Call for change in way New Zealanders shown their retirement savings future
Peter Urbani, from KnowRisk Consulting, has been looking at the retirement projection calculators offered by KiwiSaver providers and other institutions, and said they differed significantly.
“If you put the same inputs into 13 different KiwiSaver calculators ranging from Sorted to the banks and asset managers you get 14 different results.”
Using the example of a 35-year-old earning $75,000 a year with a current balance of $25,000 and contributions of 3.5%, calculators said they were on track to receive anything from just under $250,000 via the Financial Markets Authority through to $276,651 by Sorted’s calculation.
“The tools I build for people to use, they don’t give advice but I do try and get them right,” Urbani said.
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