If you're putting in more than $20 a week then sweet deal! You’re on track to get $36,000 free money. $521 will be popped into your KiwiSaver account every July. Over your working life, that's worth close to $36,000.
If you're putting in less than $20 a week, you'll get 50 cents for every dollar you contribute, but you'll get less free money. Get the full $521 per year by putting in just $20 per week. You can also top-up your account each year to bring your contribution up to $1,043.
Now check you’re in the right fund
If you’re putting in less than $20 a week, contact your KiwiSaver provider
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How it works
Put a dollar into KiwiSaver and the government matches it with 50 cents – up to $521 every year.
To get the full amount, you need to be at least 18 and contributing $1,043 each year. That’s $20 a week. This could be as easy as setting up a Direct Debit from your savings account to your KiwiSaver provider.
Even if you don’t put in the full $1,043 though, you still get the government’s matching 50 cents for every dollar you put in.
If you haven’t been putting in that much, you can still top up your KiwiSaver account by mid-June each year to get the full government match. Contact your provider to make arrangements.
Remember, all the money you and the government put into your KiwiSaver account is for you when you retire or to use towards buying your first home. The sooner you start contributing, and the more you add, the more you’ll have when you need it.
If you put in $1,043 each year from the age of 18 until the age of 65, the government will have given you $24,507. If you get an average return of 5% per annum on this, you’d have more than $36,500 by the time you access it (even after tax and inflation). That's on top of your own contributions, your employer contributions and any other investment returns you've received. Cha-Ching!
Make KiwiSaver work for you – find out how with our tools:
Find out how much you'll have in KiwiSaver by the time you retire.
Choose a KiwiSaver fund that's right for you.
Forecast what you're likely to be charged in KiwiSaver fees.
See whether you're on track financially for the retirement lifestyle you want.
Not sure how much you put in?
Check your payslip.
Check how much you’re paying and make sure you put in at least $1,043 between 1 July and 30 June each year to get the full $521.
On a contributions holiday?
Talk to your provider about topping up before mid-June. For every dollar you put in, the government will match it with 50 cents – up to $521.
You have to be aged 18–65 to get the government’s matching funds. There are also conditions around residency and some differences in how much you get paid if you turn 18 or join KiwiSaver part way through the financial year (1 July–30 June).
Employed, earning $34,762 or more?
If you’re contributing 3% or more, you’ll be getting the full government match. No need to top-up.
Employed, earning less than $34,762?
If you’re contributing 3% you need to top-up to get the full $521. On $30,000, for example, you’d be putting in $900 a year. The government would match that with $450. To get the full $521, you’d need to top-up $143 by mid-June.
Not sure who your KiwiSaver provider is?
You can find out on the IRD website.
What is a ‘member tax credit’?
It’s the term KiwiSaver providers and government use to describe the government’s matching funds. (It doesn’t have anything to do with your tax).