I’m 67 years old, collected my KiwiSaver and stayed home as a completely retired person for 2 years. Now I’ve determined to work once more and acquired an off-the-cuff job, one or two days every week. Can I reopen my old KiwiSaver account or go together with one other supplier? If I can would I be eligible for presidency contributions? Can I make once more my contribution of three%?
You can be part of KiwiSaver once more, with the identical supplier you used earlier than, or a distinct one.
You may make a contribution out of your earnings in the identical approach you probably did beforehand. There’s nothing to cease somebody having an energetic KiwiSaver account for so long as they like, and a few folks discover it to be a cost-effective funding choice.
But issues are a bit bit completely different when you’re over 65. Your employer not has to make a contribution to your fund (though they may select to) and the federal government gained’t provide the member tax credit score, of $521 in the event you contribute $1042.
You may additionally need to take into consideration what the suitable form of fund can be on your wants. If you propose to withdraw your money once more quickly, you might need to be extra conservative.
STUFF/Stuff
Who’s making money from our mortgages?
I’ve typically thought that it isn’t okay if non-Kiwis are making income on Kiwis shopping for land and homes in NZ….however I’m unsure the place the money comes from that banks lend to owners? It galls me to suppose that some investor in Aussie, or USA or elsewhere abroad is making money on Kiwis shopping for homes in NZ. So are you able to talk about please? Where do the banks get the money to lend Kiwis for home loans…and are overseas buyers making money off our home loans?
The basic reply to your query is that the majority of financial institution funding comes from New Zealanders – it’s estimated at about 80%.
Sam Stubbs, founding father of Simplicity, pointed to Reserve Bank statistics that confirmed the present worth of loans from the large banks was about $550 billion, and the worth of all deposits was about $450b.
“About $100b is funded offshore. But it’s not where the money comes from, it’s how much you’re getting paid for that money… it’s nice that New Zealanders are getting the term deposits but it’s the margin that banks are making on that that’s the real problem.
“That margin goes overseas to Australian shareholders by and large – the banks are making $10b a year in pre-tax profits, that’s what’s going overseas… the money going overseas is not in the mortgage repayments going to lenders overseas, they’re just getting a market rate.”
He stated banks would dial up and down the combo between home and worldwide funding relying on the speed they might get it for.
