Mercer: Consider annuities for KiwiSavers
It has released a new report, in which it says that Kiwis will have to save for their retirements if they want to maintain their lifestyles, but the lack of knowledge about retirement saving and planning is a problem.
Mercer’s surveys have shown that only one in five New Zealanders rate their knowledge of retirement savings highly but 55% would like to increase their understanding.
The Government move to require default schemes to offer investor education was a step in the right direction, it said, to ensure that people did not miss out on returns over the life of their investments.
But more engagement was needed. About 75% of the members who were eligible for the Government tax credit each year, which provides $521 a year to people who contribute more $1042 or more, received it.
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