Comes down to a simple thing, if you want to keep spending like your still working after 65 and travel far overseas every year till say mid-seventies then you need to start saving now along with the mortgage, changes to Kiwisaver are urgent, like right now, start with make it compulsory and more like Aussies work-based super savings scheme.
Although they had saved $80,000 for a deposit and had household income of $130,000, they were priced outI agree DieselMechanix, but are they being too fussy, maybe a short commute each day and their household income will be more guaranteed.
I would have thought the main downside for Aucklanders is the lack of high paying jobs in smaller cities, maybe for men with trades or government workers like cops or primary teachers the pay is similar.Where I live 3-4 hours South of Auckland maybe we need more healthcare workers and GPs, but software developers for example or HR managers, those jobs are rare as hens teeth and whoever has them they arent leaving them to move to Auckland.
My Dad retired at 63 and lived to 93 and never exercised a day in his life, he was from the generation before the baby boomers and it was more than affordable to pay his generation from 65 a pension.Raise the retirement age to 67 in 2030 then to 70 a decade later, avoids means testing and taxing the millennial generation extra to pay for my pension. We need a government that can make unpopular but the right decisions.
Most Kiwis that do save (excluding their mortgage) for their retirement; do so when they are empty nesters, around aged 50 I guess,Aussies with their work based compulsory savings scheme have already saved hundreds of thousands and paid off their mortgage by 50, maybe Kiwis like working till 70.
So heres something to consider:Quote from a recent USA report;A new report predicts that by 2030, as many as 800 million jobs could be lost worldwide to automation.Millennials face this challenge and both left and right only care now about what is popular to current voters like you and me, or not offending China.
And how much in 30 years will the worker have in their Kiwisaver who uses all their Kiwisaver funds for a house deposit,then the contribution holiday for 5 years as they cannot afford the 3 cents unlike our Aussie mates who will be paying none of their own money into their version of Kiwisaverand then redundant in their fifties as all jobs become automated.
In the year to June last year, about roughly 14,000 more people left Auckland for other parts of New Zealand than moved inAuckland will hit 2 million by mid-2030s. Used to get a house in Orewa cheapish which is in the Auckland region North of the North Shore, thats long gone with people commuting from Hamilton or Thames, Orewa would be a short commute.
$872 a week for a no-frills budget, compared to income of $600.30 from the pensionHow many will hit retirement age, get the flick from work in the disguise of redundancy, not have any savings as they though, Ill live for the day or I can manage my own savings, then were do they get the extra needed $272, borrow it from loan sharks.
Most young people already know you have to put off having kids until house deposit and furniture fund saved and at least 5 years of mortgage payments done and dusted, or you can have your kids at your 21st birthday party and you will rent for life. Maybe that message isnt getting through in poorer areas/suburbs.
I say encourage foreign residential house buyers just tax them on all house purchases and tax them hard.Ten years of stamp duty tax on foreign house buyers without NZ passports would have raised hundreds of millions, created a level playing field as foreigners borrow on almost zero interest rates.
Looking at statistics I see that The median age for women giving birth in 2011 was 30 years. That must be much older than the baby boomers and so on back through the generations, therefore the Millennials are saving longer and starting families later, again maybe not so much in poorer areas / suburbs.
Ive lived in Hamilton and visit cousins in Dunedin most years, same winter temps over night, 5-6 degrees warmer most days in Hamilton from about 10am and a 2 month summer down there, as it is not a summer in my opinion in December in Dunedin, would you like to read my power bill compared to my cousins in Dunedin.
My take on why 2 retired as a couple get less than double the single rate; is that if one person costs $10,000 per year minimum to live then the other partner costs $6,000, the difference is that they do things in the household together like cook dinner at the same time and pay one lot of rates and house insurance, so the difference is the second person lives 40% cheaper.
How many of the millions in Kiwisaver will read their detailed statement listing all fees, I will but I bet Im a minority. Did get 11% return for the last 12 months after fees and tax with ANZ Growth, maybe ignorance is bliss.
Why are we wanting a CGT on New Zealanders but have ignored taxing foreign buyers of housing, who are not Kiwis and live overseas, a lot of tax earnings missed the last decade by not having a stamp duty tax on foreigners at least. Move to NZ within one year of purchase and get a refund of your stamp duty tax.
