Latest / The Curve / RTC9: How to end up with a big nest egg of savings in retirement

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RTC9: How to end up with a big nest egg of savings in retirement · The Curve

• 0:00
  Welcome to the Curve Podcast, a conversation for women who want to learn more about money,
• 0:06
  their money for the future they want to have. We're all busy in the pursuit for financial
• 0:12
  confidence and increasing your wealth should be a simple one. That's why the curve was created.
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  This podcast is for women to learn about investing in a non-scary or intimidating way.
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  With short episodes you'll have time to learn, digest and understand everything to do with the
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  world of investing. Don't expect to be an expert on day one. No question is a silly question.
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  If you're asking it, so is everyone else. So thank you for being here and for listening,
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  because together we really can raise the curve. Can we say a part two, how exciting?
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  We've just talked about how important it is to make sure that you're in a high growth fund,
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  you think you're contributing regularly, but in this episode we're going to be going over
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  the benefits, the risks and also how to even pick your provider. Yes. Some of the benefits of Kiwi
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  Saver, firstly, so we've got about four here, so firstly compound interest. We touched on it in
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  the last episode, but it's what Albert Einstein calls the eighth wonder of the world. I think
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  I said it's the sixth wonder of the world in our last podcast, but we found another two wonders
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  of the world. But it's one of the most important things. It's one of the most important,
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  and it's the beauty with Kiwi Saver is that it allows compound interest to work its magic,
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  because you have to hold it for the long term. So you're forced to reap the benefits of compound
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  interest, which is why I love Kiwi Saver so much. Go Kiwi Saver. Go Kiwi Saver. No, it makes sense
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  though, because so many people as much as you might say to them, keep it for the long term, blah,
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  blah, blah. It's so tempting when there's a new bag you own or there's something you want to buy
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  for your kid or there's so many reasons why you might pull your money out of an investment.
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  So to have absolutely zero choice and to be able to have that component just for 50, 60 years
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  is pretty amazing. And I'm guilty of that. I've definitely not taken my own advice sometimes.
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  Makes you feel better. There's always an excuse to say, oh, but I need the money now,
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  and then you completely undo all that compound interest as soon as you take that money out,
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  because you're starting from a lower base again. So to keep it in there, keep it compounding,
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  you're starting from a higher base every year. That's the beauty of Kiwi Saver. So,
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  yeah, firstly compound interest. Another benefit is the government contributions.
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  This is what I'm talking about, the $500 per year that you can get from the government.
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  And with half the nation not getting that, we'll half the people that are in Kiwi Saver not
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  getting that, don't be one of those 50 percent. Don't be the knowing world, maybe the one that
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  doesn't do it. Make sure you do it, make sure you get that free money. You're entitled to it,
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  get it, use it, make it compound. And we're so lucky and New Zealand even have that as an option.
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  Totally. We need to make you the most of it, really, don't we? The government's giving us savings
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  on a plate saying, please save. No, don't want to, please don't give it to me. I don't want
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  any more money. Yeah, and they're automatic. So you don't have to apply for them. They just end up
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  in there. So the IOD just scrolls down a list of over a million people and says, yes, Sophie has put
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  in her, has put in $1,040 or more. Here's your $500. So, it's saving the dummies, really.
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  I mean, it's not the gibberish. Well, it's saving for anyone. It's saving for anyone,
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  exactly. Thirdly, is the employer contribution. So again, this is someone else who's helping you
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  save. You've got the government helping you save. You've got your employer helping you save.
