By: m.oliver59
10/01/2008
9:01 am Yahoo! Profile:
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Interesting poll on yahoo xtra today about how many of us are taking up kiwisaver.
looks like the slim majority so far say they don't want it, i myself voted no as i don't feel like i need help from the government in order to save.. what do you think? |
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By: thekauriarch
10/01/2008
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I agree, but for a different reason. My wife and I are both 45 and it doesn't really seem like we'll benefit much once inflation clutches at the total.
Nick |
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By: solutionz@xtra.co.nz
11/01/2008
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Yeah, wouldn't we be better off if we could establish a special retirement account even with our own bank, and have it frozen but earning non taxed interest?
Wouldn't it be better if we didn't pay any income tax until our earnings broke say $40,000 pa?
Wouldn't it make a difference if no taxes were paid on personal savings of those over the age of say 55 years.
When you deposit savings with a bank, you have already paid income tax on the money, you then pay tax on the interest, and if you draw it and spend it....you pay GST plus sales tax on anything you actually purchase....that is part of the reason that personal tax rates in this country are actually 63%+ in reality |
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By: chauncey_nz
11/01/2008
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you know what, i didn't even think that deep into it. i just opted out of kiwisaver, something just seemed totally odd about it all. there was lack of information, noone at my job knew much about it, and we're just expected to pour money into an investment we're not told about. catch that up.
i think if i was sat down and told EVERYTHING, i might have considered it. but i'm such a scrooge with my money as it is, i'm not givin it to noone, unless theres a damn good reason, followed by information.
also, just because the government is going to give so much a year, so what, i feel that is money owed anyway, as for the post from solution nz... i agree, you pay and pay and pay, then before we know it, we're paying like you said in reality, 63%... thats shocking. |
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By: jparanihi@xtra.co.nz
11/01/2008
2:58 pm Yahoo! Profile:
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| I heard that the govt has decided that we all have to be in on this scheme by a certain date this year, whether we want to or not! Is this true! |
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By: solutionz@xtra.co.nz
11/01/2008
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| In a word.......YES..That's the way it goes in Helengrad |
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By: gvtstkwi07
13/01/2008
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| i think you guys should read up properly on this voluntary scheme |
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By: violetmnsn
21/01/2008
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| The rest of the OECD nations have kiwi-saver type saving schemes for many years, Ask yoursely ,why are we the poorest nation in OECD the answer, we do not save, Compulsion is the only answer, or else we become more of a third world nation. |
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By: dhume200
21/01/2008
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I am in agreement with violetmsn.
We have an appalling savings record. I don't think people fully understand what they are missing out on by not taking it up.
The government will match our contributions dollar for dollar. This means by not doing KiwiSaver, anyone earning over $500 per week is basically throwing away $20 per week. On top of this is the $1000 start up.
Sure the markets aren't doing to well because of turbulence in the US but it is a long term savings scheme and over time, the returns should be pretty reasonable. People need to get involved and if they are worried about losing money, put it in a conservative fund and change over later when markets settle down.
Realistically though, the governments contribution should more than cover the 3.2% inflation figure. |
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By: cardboardfido
30/01/2008
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KIWI SAVER????
Heard it all before, & it doesnt work these days.
WHY? simple. If you have $$$$$, the Govt wants a "share"
We arent encouraged to "save" these days. (when you can "borrow...&..borrow"), basically "live outside your means".
Think about "Student Loans Scheme", "2nd & 3rd Mortgages", and the different kind of "Hire Purchase" agreements" offered these days.
The Govt is trying to get us to "save for Retirement", but, I recon, they're making it so damn hard to do, for one reason, They get a hell of a lot more $$$$ from someone who isnt "RETIRED". (Why has the "retirement age" increased?)
My advice...HIDE your "hard earned" |
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By: dhume200
8/02/2008
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Have you researched KiwiSaver Cardboard? The government has given no end of incentives to join. They match your contributions up to $20 per week as well as giving you $1000 to start with. What part of that involves them taking money from you??
Not joining means we are throwing $20 per week away. |
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By: powley9
8/02/2008
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| both ne and my wife have joined it lets face the vast majority or kiwis dont save a brass razzoo. |
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By: xtr365705@xtra.co.nz
8/02/2008
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| It's all very well getting all this money from the govt. and employer but the main thing you have to research is where it is being held. Not long ago a report came out that only 1-2 of up to 80 providers was making a return and we all know what has happened to 'investment' co's of late. Footnote; this govt. in all its wisdom has absolutely no legislation in place to protect you from a provider going under; and NZ is the ONLY country in the developed world that does not have legislation protecting the investor from 'financial advisors'. Best of luck to you.................... |
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By: dhume200
8/02/2008
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Rubbish!!! The Government simply can't afford to protect you from any sort of financial loss. That is the individuals responsibility. If you don't want to make a loss, invest in a KiwiSaver cash fund. In the long term however, the growth funds will perform much better as historically over periods of time, shares have provided much better returns.