Id simply like to get rid of contributions holidays (not a name change) and even the playing field to a system more like Australia, not 12 cents maybe still the 6 cents and like VPutin get rid of WFF with tax based on earnings like everywhere else in the world;but we would need more from the employer, they in return get a 1 cent reduction in business tax and they will complain none the less, but Kiwi employers get a similar qualified worker in NZ to the one in Aussie, but are paying them 30% less than in Australia.
Where do the Dunedin uni students live, as they are virtually all from out of town, renting in your twenties builds character not living in your parents basement.
My Kiwisaver is giving better returns than my mortgage free house the last year at least, Im old not young but. I was so lazy in saving for my first house deposit in my twenties until I saw house prices rise year in and out except for 1993, I nearly ended up renting forever and then trapped paying off some landlords mortgage or yacht or sports car, never too late too save hard.
Article is based on 5% average returns in Kiwisaver, 5% is really very low, maybe in a conservative fund after fees that would be okay. The only really active Kiwisaver I could find in my own research for my Kiwisaver is Milford and they are not a default provider but return about 15% more or less, so about 3 times her return.
The only valid reason I can see not to legalize marijuana is the driving of cars and operating chain saws in the bush while stoned, wouldnt spit tests that can detect usage if within 6 hours give some assurance to these concerned citizens who themselves have never drunk and driven their car,and medical marijuana for oldies in pain just makes common sense.
Who works 32 hours over 4 days and gets paid for 40 that you know in any city in NZ. Its dreaming for most and I believe in France the government shortened the working week from 40 to 35 and unemployment went up a few percent but went down overall in the Euro zone.
That would be immigrants or returning Kiwis moving to Auckland, they seem to not be included, maybe they dont even exist, anyway for the stat gurus this is from the government stats website:The Auckland region is projected to account for more than half New Zealands population growth between 2013 and 2043, with an increase of 833,000 '“ from just under 1.5 million to over 2.3 million (medium projection).
Australia is raising their retirement age to 67 by 2023, and so is the UK to 68, we could wait to at least 2030 but probably no longer to raise the retirement age. The most generous is Norway that is raising the retirement age to 67 in 2034, they have oil money and they saved it in the trillions and they are increasing their retirement age. It can be annoying for me these last 2 governments who just want to be popular.
Plenty of jobs, interesting you didnt say plenty of high paying jobs, where I live 4 hours South of Auckland in a biggish city all the high paying jobs available are for tradies or healthcare specialists and even some tradies are getting home early on Fridays, with the real estate market going sideways.
Kiwisaver was not designed for you or me, we as a nation are poor savers and stock picking maybe too hard for most, or a little scary, most people in Kiwisaver will not remember 1987.
That was not really my point, my point was not comparing NZ tax rates, but the business tax rate between NZ and Aussie which is half a percent less and they also pay 30% higher wages and soon 12 cents to the employees super for their retirement, and thats every employee, 12 cents is far too generous for NZ, maybe a 4 cent employer to 2 cent employee split may stop them workers eating cheap mince in their retirement, while the retired boss eats Sirloin.
Did they do an article on your firm 18 years ago, as I remember my generation (GenX) was supposed to reject the 9 to 5 work week and we did not, except your firm, so well done I guess.Now the city-based Millennials are supposed to reject the 40 hour week as farmers work 200 hour weeks, at least the Millennials can play X-box for 3 days straight.
When I last switched they toke out some of the balance to pay tax due and a small transfer fee of $30 approx, cannot remember all the figures but there were no brokerage fees, you are confusing yourself with too many details.
I see average prices in Nelson are above my home town of Hamilton, interesting that many people still perceive Nelson to be a cheap destination to downsize or migrate to.
Isnt the article comparing Dunedin to Hamilton. My house in Hamilton East with decile 7 schools is worth less than houses in Mangere East with decile 1 schools.
Im assuming those 450,000 with 9 billion saved as not being money people. Balance funds are for 55 year olds with large balances, not young people just starting out. Age related funds make more sense and everyone new could be put into a Growth fund and also remove the tax until they hit 65 or on first withdrawal and that will give them 45 years of compounding interest and higher returns than default funds. They will need it.
Is your point that Baby Boomers are worse off than Millennials, home ownership was around 70% for boomers and houses in Howick were $50K when they were in their 20s, half that in Hamilton where I grew up.
