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24 June 2024

KiwiSaver 2024: Check in with your nest egg

It that time of year again, when KiwiSaver providers issue annual statements. This is a great time to give your KiwiSaver a bit of a health check to make sure it’s working for you the way you want it to. All the information you need can be found on your annual statement – so check in with your nest egg!  

Check these four things and make sure you understand how your KiwiSaver is performing. You can also contact your provider if you have questions or visit the Sorted website to use their calculators.  

Four steps to check your nest egg

  1. How big is your nest egg?   

    To find out, check your annual statement and find your balance.  

    This tells you how much money you currently have in your KiwiSaver (some funds show an opening and a closing balance, it’s the closing balance that you want to focus on). You could also check this through your KiwiSaver fund online at any time. 

  2. Are you in the right nest?  

    It pays to check if you are in the right investment fund for your circumstances.  

    If you haven't checked your KiwiSaver for a while or your circumstances have changed – you might be looking to buy a first home or are close to retirement - it's probably time to review your investment fund option. You can check your risk appetite using Sorted’s KiwiSaver Fund Finder and make the decision that’s right for your circumstances.  

  3. How big could your nest egg get?  

    To get an indication of how much you could have in your KiwiSaver at age 65, check your projected balance. This tells you how much you could have at 65 and what that would amount to in a weekly income for 25 years. Although this is just a guide, it is useful to understand how much you could have to live on in retirement. If you wanted to see what would happen if you changed your contributions, you could also check out Sorted’s KiwiSaver Calculator.

  4. What is it costing to keep your nest tidy?  

    We pay a KiwiSaver provider to manage our money and invest it, and this comes at a cost. Make sure that the fees you’re paying are providing you with value for money. You can compare fees, value and service provided using  Sorted’s KiwiSaver Fund Finder.

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