24 May 18
If past years are any guide, close to 1.8 million people (76%) will get a government contribution to their KiwiSaver accounts this year.
You’ll be one of them, right? How about those you’re close to?
Hope so. It’s practically free money, so it’s always a downer to hear about anyone who misses out on the government’s contribution. Especially if it’s just because they didn’t realise it was there for the having.
Over a lifetime’s KiwiSaver experience, this could grow to be worth as much as $36,000, so it’s a welcome boost.
Recently I was talking to a friend who just transitioned from being a cook to an Uber driver. Midway through the conversation I realised, especially because of his change of work, he might have overlooked getting enough into his KiwiSaver account to receive the full $521. Work transitions can be one of the reasons people tend to miss out.
There are always more people who could benefit from the government’s KiwiSaver contribution. Again, using the past as a guide, as many as 24% could miss out entirely. Last year that was more than a half million of us.
There will also be many of us who receive some government money, but could have got the full $521 if we had managed to put in a bit more: another half million of us (23%).
To make sure you’re part of the group getting their full due, the trick is to check how much you’ve put in so far this year and top up if you haven’t put in a full $1,043. A quick call to your KiwiSaver provider should do it.
These are the last weeks of the year to get this done, so make sure to join the 1.8 million or so of us who will get paid. Hopefully this time around it will be many more than that.