How to take charge of your retirement savings

Key Insights from the latest Annual KiwiSaver Report

The latest KiwiSaver Annual Report has just been released, providing important insights into how New Zealanders are managing their retirement savings. With over 3.3 million members now enrolled and a total of $111.8 billion in funds under management, KiwiSaver remains a crucial part of securing your financial future. However, the report also highlights areas where many could take more control to maximise their long-term savings. Here’s a look at the key stats and what they mean for you.

KiwiSaver by the numbers: Your 2024 snapshot

The report reveals a few standout figures that show where KiwiSaver is thriving—and where there’s room for improvement:

• 3.3 million KiwiSaver members representing 62% of the New Zealand population.
• $13.1 billion in net investment returns – the strongest growth in total funds since 2021.
• $3.3 billion contributed by employers and $990.1 million was contributed by the Government. Together with the investment returns, that's $16 billion in free money for members.
• 1.2 million people aren’t contributing to their KiwiSaver accounts. That’s almost 39% of all members, a figure that’s increased by 3.4% over the past year.
• Withdrawals due to financial hardship have jumped 60%, indicating that more people are accessing their savings early, which could negatively impact their retirement outcomes.

With these stats in mind, it’s never been more important to take charge of your KiwiSaver account and ensure your retirement savings are working as hard as you do. Here’s how:

Step 1: Don’t Be a Non-Contributor

Being a non-contributor means you’re missing out on the benefits KiwiSaver offers, including employer and government contributions. If you’re part of the 1.2 million non-contributors, it’s time to get back on track. Even small, regular contributions can have a big impact over time and help ensure you’re better prepared for retirement.

Step 2: Make Sure You’re in the Right Fund

The report shows that many people remain in default funds, which can offer lower returns. By choosing a fund that matches your financial goals and risk tolerance, you could significantly boost your KiwiSaver balance. Take a moment to review your current fund—are you in the right one for your future?

See if you’re in the right fund today with Kōura’s Guided Choices - here you can get personalised advice tailored to your financial goals and risk tolerance. Our tool helps you make informed decisions, ensuring your KiwiSaver is set up to maximise your future returns. Take charge and start building a KiwiSaver plan that works for you.

Step 3: Understand the impact of early withdrawals

Accessing your KiwiSaver for financial hardship is an option when needed, but it comes at a cost to your future savings. Over $264 million was withdrawn for hardship this year, a sharp increase from last year. While it’s good that the funds are there in times of need, withdrawing early could reduce the amount you’ll have for retirement, so it’s important to weigh up the long-term effects. Check out our latest article KiwiSaver and Financial Hardship – All you need to Know to learn more.

Step 4: Maximise contributions to get the most out of your KiwiSaver savings

Did you know that employer contributions and government contributions are essentially free money? In 2024 alone, the government contributed $990 million to KiwiSaver accounts. By regularly contributing, you not only add to your own savings but also unlock these extra benefits, boosting your retirement pot even further.

Your future, your KiwiSaver account

KiwiSaver is more than just a savings account—it’s a way to secure your financial future. Whether it’s reviewing your contributions, making sure you’re in the right fund, or avoiding unnecessary withdrawals, small steps now can lead to big results later.

At Kōura, we’re here to help you take control. With personalised advice and a user-friendly platform, meaning managing your KiwiSaver has never been easier. So, why wait? Take charge today.

Your future, your rules—let’s make it happen.

Kōura Wealth Limited (Kōura) is the issuer and manager of the Kōura KiwiSaver Scheme. This document has been prepared by Kōura based on information believed to be accurate and reliable, but no guarantees or warranties, whether expressed or implied, are made regarding its accuracy or completeness.  For more information about the Scheme, please refer to the Product Disclosure Statement or the latest Quarterly Fund Update both of which are available at www.kourawealth.co.nz/documents.