As the 30th of June approaches, you should have received an email from your provider as to whether you’re on track to receive the government contribution. This is an excellent KiwiSaver perk that you do not want to miss out on, especially when times are tough financially.

Just to recap: For every $1 you personally contribute to KiwiSaver, the government puts in 50cents, up to a maximum of $521.43. So, in other words – if you put in $1,042.86, they put in $521.43. If you put in $500, they put in $250. It is a 50% return on your investment and quite frankly not something you want to miss out on!

Things to remember:

• You can still contribute if you’re off work or self-employed by making voluntary contributions. (Contact your KiwiSaver provider if you need a hand doing this).

• KiwiSaver is a long-term investment savings strategy (mainly in place for your first home deposit, or for retirement). It’s not about short-term gain, but rather riding the wave over an extended period of time to take advantage of regular contributions, market returns and compound interest.

• The $1,042.86 does not include employer contributions (only your personal contributions). 

If you aren’t sure whether you’ve contributed enough over the past 12 months to get your contribution – What can you do?

1.Check myIR or your KiwiSaver provider

The most accurate place to check how much you’ve contributed is myIR or through your KiwiSaver provider. If you’ve switched providers in the last 12 months, it may pay to check myIR for the most accurate details. https://myir.ird.govt.nz/_/

2.If needed, you can make a one-off contribution before 30th June

If you are short of contributing $1,042, and in a position to top it up, you can make a voluntary contribution before 30 June to ensure you get your full entitlement. Contact your provider for details on how to make this payment.

3.Set up regular payments going forward

If you are self-employed or not currently working, the easiest thing to do is set up an automatic payment for $21 per week straight into your KiwiSaver account.  If you can do more, that’s great! And you will realise the benefits of that in retirement. However, for those who can’t afford to contribute more, putting in $21 per week will ensure you contribute at least $1,042 per year and receive the full government contribution.

4.Talk to us

If you have any questions or would like to know more about KiwiSaver and how to make the most out of your nest-egg, please get in touch.