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  So make use of it. Yeah. And if you're self-employed, you just contribute regularly to your
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  QE service. It's not going to come out of your salary because you're self-employed. So you just
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  have to have that additional awareness to put in, manually put in a contribution each year
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  and make sure that contribution is over $1,040. And then fourthly, is that you can take it out for
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  your first time withdrawal. Is that a benefit in your opinion? So you can take it out to purchase
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  your first time. But do you think that's a benefit? So I've just hopped on about how important it
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  is to keep it at a long term. And it's so great that it's locked up for 30, 40 years. But there
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  is the ability with QE service to take it out for your first time. But like I said, you're going
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  to remove all that compound interest benefits. You're taking it out. You're then starting again
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  from scratch. But in today's world, when house prices on average in Auckland are over a million
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  dollars, I can understand that people will need that money to help fund their deposit for their
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  first time. And it's unrealistic to think that in today's market, people aren't going to want
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  to dip into their QE service. So I think it's not a benefit, but then it is because for younger
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  investors, say you joined QE service when you're 18. And for time when you're 18, it just seems
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  incomprehensible. It seems so far away. And well done for joining QE service when you're 18,
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  but people there that might be a more realistic investment time horizon for them to be like,
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  I want to buy my first home when I'm 28. So I want to buy my first home when I'm in 10 years.
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  That's more of an attainable goal. And I'm going to contribute regularly into my QE service.
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  So then I can withdraw it when I'm 28. And so it's a more obtainable time horizon. And if that makes
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  someone join QE service early and get on that investing journey, even though their target is
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  different for someone who's saving for their retirement, it's still making people aware of
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  investing and getting them on their investing journey. So that's why I think it's a benefit.
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  I mean, honestly, the thought of buying a house at 28, it's quite incredible. I was just
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  like thinking, imagine if I'd had a house for two years already. So when people join QE service
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  when they're 18, are they just contributing from their job at McDonald's or whatever they're
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  doing? It's not necessarily... Yeah, they're part-time job. They'll be contributing to the QE server.
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  I say 18 because that's when you can start getting the government money. You can't get it if
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  you're a child. So why is your niece like, what's the benefits for her? I just because I contribute
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  to her QE server regularly. And then when she's 18, I'll give it over to her. And then hopefully
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  by then she's actually learnt something about investing. But also she's getting the benefits of
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  the return of the fund. So she's getting the compound interest. She's growing on whatever
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  money. And yes, you know, it's not government. Yeah. And you used to actually get a $1,000
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  just for joining QE server, but they got rid of that a few years ago, which is a bit of a
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  bummer. But there's still the encouragement of getting that $500 a year once you turn 18.
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  So I think there used to be when you sign up for a bank account like years and years and years
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  ago, they used to put like the government used to put money in your account. Do you remember that?
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  I think it's more from the banks. Yeah. I think it was $500 or something. So anyone
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  else like six, my grandma took me to go open a bank account and the money and it was from the
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  government I'm pretty sure. Yeah. It's yeah, they do encourage you because you don't often change
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  banks. So if you can get that customer when they're a child, I've been with with my bank since
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  I was since I was a child because my parents sent me up and then that's that's who I've
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  dealt with. So it's quite so true. You're quite a sticky customer in that respect. So
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  I can ask one more question about the pre-18. Can you say that? Is that your birthday present to
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  your niece? It is. Yeah. That's so cool. She's going to get to an age though. She's
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  like, give me a bloody toy. Yeah. I want a Barbie. And I'll be like, no, you'll take me when you're 18.
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  That means that's when I started learning about investing. So you see there's checks in the mail
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  and they were from contact energy and everyone got contact energy shares when they went when
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  they privatized. And so we my parents bought me shares and they sorry, everyone got the ability
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  to buy shares and my parents put some under my name and my sister's name and I used to just get
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  these checks in the mail and they would just just be like, what I thought was free money just
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  coming in through the letter box and I was like, this investing stuff is awesome.
