 24

Thanks for commenting. The government puts in its contribution in late July each year. Contact your KiwiSaver provider to see if you've received yours.
Anonymous | 13 September 24

What's happened to the government's 2024 contribution – we are already into the second week of September?