The 3 Things That Decide Your KiwiSaver Balance (In Order)
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Who is the new Retirement Commissioner and what does his role mean for KiwiSaver?
There's a new person checking the rules on your KiwiSaver. And that means the rules might be about to change. David Boyle has just started as New Zealand's retirement commissioner. It comes after years of working in the financial industry, helping people build wealth through the share market and manage funds. Now he's switching teams, going from the private sector to public. And it's going to be the guy who helps set the direction for all of us so that the average New Zealander can build a nest egg they can rely on. So... Are we getting it right or wrong at the moment?
Where it's not working as well is the non-PAY or the self-employed contractors. Hello, yes.
Because look, many of us already have a lot of pressure on our money. We want KiwiSaver to be something we can rely on, something that really helps us out. The previous retirement commissioner already gave a parting shot on her way out the door, warning that we need to stop tinkering with KiwiSaver every five minutes or people will stop trusting it. So what does the new guy make of that?
You know, just putting contribution rates up all the time does not support all New Zealanders to have a better financial outcome in retirement.
Welcome to Making Sense. It's the podcast for people who want financial freedom without giving up their coffee. I'm Frances Cook, a financial journalist and fellow financial freedom seeker who makes money simple for you. And today, we're finding out what New Zealand's new referee for your retirement actually plans to do with the whistle. This episode of Making Sense is brought to you in partnership with Odoo, the all-in-one business management platform that brings everything you need to run your business into one place, fully integrated and actually affordable. Go to odoo.com. That's O-D-O-O dot com for more. I want to help as many people as possible build a better life for themselves by understanding and taking control of their money.
You can be part of how that happens. First, make sure you're subscribed wherever you like to listen, whether it's YouTube, Apple Podcasts, or Spotify. And then send your favorite episode to a mate. Then we can all level up with money together, the show grows, and I can keep bringing you the money info that actually moves the dial. Welcome in, David. We were just reminiscing before. It's so great to have you back in as the retirement commissioner, you fancy person.
I've been called fancy person for a long time, but carry on. Keep it going. Just
really keeping the level of professionalism here high. Yeah. Because we met years ago, yonks ago. You were the very first person I ever interviewed for a podcast. Yes. That was way back when you were at Sorted. And now you are... the person who is in charge of looking at our retirement savings as a country and saying, here's the things we should and shouldn't do. I mean, what a fantastic turnaround. Welcome back. So you obviously very freshly in the role. What is it? A couple of months?
Yes. So the 18th of May is when, when I was appointed, um, I was so excited to get the role. It is a dream role for me because if you even talk to some of my colleagues and generally my friends, it's something that they relate to me as part of my kind of DNA. But being able to see how you can help people that may find the complications of managing money and finances while trying to get through the noise of life is really difficult. I get to spend now all my time, every day, all day, thinking about how we can improve New Zealanders' financial wellbeing. And the Retirement Commission is the most uniquely placed organisation that can help deliver that and support government policy to improve that over the coming years.
And that's really a big, big area that I want to focus on.
This might reveal me as an absolute nerd. That probably doesn't surprise anyone. But like, how fun, how fun to get to do that. So, okay, as you're getting your feet under the desk and you're sort of getting into the role and you're looking around, is there anything that you look at just with fresh eyes and you think, here's something we're doing well, here's maybe something we're not doing so well?
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Chapters
8 chapters
1
Who is the new Retirement Commissioner and what does his role mean for KiwiSaver?
0:00–5:35
2
Why could raising KiwiSaver contribution rates hurt lower‑income earners?
5:35–13:33
3
What is the Buffer Builder and how does it help New Kiwis create an emergency fund?
13:33–19:57
4
Why does KiwiSaver struggle for self‑employed contractors and sole traders?
19:57–25:38
5
Can New Zealand Super be relied on for future retirees?
25:38–31:20
6
What habit matters more than fees or fund performance for growing your KiwiSaver balance?
31:20–37:58
7
What are the three key factors that determine the size of a KiwiSaver nest egg?
37:58–45:28
8
What single action should listeners take today to improve their retirement savings?
45:28–46:01
Speakers
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