Turning 18: Your KiwiSaver Journey is Just Getting Started
When you turn 18, several important changes happen with your KiwiSaver account. At this age, you take full control of your account, meaning you get to make decisions about how much you contribute and how your funds are invested. If you are already working, make sure your employer knows you have turned 18. You can choose your contribution rate, starting at 3% of your income (before tax), with a range of options to contribute, up to 10%. Your employer will contribute an amount equal to 3% of your pay before tax – giving your savings an extra boost.
One of the biggest changes is that you’ll start receiving government contributions. For every dollar you put in, the government contributes 50 cents, up to $521.43 each year. To receive the full government contribution, you’ll need to contribute at least $1,042.86 annually. If your chosen contribution rate won’t automatically get you to the full $1,042.86, you can top up by making voluntary contributions. You can check to see if you need to top up your contributions from inside your member area of the Christian KiwiSaver Scheme website.
At Christian KiwiSaver Scheme, we offer a range of investment funds that are shaped by Christian values, managed responsibility and guided by our Ethical Investment Policy. As you take control of your account, you can choose the investment option that best suits your risk tolerance and long-term financial goals.
After you’ve been in KiwiSaver for three years, you might also be eligible to withdraw part of your savings to help purchase your first home. This withdrawal includes your contributions, your employer’s contributions, and any investment earnings.
Keep in mind that KiwiSaver is primarily a retirement savings scheme. You’ll gain access to your full funds at retirement age (currently 65), and the longer you contribute and invest, the more your savings can grow.
As you celebrate turning 18 and take the next step in your KiwiSaver journey, we’re excited to continue supporting you on the path towards financial security. If you or someone you know, whether they’re 18 or any age, is interested in joining the Christian KiwiSaver Scheme, now is a great time to explore the benefits we offer. We’re here to help you grow your savings in a way that aligns with your values. For more information, or to get started, feel free to reach out to us – we’d love to welcome new members to the Christian KiwiSaver Scheme family!
Learn more about the Christian KiwiSaver Scheme and view our Product Disclosure Statement at https://christiankiwisaver.nz/documents