They tried prescription heroin in the 1920s in New York, so that would be back 3 generations, by the way where did you get 99% of these advocates arent even sickfrom as you do not even have the option for medicinal weed in NZ???
I drove up to an auction in central Auckland in 2009 and they started with 5 apartments all mortagee sales and none sold or even starter bids, no-one wanted them, one sold later which was a 2-bed at the Metropolis for less than a quarter what its worth now.Where I live even average Auckland type apartments are extremely rare and townhouses quite rare, many are South facing or 1 million or in a hotel where you cannot live yourself.
Gross returns with fees are 14% for last 12 months, still thats 6% below the NZX as you politely pointed out. By the way where is the Kiwisaver fund that invested 100% in NZX and charges no fees or tax at the customers rate, because that 20% return is based on that?
I live close to rural Waikato and I do not see many if any at the moment high paying office type positions. Maybe GPs or tradies needed, more so Kiwifruit pickers and soon house prices will drop so the tradies will disappear for a couple of years from high paying small city jobs. If you are a nurse you are needed urgently where I live and house prices are half of that in Auckland, so come on down.
If they dont raise the retirement age then they will have to scrap the pension as we will be Greece but with less debt to GDP but rising, therefore in 20 years a dysfunctional country.Id like Kiwisaver compulsory for under 50 year olds at least, but at 5 cents from the employer and 1 cent from the worker, no excuses I cannot save and give the big boss man a few cents business tax rate cut, businesses are well overdue for a decent tax cut, but again that does not win you election votes so will never happen.
Im only in Kiwisaver for the $521 which Ill get next month, Kiwisaver was never designed for people who can successfully handle their own money and probably have a mortgage, I wish Kiwisaver was around 25 years ago not 11 and with no tax until final withdrawal.
Make Kiwisaver compulsory for at least all Millennials, make Milford a default provider and we will have more of these Kiwi owned Kiwisavers like Juno offering lower fees than the banks and an improved national savings rate, we are the second worst savers in the OECD, a quote from a leading economist.
Arent CFDs like going to the casino, much more exciting at the casino than buying a meat raffle at the pub, just you can end up in deep trouble;I also tried a UK virtual contract for differences website in 2008 and the gains if shorting are enormous, never put any actual money in, maybe Im too chicken.
I should have guessed someone would include construction workers with experience Id imagine, so heres one stat from what am I worth website;A Construction Laborer earns an average wage of NZ$18.61 per hour. Most people with this job move on to other positions after 10 years in this field.
I moved from Hamilton 2 years ago but kept my house and rented it out, the house in Hamilton East is still worth the same if I sold it today, as it was in early 2016, no crazy Auckland price rises recently in my opinion. It is a well insulated 3 bed in a niceish neighbourhood, well within a couple on $130K household income, maybe they wanted a 4 bed.As far as I can remember there are plenty of well priced 4 beds all over the place, some around $500K, no need to go all that way South where the heat pumps will be going all day long this time of the year.
Capping fees is okay if these new low-fee charging Kiwisaver providers perform well, maybe that would limit share trades for example for the best performing Kiwisaver which is Milford; they might do less trades per day, then lower returns, my idea would be to give a credit of $500 per year to people earning under $35,000 pa, that would cover their tax and fees more or less and the higher earners can be content will 1% fees and potentially higher annual returns with Milford if they choose too, or go with Juno.
Is the minimum wage supposed to be set at the living wage, I believe it should be set below that living wage stated in the article and inflation adjusted every 2 years, as then we accept that almost all lower (uneducated) earners like manual labourers or petrol pump attendants will simply have no motivation to improve themselves as the government enforces their pay rises like in the Soviet union and employers have less or no funds for staff training. We stay as the poor-mans version of Australia with many lower class families with no full-time worker at all.
We are the worst savers bar only one country in the OECD, Im personally set for retirement already and Kiwisaver was not designed for me, but for poor or non-savers which in this country are the majority. Basically your answer is purely a personal attack and unwarranted, mate.
67 as a future retirement age for getting the pension is a start and at least one person agrees with me, hopefully inaction by both major parties does not ruin NZ.
Average house price in Hamilton in 2016 - $535,000 Average house price in Hamilton in 2018 - $562,000You comment that 2 years is a very long time and prices in Hamilton rocketed up: the difference is 5 % or 2.5% per year.What am I not aware of???
