According to the latest KiwiSaver report, 3.3 million Kiwis have a KiwiSaver account. And over a third of those members are aged 25-34.
Given KiwiSaver is a retirement fund, many of these younger members may give little thought to their KiwiSaver. However they should, as investment decisions made during a person’s late 20s and early 30s can have a big effect on their retirement savings.
So if you’re interest in staying on top of your KiwiSaver, here’s how to keep track of your KiwiSaver balance and contributions.
How do I know who my KiwiSaver provider is?
If you set up your KiwiSaver a while back and have opted to set and forget, you may not remember the name of your provider. But finding out is simple. You can call 0800 KIWISAVER or, login to myIR, where you’ll be able to see your KiwiSaver account, including the name of your scheme provider.
How can I see my KiwiSaver contributions?
If you already know your provider, it’s easy to access a more detailed breakdown of your KiwiSaver:
Use your myIR login, or register with IRD
One easy way to keep track of your KiwiSaver balance is to use the Inland Revenue Department’s (IRD) myIR platform. myIR keeps tabs on your income tax, any student loans and KiwiSaver. Through myIR you can see any government contributions to KiwiSaver and contributions that are paid to IRD. This includes how much is coming out of your salary, and how much your employer is contributing.
There are a few things to keep in mind when checking your KiwiSaver balance through myIR:
- myIR does not display your overall balance, as it does not include investment gains and losses
- It will only show contributions after they have been processed from your employer’s payroll report. This can take a few months, depending on your employer, from when they are deducted from your salary or wages
- You will be able to see when Inland Revenue transfers the money to your KiwiSaver scheme provider
I don’t have a myIR account
If you don’t have a myIR online account, it’s pretty easy to register. Just enter your IRD number into the Online Services Registration form, via the IRD website, and enter a few details to get going.
How do I track my overall KiwiSaver balance?
The myIR platform gives a good indication of the transactional side of your KiwiSaver balance. But how do you get an overall picture of your KiwiSaver balance?
Check with your provider
The way you access this information depends on your KiwiSaver provider. For example, if your KiwiSaver provider is the same as your everyday banking provider, you should be able to check your KiwiSaver balance by logging into your online banking account.
Other KiwiSaver providers generally have a secure online login system, similar to any online banking site – or they might even have their own phone app – where you can access your KiwiSaver information.
If you’re unsure how to check your KiwiSaver balance, contact your KiwiSaver provider directly.
Why do you need to track your KiwiSaver balance?
It’s always good to be in total control of your finances. Whether day-to-day transactions or long-term investments. But there are a number of reasons why keeping on top of your KiwiSaver should be part of your financial planning:
A first home deposit
While KiwiSaver was originally designed to provide retirement funds, it can also be used as a way of saving towards a first home.
So if you’re building a first-home deposit, your KiwiSaver could be crucial. Knowing your balance will help you plan and budget for your home purchase.
Using your KiwiSaver savings to buy a property can also impact your investment choices, for example focusing on 5- or 10-year, rather than longer term, returns. Such decisions can affect your choice of KiwiSaver fund.
The right fund for your retirement
If you’re saving for retirement, keeping on top of your KiwiSaver balance gives you the opportunity to assess whether you are on track with your retirement investment goals.
Being in control of your savings also allows you to amend your investment strategy to match your stage of life. For example, switching to less risky funds and investments as you approach retirement to lock in your gains.
For more on this subject, check out How to Pick Your KiwiSaver Fund here.
Value for money
KiwiSaver providers charge fees for their services, and it’s worth knowing how much you’re paying to ensure that you’re getting value for money.
Are the fees you’re paying worth the returns on your investments? And how does your scheme rate against those from other KiwiSaver fund providers?
It’s easy to compare fees and returns using Canstar’s KiwiSaver comparison tool, which features detailed research into which providers deliver the best value for money.
To make informed decisions
If you don’t keep up to date with where your KiwiSaver funds are invested, the returns they’re earning and your provider’s fees, you’ll not be able to make the correct decisions about your financial future.
Keeping track of your contributions will help you make informed decisions about your investments, which can make a big difference to your KiwiSaver balance when you retire.
→ Related article: Active Investing vs Passive: What it Means for your KiwiSaver
Compare KiwiSaver Providers with Canstar
If you’re comparing superannuation funds, the comparison table below displays some of the products currently available on Canstar’s database for a KiwiSaver member with a balance of $20,000 in a Growth fund, sorted by Star Rating (highest to lowest), followed by company name (alphabetical) – some may have links to providers’ websites. Use Canstar’s KiwiSaver comparison selector to view a wider range of super funds. Canstar may earn a fee for referrals.
To read more about our Outstanding Value KiwiSaver awards click this link. Or to compare KiwiSaver providers, click on the button below.
Compare KiwiSaver providers for free with Canstar!
About the author of this page
Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery puzzle book 5 Minute Murder.
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