Retirees can potentially get greater returns and benefits by keeping their money in KiwiSaver after they turn 65 rather than using traditional savings plans such as term deposits.
In the past, many people turning 65 have withdrawn their KiwiSaver funds and placed them in a term deposit because they’re easy to understand and viewed as low risk. The best thing to do as you head towards retirement is make your money work as hard for you as can, and for most people that won’t be a term deposit in the bank given current interest rates. KiwiSaver offers a great alternative for people.
AMP’s Director of Advice and Sales Blair Vernon appeared on the Paul Henry show recently talking about how OCR cuts heat up KiwiSaver for retirees.
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