Good time for compulsory Kiwisaver then, as I think younger Aucklanders may struggle with $1,050,000 average house prices, some suburbs will hit $3m soon, they have in Vancouver and as a country we are hopeless savers anyway, except you Obolensky, maybe time for some lessons in budgeting at school also needed.On rates, my rates in Hamilton are the same as my second cousin in Howick, which one has the more expensive house, you cannot guess.
I was unsure that anyone did not know that Kiwisaver was voluntary;not compulsory like in Australia, apparently you did and simply have not opted out or still have the same job / self-employed from 12 years ago.
To put this in perspective my house in NE Hamilton where the schools are decile 7 is worth less than an average house in Mangere East where the schools are decile 1, how strange living in NZ is these days.
Also the minimum wage and the living wage are two completely separate thingsThe whole article is on minimum wage and living wage comparison, did you even read it???Simple economics and human nature, you pay minimum wage earners more and more by the government increasing the minimum wage in this case by $4 per hour or $5 to the living wage, they have no motivation like the whole Soviet Union except for their KGB, then small businesses cut their hours and cover those hours themselves.$21 per hour for pumping petrol, you cannot be serious.
Problem is fussbudget is that many Kiwis in Kiwisaver have no idea what fund they are in, let alone what fund they should be in, research is not their forte, and they are the poor almost non-savers that Kiwisaver was designed for.
Never myself could see the upside in 3 cents from the employee enrolled in Kiwisaver regardless of amount earned or hours worked, no need to have these holidays if the employer pays the whole 6 cents, then remove their ability to use that as part of the salary negotiation and give the boss a business tax cut, then no more contributions holidays needed. We do have a Labour government dont we?
This really should have been sorted years ago, its obvious to all money-minded people that default funds are temporary and part of the learning curve for all youngsters (as even budgeting is not taught at schools) and those 450,000 (the financial uneducated masses still in default funds);and inaction from politicians just pushes the buck on to the default fund managers who many see as big brother anyway.
NZ Super isn't enough for 'no frills' lifestyle, but Kiwis are bridging the gap
Comes down to a simple thing, if you want to keep spending like your still working after 65 and travel far overseas every year till say mid-seventies then you need to start saving now along with the mortgage, changes to Kiwisaver are urgent, like right now, start with make it compulsory and more like Aussies work-based super savings scheme.
First-home buyers - and investors - look to Dunedin
Although they had saved $80,000 for a deposit and had household income of $130,000, they were priced outI agree DieselMechanix, but are they being too fussy, maybe a short commute each day and their household income will be more guaranteed.
Auckland: NZ's most leave-able city?
I would have thought the main downside for Aucklanders is the lack of high paying jobs in smaller cities, maybe for men with trades or government workers like cops or primary teachers the pay is similar.Where I live 3-4 hours South of Auckland maybe we need more healthcare workers and GPs, but software developers for example or HR managers, those jobs are rare as hens teeth and whoever has them they arent leaving them to move to Auckland.
Facing up to an age old problem
My Dad retired at 63 and lived to 93 and never exercised a day in his life, he was from the generation before the baby boomers and it was more than affordable to pay his generation from 65 a pension.Raise the retirement age to 67 in 2030 then to 70 a decade later, avoids means testing and taxing the millennial generation extra to pay for my pension. We need a government that can make unpopular but the right decisions.
Kiwis' most valuable retirement asset is their job
Most Kiwis that do save (excluding their mortgage) for their retirement; do so when they are empty nesters, around aged 50 I guess,Aussies with their work based compulsory savings scheme have already saved hundreds of thousands and paid off their mortgage by 50, maybe Kiwis like working till 70.
Young people 'expect to end up poorer' but it's not all gloom
So heres something to consider:Quote from a recent USA report;A new report predicts that by 2030, as many as 800 million jobs could be lost worldwide to automation.Millennials face this challenge and both left and right only care now about what is popular to current voters like you and me, or not offending China.
Choosing the right KiwiSaver fund can earn you an extra $1.4m in savings
And how much in 30 years will the worker have in their Kiwisaver who uses all their Kiwisaver funds for a house deposit,then the contribution holiday for 5 years as they cannot afford the 3 cents unlike our Aussie mates who will be paying none of their own money into their version of Kiwisaverand then redundant in their fifties as all jobs become automated.
Auckland: NZ's most leave-able city?
