Financial advisory firm National Capital says individuals who aren't contributing to their KiwiSaver could potentially lose collectively $113 billion by the time they retire. The 35-44 age group could potentially lose $156,319 per person or $25.35 billion in total by age 65. Those in the 45-54 bracket could lose $75,931 each, or a collective total of $10.55 billion, and the 55-64 group face losing $14,642 per person, or $1.83 billion by retirement. In the same report, the firm says findings from 693 participants in a KiwiSaver survey conducted by NZ Compare earlier this year show participants strongly in support of compulsory KiwiSaver. Basic retirementNational Capital says its KiwiSaver Contribution Index – which measures how much KiwiSaver members contribute to their retirement savings via KiwiSaver regular contributions – was sitting at 4.27% between January and December 2023.

Source: New Zealand Herald March 05, 2024 22:03 UTC