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How much should my voluntary KiwiSaver Contributions be?
If you're self employed, making voluntary contributions to a KiwiSaver account will greatly benefit your long-term savings. But how do you go about doing so?
Come and talk to us about KiwiSaver options and we can help you decide which one would suit you best.
If you're self-employed it's up to you to make voluntary KiwiSaver contributions. While there is no minimum or maximum amount you can contribute, there is a certain financial threshold you should strive to meet.
Every year, the government contributes up to a maximum of $521.43 to your KiwiSaver fund. But in order to get this, you need to contribute at least double that (a minimum of $1042.86) annually.
Anything less, and you won’t get the full government contribution. You will however, still get half of what you contributed. So if you put in $600, the government will put in $300 and so on.
You need to make this contribution before June 30th each year. You can do it as a lump sum contribution, or as a regular automatic payment.
This post has been provided for information purposes only and is not intended as a substitute for specific professional advice on investments, financial planning or any other matter. Read our disclaimer notice and privacy statement.