Increasing demand from Kiwi couples to see how their combined finances stack up ahead of retirement has led Kiwi Wealth to launch a major update of its online KiwiSaver account planning tool.
Kiwi Wealth’s Future You®* tool will soon allow members of the Kiwi Wealth KiwiSaver Scheme to factor in their partner’s KiwiSaver account, providing a projection of what a couple’s retirement income may be from their KiwiSaver accounts (and New Zealand Superannuation, if selected).
The feature is currently being trialled by a selected group of Kiwi Wealth KiwiSaver Scheme members before being released to all remaining eligible members.
Ramesh Naran, Senior Manager, Digital and Innovation at Kiwi Wealth, said the update was in response to a growing member demand to fill what is a significant gap in retirement income planning.
“What our members, especially those aged 50-plus, told us was ‘hey, planning for retirement is something that’s bigger than me’. They wanted to be able to look at things from the perspective of a couple and, in other cases, even as an extended family unit.
“That led us to update the capabilities of Future You to allow an easy, intuitive and flexible way to add in a projection relating to their partner’s KiwiSaver account. Eventually we intend the tool to also enable members to add in other retirement savings such as term deposits, share portfolios and property, to provide a combined view of a couple’s progress toward their retirement income goals.”
The Future You update will address a major gap in digital retirement income planning tools.
“KiwiSaver is one of the only assets that’s an investment made in an individual’s name alone and can’t be set up jointly,” said Mr Naran.
“That means it’s more difficult for couples to get the full picture on where they’re at and how they’re tracking toward their goals. Future You will allow them to put all the information in one place, set a goal and show how their KiwiSaver accounts may be progressing toward that goal as a couple.”
Future You could also take into account the different ages of a couple at retirement.
“For most people, KiwiSaver and NZ Superannuation can only be accessed at age 65, meaning more often than not, one partner is retiring before the other. Future You shows how that difference in retirement age plays out in relation to a couple’s overall income goal.”
Future You® is a registered trademark of Kiwi Wealth Limited.
*The Future You tool is available to members of the Kiwi Wealth KiwiSaver Scheme who are aged between 18-65 and who have not made a transfer from an Australian complying superannuation fund.
Kiwi Wealth Limited is the issuer and manager of the Kiwi Wealth KiwiSaver Scheme. The Product Disclosure Statement for the Kiwi Wealth KiwiSaver Scheme is available at www.kiwiwealth.co.nz.