Finance companies have gone under but they are different from KiwiSaver funds. In general, KiwiSaver works on a unit trust type of system which means the investment is shared through different sectors depending on the level of risk the member chooses to accept. The sharemarket has dived a little in the last few months so it's true that KiwiSaver funds haven't performed yet. However, those intelligent individuals who have joined will benefit from investing money at the moment as they are buying units at bargain prices so that when the sharemarket bounces back (there are signs it is starting to do so), they will be doing really well. Those who stay in for the long term will make good gains as the market will almost certainly rise consistently over the longer term. KiwiSaver has extremely low fees so there is little of the returns being eaten away. |
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By: xtr365705@xtra.co.nz
8/02/2008
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| I didn't say the govt. should underwrite the funds, only that they don't. 'Financial advisors' are another ticket though and this is where the govt. should pass laws. All the other westernised countries do and it stops any would be money grabber starting up an office and calling himself and expert of investing. Call that rubbish; go ask a lot of the investors that went under when Broadbank folded. Ask them about the 'advice' advisors gave them. |
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By: camb@xtra.co.nz
8/02/2008
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| SELL SELL SELL |
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By: powerclub30
8/02/2008
7:18 pm |
Message deleted. Reason: Breach of terms of service |
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By: w1ksta
10/02/2008
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With kiwisaver its hard to predict the future, so your provider that you choose to save with could go into bankruptcy (sp) and you could walk out with nothing. The government see this as a way to make the country look good but its not our fault that they keep spending beyond their budget (i.e motorways that they cant afford to pay for, so they up the petrol in Auckland).
The answer isnt a kiwisaver, its teaching people from a young age about the power of saving. What ever happened to saving in schools?
I myself didnt know anything about saving, my parents only knew how to hire purchase and thats because they didnt know any better. Its only recently that ive learnt about saving and I wish that I had been showen earlier.
The government have been rather vague with details and I think thats one of the major reasons that people are still a bit iffy, and the fact that they cant trust the government. |
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By: w1ksta
10/02/2008
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| And you cant be sure what the government wishes to do in the future... Labour might love the idea but the next party in leadership might squash it and then what happens?... |
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By: apj108
11/02/2008
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| I feel very much the same as you, i opted out as well, i dont fancy proping up financial institutions who are going to invest the money as they see fit,and find out that it wasnt a good investment, and what do you know, sorry we lost money on that investment, but oh well we still got heaps comming in, so no worries,I also found out that the government regulations made it difficult for the companies already doing retirement savings that they opted out of doing it and told clients that they have to close it and go to kiwisaver,so hows that for a democracy eh, and also for the so called numbers that were supposedly taking it up, so false, the truth from this government would be good. |
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By: solutionz@xtra.co.nz
11/02/2008
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Yes....you give your money to someone else to invest....they take the lion's share, and all of the risks, and you could be the only loser.
In the days that government took 3d in the pound (yes...That's going back) and when we subsidised the hell out of farmers, and you had to already have overseas funds to even think about buying a car, and that was invariably a morris, austin, jaguar for the filthy rich, and the likes, they called that 3d in the pound 'Social Welfare Contribution'...for retirement, compulsory.....it slowly went quiet. success governments used it at low low interest rates, Ministers borrowed at1 to 2%...and slowly in died.
They still collected it....never gave it back...the subsidies were lifted. We never saw our 3d in the pound back.....there were millions involved....that could have, should have earned millions more...but no. The 3d disappeared, we paid more for produce once the sunsidies came off and didn't see one red cent of a tax cut....and now they want you to believe in them again????????? |
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By: dhume200
12/02/2008
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| How is that relevant solutionz? That is so long ago that it bears no relevance to the current situation. That money was pooled by the Government on behalf of the population. The KiwiSaver scheme is an individual scheme in the names of individuals so it can't be touched by anyone other than the name on the policy. |
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By: dhume200
12/02/2008
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| apj, the reason that companies superannuation schem,es have to conform to KiwiSaver is so that companies current employees are not disadvantaged by not being in KiwiSaver so it will serve the best interests of the employees and won't disadvantage the company either. I n short, companies have the option of offering a scheme that conforms to the fairly straight forward KiwiSaver rules or allowing employees to opt in to KiwiSaver. |
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By: mike.eastlake
2/03/2008
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The Kiwi has a short memory
a few years ago there was a super ann scare by winstone it was compulsary but it fell through.
Our ancestors payed taxes destined to be there pensions this tax was incorperated into the tax rate that we now pay along with free schooling and medical care etc.
Now we have large taxes ,shit medical with old people having to sell there homes to finance expences,large school fees and no pensions.
So if you try to save your money and make a nest egg for retirement own your own home work your ass off for all these things and be good boys and girls THE MAN is going to get you anyway
So you may be better off living your life on the dole in a state house pub every thursday food grants every monday and play the playstation |
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By: danforbes@xtra.co.nz
2/03/2008
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Super is a political football going back to the 70's when Muldoon canned Labours super. Australia has had a super scheme for all those years we haven't and it is one of the reasons its economy is stronger than ours.
The sooner those fools we call our leaders stop strutting and preening their pathetic feathers and get behind Kiwisaver now it is there the better off NZ will be. |
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