Highway Biker
News that kiwisaver might become compulsory has made me think about things and do a bit of searching... Only searching I ever do involves bikes but this intrigued me.
Just found out if you're in the process of a divorce and your partner has never worked, i.e. they have no kiwisaver they may be subject to receiving half of your kiwisaver balance!!! That's just fucking bananas!
Not letting anyone see my kiwisaver balance, doesn't exist!
Watchful Old Bird
That's not new for Kiwisaver. Sister got half her husbands super from his govt job, and he was still in it. He had to borrow to pay her half.Originally Posted by aprilia_RS250
News that kiwisaver might become compulsory has made me think about things and do a bit of searching... Only searching I ever do involves bikes but this intrigued me.
Just found out if you're in the process of a divorce and your partner has never worked, i.e. they have no kiwisaver they may be subject to receiving half of your kiwisaver balance!!! That's just fucking bananas!
Not letting anyone see my kiwisaver balance, doesn't exist!
Hardcore Biker
Absolutely normal, as for all matrimonial property.
Don't let this stop you joining Kiwisaver though.
It is imperative that you join, get $1000 from the Govt for doing so, a yearly subsidy on your fees and a nest egg when you turn 65.
Just watch who you choose as your provider.
Most of them put your money into unit trusts which makes more money for the providor than you.
I recommend Gareth Morgan investments. He is my providor and also a motorcyclist.
Gixxer'n'bits...
Still iffy about kiwisaver aye...
Highway Biker
There is something fundamentally wrong with this... It's money for YOUR retirement from YOUR job where the other partner usually has nothing to contribute.
Most unit trust funds have out performed GM's kiwisaver funds. Also why I won't invest with him is because he doesn't hedge against currency risk but at the same time invests globally.
Watchful Old Bird
Gotta love the underlying equality of equity not ..
Rider in training
You can always contract out of the properties (relationships) act if you both agree, otherwise unless there are special circumstances assets and debts are pretty much divided up 50/50.News that kiwisaver might become compulsory has made me think about things and do a bit of searching... Only searching I ever do involves bikes but this intrigued me.
Just found out if you're in the process of a divorce and your partner has never worked, i.e. they have no kiwisaver they may be subject to receiving half of your kiwisaver balance!!! That's just fucking bananas!
Not letting anyone see my kiwisaver balance, doesn't exist!
Oh, and if you were in "that" situation you would have to disclose your kiwisaver balance, or risk any agreement being undone.
Forum whore
Kiwisaver IMHO is best avoided, here is my take on it.
The Good.
You get $1000 to start off.
You get an employer subsidy.
You get tax credits.
The Bad
1. There is no guarantee of returns. And I challenge ANY investment advisor to name a fund that has EVER existed that has averaged an inflation adjusted return more than 4% after tax. But you don't have to be an investment advisor to name dozens of investment companies that have gone broke.
2. If you are in the 65% of people who have more than one life partner you will do-half-your-dough
3. While you can take-a-break, the fees don't take one.
4. Kiwisaver changes the age of joint retirement for a couple from when the OLDEST becomes 65 to when the YOUNGEST becomes 65.
5. You can't get the money until you reach the age of 65 (or older if the GMint changes it). So you can't choose an earlier retirement age, even if you have saved millions of dollars.
6. You will have cash-in-the bank at retirement. So if (When) NZ super becomes income or asset tested, you will do-your-dough.
I have written a quick application to allow you to work out your Kiwisaver returns. Its been rushed through.. so bug report if you need to.. I can't post it as its an .EXE but I will email it if you want to find out how rich you wont be.
EDIT - here http://www.eslnz.com/kiwi.zip
Download. Copy to a directory of your choice, and unzip. Run Kiwi.exe and put in the numbers that apply for you.
Cry, if you cannot get out of kiwisaver.
David must play fair with the other kids, even the idiots.
Don't forget to bring a towel
The bottom line is to never get married.
Forum whore
No. You just need to ensure that your relationships never exceed three years. This includes defacto relationships.
Otherwise the gold-diggers are entitled to take half of your assets.
The greatest pleasure of my recent life has been speed on the road. . . . I lose detail at even moderate speed but gain comprehension. . . . I could write for hours on the lustfulness of moving swiftly.
--T.E. Lawrence (of Arabia)
The magic is in the rubbing.
Save pain all round....dont have relationships.
Born to be mild
You're thinking about it the wrong way. I'm getting a 100% return on my KiwiSaver contributions because I'm taking what my employer contributes as my return (2% each). Any actual growth on the total is just a cherry on the top. I'd defy you to find any normal investment to match that!
Grow older but never grow up
Forum whore
as Pdath said - do a contracting out agreement or as I did, a pre-nup.
My bike, My house, My stuff - His large super/life insurance, his bikes, his debts.
Easy........
If either dies and we are still married, then we get each others stuff unless specified, if we split we keep our stuff.
My kiwisaver is hardly anything as my boss doesn't pay the IRD - he deducts it from the staff (along with student loans and PAYE) and doesn't pay it to the IRD
Forum whore
Now THAT got my attention. I am guessing he is open to the IRD taking him down then?
Oh and personally I think KiwiSaver is not for everyone. Take that 2% or 4% and put it towards paying off your mortgage....
Soft & Squishy core Biker
For the majority of people the return from kiwisaver far exceeds the benefit of (instead) putting that money into the mortgage.
Rationale:
mortgage rate = 7%, therefore I have to make a pretax return of 10+% to justify investing funds rather than paying off mortgage.
Kiwisaver @2%
1. employer must match it
2. government pays $1000 at startup, and then (for those who contribute at least $1040 per year), gives a tax credit of $1040 per annum.
3. there is a chance the fund im invested in makes a positive return
e.g. lets say 2% of my earnings is $1050/annum (taxable)
1. $1050 from employer (tax exempt)
2. $1040 in tax credits from government
3. $42 from investment (say 2% after tax and fees)
at end of year 1, my kiwisaver for a $1050 investment is worth ~$2800
after year 2, my kiwisaver, for a $2100 investment is worth ~$5700
even if my fund provider has a -5% return, the overall return is many times the benefit of putting that money towards the mortgage.
...and I don't wanna die, just want to ride my motorcy...cle (Arlo Guthrie)
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