In the year to June last year, about roughly 14,000 more people left Auckland for other parts of New Zealand than moved inAuckland will hit 2 million by mid-2030s. Used to get a house in Orewa cheapish which is in the Auckland region North of the North Shore, thats long gone with people commuting from Hamilton or Thames, Orewa would be a short commute.
Here's how to bridge the pension gap
$872 a week for a no-frills budget, compared to income of $600.30 from the pensionHow many will hit retirement age, get the flick from work in the disguise of redundancy, not have any savings as they though, Ill live for the day or I can manage my own savings, then were do they get the extra needed $272, borrow it from loan sharks.
Don't touch the HAM, it's off
Most young people already know you have to put off having kids until house deposit and furniture fund saved and at least 5 years of mortgage payments done and dusted, or you can have your kids at your 21st birthday party and you will rent for life. Maybe that message isnt getting through in poorer areas/suburbs.
Foreign buyer ban changes 'go too far'
I say encourage foreign residential house buyers just tax them on all house purchases and tax them hard.Ten years of stamp duty tax on foreign house buyers without NZ passports would have raised hundreds of millions, created a level playing field as foreigners borrow on almost zero interest rates.
Don't touch the HAM, it's off
Looking at statistics I see that The median age for women giving birth in 2011 was 30 years. That must be much older than the baby boomers and so on back through the generations, therefore the Millennials are saving longer and starting families later, again maybe not so much in poorer areas / suburbs.
Don't touch the HAM, it's off
House prices in Canada are not cheap and especially Vancouver and Toronto where they are higher on average than in Auckland.
First-home buyers - and investors - look to Dunedin
Ive lived in Hamilton and visit cousins in Dunedin most years, same winter temps over night, 5-6 degrees warmer most days in Hamilton from about 10am and a 2 month summer down there, as it is not a summer in my opinion in December in Dunedin, would you like to read my power bill compared to my cousins in Dunedin.
NZ Super isn't enough for 'no frills' lifestyle, but Kiwis are bridging the gap
My take on why 2 retired as a couple get less than double the single rate; is that if one person costs $10,000 per year minimum to live then the other partner costs $6,000, the difference is that they do things in the household together like cook dinner at the same time and pay one lot of rates and house insurance, so the difference is the second person lives 40% cheaper.
First-home buyers - and investors - look to Dunedin
My ancestors landed in Dunedin in the 19th Century, those Scottish always know where the cheap houses are.
A third of Countdown stores are plastic free at checkouts
What am I going to put my Roundup in.
You're paying up to $40,000 for KiwiSaver: What do you get?
How many of the millions in Kiwisaver will read their detailed statement listing all fees, I will but I bet Im a minority. Did get 11% return for the last 12 months after fees and tax with ANZ Growth, maybe ignorance is bliss.
Capital gains tax would cut house prices by 10%: Stephens
Why are we wanting a CGT on New Zealanders but have ignored taxing foreign buyers of housing, who are not Kiwis and live overseas, a lot of tax earnings missed the last decade by not having a stamp duty tax on foreigners at least. Move to NZ within one year of purchase and get a refund of your stamp duty tax.
What to do when your retirement savings fall short
Id simply like to get rid of contributions holidays (not a name change) and even the playing field to a system more like Australia, not 12 cents maybe still the 6 cents and like VPutin get rid of WFF with tax based on earnings like everywhere else in the world;but we would need more from the employer, they in return get a 1 cent reduction in business tax and they will complain none the less, but Kiwi employers get a similar qualified worker in NZ to the one in Aussie, but are paying them 30% less than in Australia.
Auckland: NZ's most leave-able city?
I would have though 40 minutes got you half way to work in the morning in Auckland. Maybe Im a small city snob and there is no congestion up there.
First-home buyers - and investors - look to Dunedin
Where do the Dunedin uni students live, as they are virtually all from out of town, renting in your twenties builds character not living in your parents basement.
Don't touch the HAM, it's off
My Kiwisaver is giving better returns than my mortgage free house the last year at least, Im old not young but. I was so lazy in saving for my first house deposit in my twenties until I saw house prices rise year in and out except for 1993, I nearly ended up renting forever and then trapped paying off some landlords mortgage or yacht or sports car, never too late too save hard.
Millennial Money: I'm investing $60,000 in virtual money in the stock market
Article is based on 5% average returns in Kiwisaver, 5% is really very low, maybe in a conservative fund after fees that would be okay. The only really active Kiwisaver I could find in my own research for my Kiwisaver is Milford and they are not a default provider but return about 15% more or less, so about 3 times her return.
