Planning
Before 40

Planning and managing your financial situation from starting work until around age 40

Starting work (even if you are a student) can begin your financial journey.  You are automatically enrolled in KiwiSaver if you are over 18 and start your first job.  3% of your income is taken out and added to your KiwiSaver and your employer will provide a contribution, as will the Government as long as you continue to contribute.

As you begin a full time role, your money situation changes.  You have regular income.  After a time of celebrating and spoiling yourself - it is a good idea to start looking towards the future.  Can you capture some more of your income to save for a deposit on a house, or other goals?  Should you put in place some Health/Medical insurance in case something major happens to you, so that you don't have to wait for treatment?

You may decide to purchase a home, this commonly involves taking out a mortgage.  How you structure your mortgage can have a big impact on how quickly you get it paid off.  If you have a mortgage you should make sure that you can continue paying the mortgage if you are unable to work because of illness or injury.  You should start off with some income protection or mortgage repayment insurance and or trauma insurance, to protect you if something unexpected happens.

You may need life insurance if you have dependents, or if the bank asks you to put it in place (by the way there are likely to be better options for life insurance than the product the bank wants you to buy).

Having children might be part of your plan. This involves budgeting, monitoring your cashflow to fit all the costs into the income received.

The years from starting work to around age 40 are about making sure that you can fund all your costs, including repaying your mortgage. Making sure that you have the best quality and appropriate insurances in place for your situation, and if possible also slowly building up your KiwiSaver, so that you are doing something about contributing to your retirement funding.

Find out more about all the things that you need to consider by scrolling down the page and clicking on the different boxes.

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

Richard and Emma O’Reilly – Kapiti Coast

We have been working with Carey and Moneyworks for a long time now.  We were concerned at the start that she would push particular investment products that were good for her and the business in terms of commission, rather than good for us and we are glad to say that that has proven to be false.

There are lots of things that we like about Carey and Moneyworks service. But one that particularly appeals to us – is the transparency and visibility in particular the investment platform.  That it is always accessible and shows the current and past transactions, the current values, performance and all that sort of stuff. Having that available all the time and always up to date is great, I don’t think I would be comfortable waiting for a quarterly or annual report to say how investments were going or to see whether what we had agreed to invest in had actually happened.

The biggest benefit that Carey and Moneyworks service provides, is that it is a a good package approach covers super and KiwiSaver, general investments, insurance, asset protection and so on.  

Also it is all based on sound approaches and tools eg: risk profiling, market assessments, ratings etc. This provides a high level of comfort that we have taken sensible steps to look after ourselves and our family.

Tamsin and Rex Webb – Cambridge

We started working with Moneyworks many years ago and about five years ago we decided that we would like to be more involved in their annual service.  When we started working with Paul, we thought that the process would be heavily focused on hard saving for retirement as compared to enjoying life now.

We now have clear and defined goals. We really like the annual review process and the easy to understand documents which make it easy to understand where we are at.

Lena Tan - Auckland

I have been working with Peter and Moneyworks for over seven years now and really like the personalised service and yearly follow up. I have worked with other financial advisers before, and they haven’t really cared once they get their commissions.

I value the annual review, where I set goals and Peter attempts to chase me up and ensure I achieve these goals.  Peter has great knowledge and provides me with sound advice.  It gives me confidence that Peter and Moneyworks put extensive research into every investment that I have in place and that the investments are constantly monitored.

 

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