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Phil Rennie's "KiwiSaver or KiwiSucker" is just a piece of propaganda in my books, because he has evaded answering some critical questions submitted by me, so far.
Propaganda avoids debate.
And what credibility is there in Michael Littlewood's opinion backed by a certain Treasury study, that the relationship between saving, economic growth, and wealth creation is "dubious" ("not enough is known about it"), and "savings appear to be more a result, than a cause of economic growth", when they repeatedly have failed to provide a single theoretical or practical example of wealth creation and economic growth physically possible without the input of someone's savings, i.e.sacrificed hand-to-mouth consumption?
What value is there in the statement "KiwiSaver will cost more than households will save", when the incentive "costs" are nothing but wealth creation?
How can wealthy KiwiSaver retirees become a "potentially unsustainable burden", when being prosperous consumers not at their contemporary taxpayers' expense?
The same applies to the NZ Super Fund, which is pure wealth creation, at a higher rate than if the same money was returned to taxpayers as freely consumable tax rebates. (True or false, Mr Littlewood?)
Furthermore, if the NZSF was allocated to Personal Accounts, what argument could there ever be raised to making NZ Super means tested or surtaxed? Because the bigger your NZSF Personal account, the smaller the taxpayer's cost to finance your NZ Super.
Not like at present, where lower income workers have to contribute to many a prosperous retiree's NZ Super.
However - let us say this is all debatable.
Could Phil Rennie, Michael Littlewood, the Retirement Commissioner and perhaps the Business Round Table, or anyone else, please comment on the pros and cons of allocating the NZ Super Fund to Personal Accounts, which would finance their owners NZ Super from their 65th birthday until consumed, at which point our PAYGO would take over automatically, without any means testing or other complications?
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My only bugbear with Kiwisaver is that the maturity date is "At NZ Superannuation qualifying age, currently 65". I would have preferred it to be flexible.
For the record, I signed my daughter up with Fisherfunds and taken a gamble with the Govt $1,000 kick-start contribution. My own fund, i've selected ABN Amro and selected investments from their investment list.
Happy Investing!