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  It's so cool. It was like a dividend that had come with owning the shares. But it did teach me
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  about investing. Even if I didn't completely understand it, I was excited that investing
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  discussion and that's kind of why it's really good for any listeners with kids or yeah, just to
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  start that investing conversation early and then it's not doesn't seem so overwhelming
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  when you get to the likes of our age. I also think it's actually a gift to be able to give
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  your children that that idea of compound interest from a young age because I remember when we opened
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  my bank account, I remember being so proud when I checked it and it was still in there and even
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  I was like, no money at all, you know, I think it's you're right. It's that mindset towards saving
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  and holding on to things for a long time and yeah, watching it grow and and kind of learning the
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  value of money and the compound interest and yeah, it is good having that discussion early on.
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  Okay, so what are the main risks when it comes to kiwi saver?
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  Yes, without sounding like a negative Nancy, which we've kind of sounded like for a few episodes,
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  but investing does come with risks and I'm sure you run as well aware of that now we've
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  definitely harped on about it. The risks with kiwi saver is that you are locked in into your
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  retirement, so you're locked into a 65 years of age. But again, this could be a benefit because
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  like I've said, I don't even think that's a risk. No, that's a pretty amazing. It's more just being
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  something being aware of that, yeah, you can't depend to it if you want to buy a car or pay for
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  your wedding. It is locked in there and you cannot access that money unless you reach 65 years of age
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  or you want to buy your first time. I guess actually you're right because if you're contributing
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  optionally over and above what you're employer and you're you know, you're giving whatever
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  scented urine. Yeah. Yeah, as soon as it's gone, it's gone. There's just no. Oh, no, wait.
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  So yeah, I mean, there is, if you have serious illness, if you are in significant financial hardship,
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  you can get it out, but there's a lot, a lot of paperwork to prove that and it's very
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  small number of cases that they actually, you take out your kiwi saver. So it would be someone
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  like terminally ill or something like that. Yeah, and it's just something you really need to be
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  aware of. Just to assume you cannot touch it. Yeah, cool. And yeah, so that's one, it's locked into
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  it's locked in until retirement. The second is the fees. So we kind of touched on this in the
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  previous episode, but there's two fees with kiwi saver. So there's the fee of $40 per year just
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  for being in kiwi saver, which you can't get, get past, you have to pay it. And it's also a
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  management fee. Now I, yeah, I try to think of kind of an average benchmark for fees as being
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  around 1% if you're paying more than that, you want to make sure you're getting really good performance.
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  If you're paying less than that, you just want to make sure you're getting some kind of performance.
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  You're getting some kind of performance. So yeah, kind of 1% is kind of the benchmark. So,
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  you know, make sure you ask when you're joining kiwi saver provider or what the fees are.
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  And then thirdly is the impact of a low returning fund. So we saw with Alice Briar and clear,
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  we saw the difference of a 4% fund versus a 10% fund. And when you're investing for the long term,
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  the difference can be huge. I don't understand why anyone would ever go low 4% I don't understand.
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  If you're old, so if you're younger, we tend to say you can take more risk. If you've got 30,
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  40 years until retirement, then you can take more risk because you can weather their volatility.
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  If you say maybe our parents, they're in their 60s or they're closer to retirement age,
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  it could be a disaster. You don't really want to take that risk. You don't want to take as much
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  risk as when you were younger because you need those retirement savings. So you would tend to
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  opt into a lower returning fund because it's a lower risk fund. I guess if you also had in the
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  next five years you want to buy a house and you were really counting on using that key, we say
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  that you probably wouldn't be in a crazy high risk would you? Exactly. So it's being aware of what
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  your investment time horizon is. Is it 20, 30, 40 years or is it 5, 3, 2, you know, and it's a moving,
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  it's a moving time horizon. Yeah, moving goalposts, it's not. So yeah, as you approach your target,
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  whether it's first time withdrawal or retirement age, make sure you continually reassess, should
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  I be taking as much risk? Should I be in this growth fund or should I move down to a more conservative
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  fund? And Kiwis over providers do have multiple funds with different risk profiles. Therefore,
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  work different return profiles that they can offer you. So it's not standard. So if you've got
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  20, 30, 40 years, you can take more risk. You can be in a more growth fund, whereas if you are
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  maybe in your 60s or you're closer to retirement, you've got about anything less than 5 years,
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  you may want to take, you may want to move into a more conservative fund and fund managers
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  offer different funds depending on your risk profile. So there's usually three categories,
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  a growth fund, a balanced fund and a conservative. And the growth is more high risk, high return,
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  conservative is lower risk, lower return, and then balanced is somewhere in the middle. So
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  you can chop and change between different funds when you get closer to your end goal. And is
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  that within your choice of Kiwis over provider or is that moving to a different fund altogether?
