Over time, the value of investments may go up and down, depending on the economy. As savings products, they are generally regarded as long term, rather than short term, products. Superannuation is a long-term investment product, aimed at providing an income for you in retirement.
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There are legal restrictions about when you can take your money out of KiwiSaver before the age of 65. The criteria may be less strict for your superannuation scheme, but there will still be limits. Check your scheme documents or call your provider for more information.
Your KiwiSaver will only allow you to access your money early if you meet the special circumstances for “financial hardship”, which involves an application process and documentation from you. Your local Citizens Advice Bureau or Budget Advice Service may be able to help you with this process. Contact your provider for more information.
The value of your KiwiSaver, superannuation or investments can go up and down. With some older products, they have not performed as well as expected when they were sold.
Check the documentation given to you by your KiwiSaver, superannuation scheme or investment service provider for details about the fees it is allowed to charge you. If you have any questions, contact your provider.
The right investment for you depends on a number of things, including how much risk you are comfortable with. Financial advisers or investment advisers can provide advice on what might meet your needs.
As superannuation plans are long term investments, you can usually only withdraw your money in very limited circumstances. The Trust Deed for the superannuation plan will set out when money can be withdrawn. This can vary from plan to plan.
KiwiSaver is designed to help people to save for their retirement by strictly limiting access to KiwiSaver funds before the age 65. The law only permits KiwiSaver members to withdraw their funds early in very limited circumstances.
KiwiSaver rules are set by legislation and regulations. The limited options for early withdrawal include purchasing a first home, financial hardship, emigration, serious illness or death.