Cooking The Books

Cooking the Books: The false security of KiwiSaver

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Sinopsis

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's why KiwiSaver default schemes are a horrible idea, and what to do about it. Hosted by Frances Cook.If your KiwiSaver is in a default scheme, you're throwing money away. You're going without, saving some money each pay day, and yet you could still be in hard times when you finally retire.Imagine that. You willingly stash money away each pay day, thinking you're doing the right thing, and then when retirement comes you still have to scrimp and save.When for the sake of a few clicks at your computer, you could have made the exact same savings, and had a cushy retirement.I'm not exaggerating, and that's why it’s extremely worrying that 445,000 people are in default KiwiSaver accounts.  We're coming up to ten years of KiwiSaver existing, and yet, hundreds of thousands of New Zealanders haven't even looked at where their money is going.It's a false security to think you’re saving diligently, without re