Budgetary restraint is a legacy NZ's lucky to have
The budgets are so predictable and boring to almost all, that they are not even being televised on free to air channels, and thats been for years.
Medical cannabis is all the rage - but that's exactly what people in pain need
The only valid reason I can see not to legalize marijuana is the driving of cars and operating chain saws in the bush while stoned, wouldnt spit tests that can detect usage if within 6 hours give some assurance to these concerned citizens who themselves have never drunk and driven their car,and medical marijuana for oldies in pain just makes common sense.
It's easy to disconnect from the efforts that led to wealth
I remember a saying which was around decades before I was born, something like;Grandfather wealthy, son playboy, grandson pauper.
Four-day week is for townies, not farmers
Who works 32 hours over 4 days and gets paid for 40 that you know in any city in NZ. Its dreaming for most and I believe in France the government shortened the working week from 40 to 35 and unemployment went up a few percent but went down overall in the Euro zone.
Choosing the right KiwiSaver fund can earn you an extra $1.4m in savings
Fully ethical Kiwisaver funds exist. Almost all at least filter out tobacco & weapons.
Cheapest funds aren't the best performers, new report suggests
I vote National and I cannot see your point at all.
Auckland: NZ's most leave-able city?
That would be immigrants or returning Kiwis moving to Auckland, they seem to not be included, maybe they dont even exist, anyway for the stat gurus this is from the government stats website:The Auckland region is projected to account for more than half New Zealands population growth between 2013 and 2043, with an increase of 833,000 '“ from just under 1.5 million to over 2.3 million (medium projection).
Facing up to an age old problem
Australia is raising their retirement age to 67 by 2023, and so is the UK to 68, we could wait to at least 2030 but probably no longer to raise the retirement age. The most generous is Norway that is raising the retirement age to 67 in 2034, they have oil money and they saved it in the trillions and they are increasing their retirement age. It can be annoying for me these last 2 governments who just want to be popular.
Auckland: NZ's most leave-able city?
Plenty of jobs, interesting you didnt say plenty of high paying jobs, where I live 4 hours South of Auckland in a biggish city all the high paying jobs available are for tradies or healthcare specialists and even some tradies are getting home early on Fridays, with the real estate market going sideways.
Cheapest funds aren't the best performers, new report suggests
Kiwisaver was not designed for you or me, we as a nation are poor savers and stock picking maybe too hard for most, or a little scary, most people in Kiwisaver will not remember 1987.
Get the basics right to be set for life
That was not really my point, my point was not comparing NZ tax rates, but the business tax rate between NZ and Aussie which is half a percent less and they also pay 30% higher wages and soon 12 cents to the employees super for their retirement, and thats every employee, 12 cents is far too generous for NZ, maybe a 4 cent employer to 2 cent employee split may stop them workers eating cheap mince in their retirement, while the retired boss eats Sirloin.
Four-day week is for townies, not farmers
Did they do an article on your firm 18 years ago, as I remember my generation (GenX) was supposed to reject the 9 to 5 work week and we did not, except your firm, so well done I guess.Now the city-based Millennials are supposed to reject the 40 hour week as farmers work 200 hour weeks, at least the Millennials can play X-box for 3 days straight.
Milford applauds spike in KiwiSaver switching, but overall switching numbers are down
When I last switched they toke out some of the balance to pay tax due and a small transfer fee of $30 approx, cannot remember all the figures but there were no brokerage fees, you are confusing yourself with too many details.
Winter freeze on house prices in Nelson
I see average prices in Nelson are above my home town of Hamilton, interesting that many people still perceive Nelson to be a cheap destination to downsize or migrate to.
First-home buyers - and investors - look to Dunedin
Isnt the article comparing Dunedin to Hamilton. My house in Hamilton East with decile 7 schools is worth less than houses in Mangere East with decile 1 schools.
Political block to better deal for default KiwiSavers
Im assuming those 450,000 with 9 billion saved as not being money people. Balance funds are for 55 year olds with large balances, not young people just starting out. Age related funds make more sense and everyone new could be put into a Growth fund and also remove the tax until they hit 65 or on first withdrawal and that will give them 45 years of compounding interest and higher returns than default funds. They will need it.
