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Smarten up your savings
Staff Muscling up Smarten up your savings
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TIME is MONEY The sooner you start the more you will save
$100 per month at 4%pa compounds to: $ over 5 years $ over 10 years (that’s $1470 more than 2 X 5 years) $ over 20 years (that’s $7252 more than 2 X 10 years and $10192 more than 4 X 5 years)
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Save what you can $150 per month at 4%pa compounds to:
$ over 5 years (that’s $3326 more than saving $100 per month) $ over 10 years (that’s $7387 more than saving $100 per month) $ over 20 years (that’s $18400 more than saving $100 per month) When you get a pay rise try to put as much of that as possible into savings Get used to spending less and saving more
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Watch the return $150 per month at 6%pa compounds to:
$ over 5 years (that’s $540 more than 4%pa) $ over 10 years (that’s $2544 more than 4%pa) $ over 20 years (that’s $14453 more than 4%pa) Using default conservative Kiwisaver funds will suck the life out of your retirement savings Do some research, consider growth funds which will be better in the long term
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How much do I need? Try this calculator from Gareth Morgan
If you have $ in investments at 65 returning 5%pa then that will give you a retirement income of $50000 per year (after tax and incl National Super) At age 30 that means saving $83 per week and at 40 saving $157 per week At 50 it’s $350 per week
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