KiwiSaver scheme, the poll

[Sniper]

http://www.kiwisaver.govt.nz/

What are your opinions about this? I personally like the idea as its a good way to save but there are still too many grey areas like what happens if you leave the country ect?

Im in, but I might give it a few months to see how it pans out.

[onearmedbandit]

One of my concerns is a lack of guarantee on returns as highlighted by Gareth Morgan last night.

[Sniper]

One of my concerns is a lack of guarantee on returns as highlighted by Gareth Morgan last night.

Thats what I noticed too. Another reason Im not going to jump in head first

[James Deuce]

I came to the same conclusion about the lack of guarantee without Gareth Morgan's help.

It's just another way of stuffing Government coffers so they can steal your money later if there is an "economic downturn", artificial or real.

My advice? Don't subscribe. Open an advantage saver type account at your bank, one that earns more interest if you don't touch it, and stick $40 a fortnight in it.

[Quartermile]

I cam to the same conclusion about the lack of guarantee without Gareth Morgan's help.

It's just another way of stuffing Government coffers so they can steal your money later if there is an "economic downturn", artificial or real.

My advice? Don't subscribe. Open an advantage saver type account at your bank, one that earns more interest if you don't touch it, and stick $40 a fortnight in it.

Agreed, remember the NZ Govt tried this before, then good old Muldoon nicked all the money back.

[Deviant Esq]

Not sure if it would be stuffing the government's coffers. From the Sorted website (www.sorted.org.nz):

"If you prefer, you can choose the provider organisation your KiwiSaver funds are sent to and the type of investment option for your savings. If you would rather not choose, the government will allocate you a default scheme, or your employer's chosen scheme, if they have one. You can change this later if you wish. It’s a good idea to consider the options and make an informed decision."

I'm still not decided on the scheme overall either, though it seems a good way for me to save a deposit for my first home. Still, I'd like more solid information... Sorted's information isn't updated since the scheme got improved.

[kiwifruit]

I'm not keen on the idea at all and certainly won't be putting money into kiwisaver

[Toaster]

My advice is to retire debt off mortgages where your interest cost exceeds any likely gain you may make from savings. It is a net loss position to you unless the scheme can net you more after tax than the corresponding interest rate on debt.

[bobsmith]

I have to wait till 65!!!!!!!!! to get my money back??? shit.... I seriously don't expect to live that long...

[dnos]

There is no way I will get into that, got better things to put my money into.
The previous posts have all pointed out very good reasons that I agree with.
Think it through people, and then make a decision based on your own conclusions cos lets face it noone is the same.

[James Deuce]

Not sure if it would be stuffing the government's coffers. From the Sorted website (www.sorted.org.nz):

"If you prefer, you can choose the provider organisation your KiwiSaver funds are sent to and the type of investment option for your savings. If you would rather not choose, the government will allocate you a default scheme, or your employer's chosen scheme, if they have one. You can change this later if you wish. It’s a good idea to consider the options and make an informed decision."

I'm still not decided on the scheme overall either, though it seems a good way for me to save a deposit for my first home. Still, I'd like more solid information... Sorted's information isn't updated since the scheme got improved.

*cough* bullshit *cough*

It's linked to IRD and the funds can be recalled at will.

Bet you anything you like that you get about $1000 away from a reasonable house deposit and the scheme is folded to combat the falling standard of living in NZ due to all the "knowledge workers" moving to the Philippines to work in call centres.

[James Deuce]

I have to wait till 65!!!!!!!!! to get my money back??? shit.... I seriously don't expect to live that long...

People still don't get this tax thing, do they? You don't get anything "back". The current tax take deals with the current outgoings. It isn't saved for you specifically for "later".

[jetboy]

I wasnt keen on the idea until I saw the news last night. Employers will match your weekly/fortnightly savings dollar for dollar by 2011. Plus you can use it to buy your first house after 5 years with a lump sum of $5000 by the govt.

Looks alot more attractive then it was before (like a swamp monster at the pub after a few beers)

[onearmedbandit]

Yup, and wages won't be afftected by the fact employers have to contribute the same amount as you by 2011.

[limbimtimwim]

*cough* bullshit *cough*

It's linked to IRD and the funds can be recalled at will.

You contridict my superannuation provider. Where are you getting this from?