Young people 'expect to end up poorer' but it's not all gloom
Is your point that Baby Boomers are worse off than Millennials, home ownership was around 70% for boomers and houses in Howick were $50K when they were in their 20s, half that in Hamilton where I grew up.
Medical cannabis is all the rage - but that's exactly what people in pain need
They tried prescription heroin in the 1920s in New York, so that would be back 3 generations, by the way where did you get 99% of these advocates arent even sickfrom as you do not even have the option for medicinal weed in NZ???
First-home buyers - and investors - look to Dunedin
How is Cambridge cheaper than Hamilton where they used to live.
Apartments promising for millennials getting on the property ladder
I drove up to an auction in central Auckland in 2009 and they started with 5 apartments all mortagee sales and none sold or even starter bids, no-one wanted them, one sold later which was a 2-bed at the Metropolis for less than a quarter what its worth now.Where I live even average Auckland type apartments are extremely rare and townhouses quite rare, many are South facing or 1 million or in a hotel where you cannot live yourself.
You're paying up to $40,000 for KiwiSaver: What do you get?
Gross returns with fees are 14% for last 12 months, still thats 6% below the NZX as you politely pointed out. By the way where is the Kiwisaver fund that invested 100% in NZX and charges no fees or tax at the customers rate, because that 20% return is based on that?
Auckland: NZ's most leave-able city?
I live close to rural Waikato and I do not see many if any at the moment high paying office type positions. Maybe GPs or tradies needed, more so Kiwifruit pickers and soon house prices will drop so the tradies will disappear for a couple of years from high paying small city jobs. If you are a nurse you are needed urgently where I live and house prices are half of that in Auckland, so come on down.
Facing up to an age old problem
If they dont raise the retirement age then they will have to scrap the pension as we will be Greece but with less debt to GDP but rising, therefore in 20 years a dysfunctional country.Id like Kiwisaver compulsory for under 50 year olds at least, but at 5 cents from the employer and 1 cent from the worker, no excuses I cannot save and give the big boss man a few cents business tax rate cut, businesses are well overdue for a decent tax cut, but again that does not win you election votes so will never happen.
KiwiSaver contribution 'holidays' to get shorter
Im only in Kiwisaver for the $521 which Ill get next month, Kiwisaver was never designed for people who can successfully handle their own money and probably have a mortgage, I wish Kiwisaver was around 25 years ago not 11 and with no tax until final withdrawal.
First-home buyers - and investors - look to Dunedin
Love the Mount, and its 1.25 hours from Hamilton.
Milford applauds spike in KiwiSaver switching, but overall switching numbers are down
Make Kiwisaver compulsory for at least all Millennials, make Milford a default provider and we will have more of these Kiwi owned Kiwisavers like Juno offering lower fees than the banks and an improved national savings rate, we are the second worst savers in the OECD, a quote from a leading economist.
Millennial Money: I'm investing $60,000 in virtual money in the stock market
Arent CFDs like going to the casino, much more exciting at the casino than buying a meat raffle at the pub, just you can end up in deep trouble;I also tried a UK virtual contract for differences website in 2008 and the gains if shorting are enormous, never put any actual money in, maybe Im too chicken.
Pay rises coming for workers, as minimum wage nips at heels of living wage
I should have guessed someone would include construction workers with experience Id imagine, so heres one stat from what am I worth website;A Construction Laborer earns an average wage of NZ$18.61 per hour. Most people with this job move on to other positions after 10 years in this field.
First-home buyers - and investors - look to Dunedin
I moved from Hamilton 2 years ago but kept my house and rented it out, the house in Hamilton East is still worth the same if I sold it today, as it was in early 2016, no crazy Auckland price rises recently in my opinion. It is a well insulated 3 bed in a niceish neighbourhood, well within a couple on $130K household income, maybe they wanted a 4 bed.As far as I can remember there are plenty of well priced 4 beds all over the place, some around $500K, no need to go all that way South where the heat pumps will be going all day long this time of the year.
KiwiSaver contribution 'holidays' to get shorter
Clearly you have never owned a business beforeVery 1 and the way you talk to people you clearly have.
KiwiSaver fee cap would benefit savers, says new provider
Capping fees is okay if these new low-fee charging Kiwisaver providers perform well, maybe that would limit share trades for example for the best performing Kiwisaver which is Milford; they might do less trades per day, then lower returns, my idea would be to give a credit of $500 per year to people earning under $35,000 pa, that would cover their tax and fees more or less and the higher earners can be content will 1% fees and potentially higher annual returns with Milford if they choose too, or go with Juno.
