Cooking The Books

Cooking the Books: How ignoring KiwiSaver will leave you in the lurch

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Sinopsis

Each week the New Zealand Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's what needs to change so that KiwiSaver works for those who need it the most. Hosted by Frances Cook.The idea of struggling through your twilight years in poverty is a scary prospect, as it should be. You work hard all your life, and you're absolutely entitled to kick back and enjoy the rewards before kicking the bucket.The problem is that to get the reward, you need to be planning from the moment you enter the workforce.A pension is not enough to live on by itself. If you're single, you get around $20,000 a year. If you're a couple, you get around $30,000 a year between both of you.It's especially bad if you haven't been able to buy a house and pay off the mortgage. You could easily blow your entire pension just keeping a roof over your head.Enter KiwiSaver, where you automatically save a bit of your pay every week, saving up a nice little nest egg for retirement. Problem solved!Except,