Case Study - Geoff

Geoff is 35 and married with a young family.  He manages a recreational facility for the local council.

He realised that he needed to save for retirement but there never seemed to be enough money left over after paying the bills. 

His Allfinanz adviser recommended he join KiwiSaver.  They looked at what sort of fund he should be investing into and made some projections based on the income Geoff thought he would need in retirement. 

Geoff's KiwiSaver contribution comes out of his pay before he sees it.  In addition to Geoff's own contribution of 4%, his employer contributes 2%.  The government puts another $1,040 each year into his KiwiSaver account as a member tax credit as well as the one off $1,000 kick start.

Geoff can monitor his KiwiSaver account on line to see how he is progresssing.  He no longer has to worry about his retirement savings. 

Geoff also started KiwiSaver accounts for his children.  They got the $1,000 government kickstart and he makes a small contribution to their accounts monthly.  He realised that it was a good way for his children to learn about finances and the power of saving over the long term.