Covid warning: Extended lockdown could push KiwiSaver hardship claims higher
16 Feb, 2021 04:32 AM
5 minutes to read
KiwiSaver hardship claims have risen over the last year. Photo / File
The number of Kiwis tapping into their retirement savings due to financial hardship continues to rise and experts say the latest lockdown could spur more claims if it drags on longer than three days. Inland Revenue figures show that in December last year 2526 people withdrew money from KiwiSaver accounts due to financial hardship, taking out $16.4 million.
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That was a significant jump on a year earlier when 2000 took $11.6m out in December 2019.
Statistics show the number of people taking money out of KiwiSaver for hardship rose steadily over 2020 despite the amount of economic stimulus being pumped into the economy and employment levels staying strong.
Diana Clement: Save now for a better retirement
13 Feb, 2021 04:00 PM
4 minutes to read
If you have some savings, chances are you ll travel more in the Discovery stage. Photo / 123RF
If you have some savings, chances are you ll travel more in the Discovery stage. Photo / 123RF
NZ Herald
OPINION: Getting old is expensive. Youngsters and those of us who aren t quite there yet can throw stones at Boomers and all their money, but some of those supposedly rich people will hit retirement with nothing; or not enough to pay for more than the absolute basics.
Don t ignore this. We re all going to be old sooner than we think. Whether you re 20 or even 40 to 50 years old, there is still time to put some savings in place.
123rf
There’s plenty of help to be had for young people unsure of how to pick a KiwiSaver fund. Everyone has a moment when they wake up to a level of financial awareness. Sometimes it’s when they marry/form a long-term relationship. Sometimes it’s when they decide they want to be homeowners. These days financial awakenings can’t come too soon. Things are harder for young people than they used to be, with student loans, high house prices, and wall-to-wall marketing of unattainable lifestyles. When it comes to KiwiSaver, there are four main distinct uses in an ordinary life: childhood (possibly set up by well-meaning parents), saving for a first home (hopefully), saving for retirement (the original idea of KiwiSaver), and managing money in retirement (staying invested and withdrawing it as needed).
Retirement village regulations need overhaul: Consumer NZ
1 Feb, 2021 06:15 PM
5 minutes to read
Consumer NZ wants an overhaul of the multi-billion dollar retirement village sector and its regulations to protect around 45,000 residents from unfair terms.
Jon Duffy, chief executive at Consumer NZ, said a review of contracts found terms which unfairly favoured villages and risked costing residents money. Retirement villages promise the good life in your golden years. However, the agreements consumers must sign before they move into a village can have a nasty financial sting. Some also risk breaching consumer law, Duffy said.
Terms which made residents responsible for the costs of maintaining and repairing items in their unit - even though they didn t own them - were one worry.
Retirement old fashioned : More than 16k people 65-plus still working
22 Jan, 2021 08:00 PM
8 minutes to read
The idea of retiring at 65 has become old-fashioned as more people continue to work past retirement age in the Bay of Plenty. While some are taking early retirement due to the fallout of Covid-19, others in the 65-plus age group are working longer than expected.
However, finding a new job at retirement age wasn t easy and those who ve worked in the same company for decades were finding it tough not knowing how to look for a new job or where to find one.
Stats NZ estimates about 16,300 people in the Bay aged 65-plus are still employed - up from 12,300 in the September 2019 quarter.