Have Fun,
Discipline and Patience

7. Have fun. Have discipline and patience.

It is important to have fun and celebrate along the way.  There is no point saving everything for the future and not living now.  But there is a balance. We regularly remind our clients to celebrate milestones – repaying the mortgages, getting to a particular value of investments.  On the other hand, you do need to have that discipline to make sure that you are putting away money to achieve those goals.

While it would be easier if we all just won lotto or got a big inheritance, the reality is that the majority of people achieve their goals and have a good retirement because of good old hard work, regularly saving. 

And it does work.

Putting money into KiwiSaver means that you don’t really notice that you aren’t getting it the bank.  Every year when we meet with people we work with them to gradually increase how much they are saving to achieve their goals.  It might only be an extra $50.00 a month.  But when they look at the retirement savings analysis every few years, they can see the difference that it makes.

As you get closer to retirement, this is the time that you need to be more aware of how much you are spending, and whether that lifestyle is sustainable in retirement.  Where possible, upgrade the vehicles and whiteware, do those touch up’s to the home if you are going to stay there for a long time – but do them out of cashflow.

It is harder when you aren’t going out and earning money to live off, so this is when you really need to be aware of your spending and make some decisions, to make sure that your investments will sustain you through retirement.

Lost’ Australian Super – first steps to change legislation so that this can be transferred to a New Zealand KiwiSaver (thanks to Chapman Tripp)

Australian ‘unclaimed super’ money gap to be plugged (10th June 2020 – Brief Counsel) The Taxation (Annual Rates for 2020/21, Feasibility Expenditure, and Remedial Matters) Bill, introduced toRead more

Changes to KiwiSaver this year

There have been a number of changes to KiwiSaver this year.  Some of these changes took effect on 1 April 2020: · All members aged 65 years or over can make a retirement withdrawal ·Read more

Things you may not know about KiwiSaver

1.    Get regular withdrawals from your KiwiSaver to fund your retirement spending When you reach the age of eligibility for New Zealand Superannuation (currently 65), you can access yourRead more

What does the ‘KiwiSaver Retirement Projection’ on your KiwiSaver Statement mean?

If you are aged between 18 & 64, from this year, you will receive some more information on your annual KiwiSaver Statement.  This ‘Retirement Projection’ information is a legislativeRead more

It really isn’t possible to ‘time’ the markets – investors with $1.4 billion in KiwiSaver funds learned this in March

When we meet with our Membership Fee clients on an annual basis, we consider the risk profile that their investments are invested in.  As your life changes, this may change.  We encourage our nonRead more

Coronavirus world, economic outlook and investments

This is a newsletter that was sent out on Monday May 11th 2020, to Moneyworks Financial Planning and Investment Clients that we work with on an ongoing basis.  It has quite a lot of interestingRead more

FIF/FDR Tax Regime on Overseas Investments

If you are liable to this tax regime (Your adviser will have told you, and your tax report will have a section with calculations on it as shown below), it is IMPORTANT that you read this guidance.Read more

PIE Tax

Your KiwiSaver and some other investments may be liable to PIE Tax. A PIE is a Portfolio Investment Entity. PIE Tax calculations are quite complicated – the important thing that you need to know isRead more

Tax Adjustments/Package available for indviduals and businesses under the Covid-19 Crisis Environment

The NZ Government has been using the tax system to provide assistance to people and businesses to deal with the Covid-19 Lockdown.  We have outlined the benefits announced to date below. There is aRead more

Questions about your KiwiSaver and Insurance under the Covid-19 environment?

Insurance policies All of the insurers that we work with and that our clients have insurance in place with (Life, Trauma, Income Protection/Mortgage Repayment and Health/Medical insurance) haveRead more

It is time in the market - NOT timing the market - the role of Finology in investing

It is tempting to stop making regular investments into markets when there is volatility and you hear the media pronouncing that the markets have 'crashed', 'plummeted', 'plunged', or even when theyRead more

Investment Markets and Recent Fluctuations

You will have heard comments in the media recently that the stock-markets have ‘had their worst day since the Global Financial Crisis in 2008’.  You may have noticed that your KiwiSaver andRead more
 

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