The summer holiday season provides us all with the opportunity to refocus; to take a break from the daily grind, evaluate what has (and what hasn’t) been working, and plot a course for future success.
At a time when new resolutions are made and fresh goals are set, the start of the year is the perfect time to get your KiwiSaver on track. And these five simple tips will help you do just that…
1. Contribute more
A little more can make a big difference
You’d be amazed at the growth that can be achieved by a small increase to your KiwiSaver contributions. Can you afford to put in 4 percent or 6 percent, rather than the minimum 3 percent? Perhaps your employer would consider raising their contribution too. Remember, every little bit helps.
Next step: Take note of your contributions, and when you next get a pay rise, decide whether you can afford to put away a little more.
2. Choose the right fund
Make your money work harder
You work hard for your money, so make sure it is in the right KiwiSaver Fund for you. Having a better understanding of your goals, your tolerance for risk, and your timeframes will mean your money is more likely to be invested in the right fund and you are better prepared for the journey ahead.
Next step: Try our Digital Advice Tools to understand which Milford Fund will be best suited to achieve your goals.
3. Compound returns
The sooner you start, the better off you will be
The more time you have, the more your money can grow, thanks to the powerful effects of compounding returns. That means if you start sooner, you can dream bigger! So make it a priority to contribute when you are young.
Next step: Spend 30 minutes this week to make sure your KiwiSaver is set up, and you are getting the most from your investment. Have a question? Get in contact with us, we’d love to help.
4. Get advice
It’s more accessible now than ever
We are emotionally connected to our finances, making it difficult to see things objectively. When planning for retirement, a fresh set of eyes and ears can help bring clarity and perspective. This clarity allows you to make better, more informed investment decisions.
Next step: You can chat with the Milford team in person or access some incredibly handy Digital Advice Tools on our website.
5. Partner for success
Choose an investment specialist you trust
Achieving your goals starts with finding a partner you can trust. Do your research and actively choose a KiwiSaver provider you’re confident can deliver strong results over the long term. This can make your investment journey less stressful, keep you on track to achieving your goals and set you up for a more comfortable future.
Next step: Look to resources such as Sorted, or Morningstar KiwiSaver Survey. Then check in yearly to evaluate if your provider is working the best they can for your future.
