Sorted Quick KiwiSaver Calculator now live

Sorted Quick KiwiSaver Calculator now live

New Zealanders can now calculate how much KiwiSaver will cost them and estimate the amount they are likely to receive when they turn 65.

The Sorted Quick KiwiSaver Calculator at www.sorted.org.nz has been developed by the Retirement Commission to help New Zealanders calculate whether the workplace savings scheme suits their personal financial situation.

Affordability is a key issue workers will have to consider when deciding whether or not to opt in, stay in or opt out – can they afford to contribute 4% of their pay?

The Sorted Quick KiwiSaver Calculator will help New Zealanders answer this question simply by entering their gross income, frequency of pay and age into the calculator.

Take for example, a 32 year old earning $42,000 a year who is paid fortnightly.

By contributing 4% into KiwiSaver, they will pay $65 a fortnight into the savings scheme. From 1 April their employer will start contributing $16 a fortnight (increasing to $72 per fortnight by 1 April 2011).

If they choose to contribute 8% they will be investing $129 per fortnight. They will also be eligible for tax credits worth $1040 each year. By 65 they will have saved $344,837.

“The Sorted Quick KiwiSaver Calculator is an excellent tool for New Zealanders to see what the effect of KiwiSaver will be on their personal finances. I encourage all New Zealanders to use this tool,”says Retirement Commissioner Diana Crossan.

From early June, New Zealanders will also be able to access the Sorted KiwiSaver Decision Guide at www.sorted.org.nz, allowing them to undertake a more in-depth assessment of KiwiSaver in the context of their personal financial situation.

The Sorted Quick KiwiSaver Calculator is now live at www.sorted.org.nz.

ENDS

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