This calculator helps New Zealand residents estimate their KiwiSaver contributions and potential savings over time. It's a valuable tool for personal financial planning and retirement preparation.
All calculations are based on the current KiwiSaver rates and New Zealand tax laws. For more details, visit the official Sorted KiwiSaver Calculator. All calculations are based on the formulas and data provided by this source.
The formula used to estimate your KiwiSaver savings is as follows:
Estimated Savings: Total Savings = Salary × Contribution Rate × Years
Consider an example where you earn $50,000 annually, contribute 3% to KiwiSaver, and plan to retire in 30 years. Your estimated total savings would be calculated as $50,000 × 0.03 × 30 = $45,000.
KiwiSaver is a voluntary, work-based savings initiative in New Zealand designed to help you with your long-term saving for retirement.
The recommended contribution is typically 3%, 4%, 6%, 8%, or 10% of your salary, depending on your financial goals and situation.
Generally, you can withdraw your KiwiSaver savings when you reach the age of 65. However, there are some circumstances where early withdrawal is allowed, such as buying a first home or significant financial hardship.
Yes, the New Zealand government contributes to your KiwiSaver account through member tax credits if you contribute a minimum amount each year.
KiwiSaver funds are managed by various providers offering different types of investment funds. It's important to choose a fund that matches your risk profile and financial goals.