Pay rises coming for workers, as minimum wage nips at heels of living wage
Is the minimum wage supposed to be set at the living wage, I believe it should be set below that living wage stated in the article and inflation adjusted every 2 years, as then we accept that almost all lower (uneducated) earners like manual labourers or petrol pump attendants will simply have no motivation to improve themselves as the government enforces their pay rises like in the Soviet union and employers have less or no funds for staff training. We stay as the poor-mans version of Australia with many lower class families with no full-time worker at all.
KiwiSaver contribution 'holidays' to get shorter
We are the worst savers bar only one country in the OECD, Im personally set for retirement already and Kiwisaver was not designed for me, but for poor or non-savers which in this country are the majority. Basically your answer is purely a personal attack and unwarranted, mate.
Facing up to an age old problem
67 as a future retirement age for getting the pension is a start and at least one person agrees with me, hopefully inaction by both major parties does not ruin NZ.
Where house prices soar - Auckland dominates NZ's top 100 suburbs for property gains
Milford has topped the returns almost every year of Kiwisaver, including 2017.
First-home buyers - and investors - look to Dunedin
Average house price in Hamilton in 2016 - $535,000 Average house price in Hamilton in 2018 - $562,000You comment that 2 years is a very long time and prices in Hamilton rocketed up: the difference is 5 % or 2.5% per year.What am I not aware of???
Where house prices soar - Auckland dominates NZ's top 100 suburbs for property gains
Good time for compulsory Kiwisaver then, as I think younger Aucklanders may struggle with $1,050,000 average house prices, some suburbs will hit $3m soon, they have in Vancouver and as a country we are hopeless savers anyway, except you Obolensky, maybe time for some lessons in budgeting at school also needed.On rates, my rates in Hamilton are the same as my second cousin in Howick, which one has the more expensive house, you cannot guess.
NZ Super isn't enough for 'no frills' lifestyle, but Kiwis are bridging the gap
I was unsure that anyone did not know that Kiwisaver was voluntary;not compulsory like in Australia, apparently you did and simply have not opted out or still have the same job / self-employed from 12 years ago.
Where house prices soar - Auckland dominates NZ's top 100 suburbs for property gains
To put this in perspective my house in NE Hamilton where the schools are decile 7 is worth less than an average house in Mangere East where the schools are decile 1, how strange living in NZ is these days.
Pay rises coming for workers, as minimum wage nips at heels of living wage
Also the minimum wage and the living wage are two completely separate thingsThe whole article is on minimum wage and living wage comparison, did you even read it???Simple economics and human nature, you pay minimum wage earners more and more by the government increasing the minimum wage in this case by $4 per hour or $5 to the living wage, they have no motivation like the whole Soviet Union except for their KGB, then small businesses cut their hours and cover those hours themselves.$21 per hour for pumping petrol, you cannot be serious.
Be financially ready for the opportunities that come your way
Problem is fussbudget is that many Kiwis in Kiwisaver have no idea what fund they are in, let alone what fund they should be in, research is not their forte, and they are the poor almost non-savers that Kiwisaver was designed for.
KiwiSaver contribution 'holidays' to get shorter
Never myself could see the upside in 3 cents from the employee enrolled in Kiwisaver regardless of amount earned or hours worked, no need to have these holidays if the employer pays the whole 6 cents, then remove their ability to use that as part of the salary negotiation and give the boss a business tax cut, then no more contributions holidays needed. We do have a Labour government dont we?
Winter chill hits New Zealand property market
Only the desperate sell in winter. Buyers get your rain coats on.
Political block to better deal for default KiwiSavers
This really should have been sorted years ago, its obvious to all money-minded people that default funds are temporary and part of the learning curve for all youngsters (as even budgeting is not taught at schools) and those 450,000 (the financial uneducated masses still in default funds);and inaction from politicians just pushes the buck on to the default fund managers who many see as big brother anyway.
First-home buyers - and investors - look to Dunedin
Without landlords youll never get your millennial kids to leave home.
Homeowners outside Auckland may get a $1 million surprise, REINZ says
Henry Ford who believed in a world wide Zionist plot for the Jews to take over the planet and ultimately Armageddon. Great guy to quote.