RNZ's money correspondent Susan Edmunds. Photo: RNZ
Send your questions to susan.edmunds@rnz.co.nz
I turn 65 in March 2025, at which time I will also be eligible for superannuation. I am currently working full-time and will continue working whilst still contributing 3 percent to KiwiSaver. I assume at that point, the company I work for will no longer contribute its portion to my KiwiSaver. I do not intend to withdraw anything from KiwiSaver, but how will my superannuation be impacted with this arrangement?
This is an easy answer - it won't be.
NZ Super isn't means-tested or income-tested (although some international pensions can offset what you get) so withdrawing KiwiSaver won't impact what you receive at all.
You're right that your employer may not continue making contributions after 65.
My mum has run out of money in her retirement. She has her house contents insured for around $300,000, which, amazingly, probably is accurate mostly because she has some antique family heirlooms. She can't afford the nearly $3000 per year in premiums. Should she sell her contents or insure them for less than their replacement value.
Rebecca Styles, who is Consumer NZ's insurance expert, suggested she could get a valuation to make sure items are insured for the right value.
"To try and reduce the premium she could increase the excess on the policy [or] alter the sum insured to a lesser amount. While this wouldn't cover the total financial loss of all the items, it would cover some of it.
"If it's still too expensive, it could be a case of choosing which items she wants to specify on the policy, and those she doesn't.
"If it still proves too expensive, she could try and shop around insurers for a better deal. Giving the insurer a call and explaining the situation may help. They could advise on some options."
Styles said any specific antique items should be listed separately with set cover limits.
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