KiwiSaver: You'll lose my vote
KiwiSaver: Where do you stand?
This would be a vote gone from me if KiwiSaver was made compulsory. They seem to be putting everyone in the same boat.
Australia has a low wage limit of $400 per month, but our dole payments are more than that per month. So our low wage would have to be higher than that.
I have my own retirement savings plan, and if I had to contribute to KiwiSaver then my own scheme would suffer, therefore I would be losing out on interest with that investment.
How can we afford to pay 7 per cent of our wages when we don't earn enough to part with that amount for the future?
An escalated age group would work better. Starting with the young now going out in the work force signing up. Decrease the percentage as the age goes up until people are used to this sort of saving.
Once kids are off your hands and you work on the mortgage, then we can save for our retirement.
When I started work my tax was to pay for my pension, until Muldoon spent it.
I save now but it should be staggered over the next 10-20 years to allow time for people to refocus once the big bills are out of the way.
We still need to function, that is why there isn't the amount of savings the government wants to see.
It's a mindset that can be altered, by starting with the young ones now, as they won't receive the money so won't miss it - working through to older people that can refocus towards savings.
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