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  So most of them will have more than one fund on offer so you can have a selection within your
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  Kiwis over provider so you don't need to chop and change. So yeah, you can just, some of them,
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  you can also split. So say you started with 100% in the growth fund and then as you
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  got closer, you wanted to put 50% into the balance. And then as you got closer, you put 100%
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  in the balance, you're kind of moving down the step down the ladder I guess. And then you got
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  very close to retirement age and you wanted to put 100% in conservative. So there's an option
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  to split amongst multiple funds as well. You unfortunately, you can't split across different
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  Kiwis over providers. So when you choose one, you go with them. If you're choosing to go with
• 14:29
  WestPak or you're 100% of your Kiwis over savings go into go to WestPak and then you can split
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  across different funds. If you're going with Milford, with Fisher funds, you're giving 100% of your
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  Kiwis over savings to that Kiwis over provider. You can change providers but yeah, you do have to
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  then fill out kind of an application form and join your new Kiwis over provider that you want to
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  join. And how do I even know what one to join? Like can you give us a bit of a breakdown
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  as to what one so we should be? Yeah. What things to look for when choosing one?
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  Yeah. So there's kind of, there's three things to look for when choosing Kiwis
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  over providers. So the first one is obviously performance. You want to join a Kiwis
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  saver that has delivered good performance over the long term already. We say and we say an
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  investing that past performance is not an indication of future returns. That's like the age old
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  caveat of investing but it does give you a good indication of what that fund has historically
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  delivered and if you can look for the longest time horizon. So usually since inception,
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  which means since the beginning of that fund or even anything 10 years plus, if they've delivered
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  say over 10% return per year, that's a decent returning fund. That's great. I'd be happy with that.
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  Make sure you look at the longest time horizon when you're looking at performance and the other
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  thing to look at when you're looking at performance is to make sure it's after fees. That way you know
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  what you are getting in your hand. A lot of Kiwis over providers might put up performance
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  that is before fees and therefore it looks a lot better and then they might be taking 2% for
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  example and we say kind of 1% is a good benchmark. They might be taking 2% away in fees per year.
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  If they're delivering 10% return, taking away 2% fees, you're only getting 8% and coming back to
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  compound interest, we've seen how much difference that can make over the long term. So it's just to be
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  aware of what's the after fees performance. Therefore when you're comparing 2 Kiwis over providers
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  and 1's delivering say 4% after fees and 1's delivering 10% after fees, you're comparing apples with
• 16:49
  apples. Does that make sense? It's not you're not then having to take away fees. It's all done for
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  you and you're looking at this fund has historically delivered 4% return, this fund has historically
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  delivered 10% return on average over the long term. So I'm younger, I've got a longer time horizon,
• 17:08
  I'm anywhere with the 10% returning fund. The fund that's delivered historically 10%,
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  I don't know that it's going to do that in the future but that's what it's done for say over 10 years
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  in the past. It does give me a good indication of what that fund has delivered historically and
• 17:24
  that's all we can go off because we don't know the future. That's the most amount of research you
• 17:29
  could do. Exactly. Yeah. So I guess keeping it close on as you know five years later and then
• 17:36
  re-evaluating what is doing the best, right? I mean what would you recommend in terms of time,
• 17:41
  like how often you should check to see if you're still in that fund? We do get asked that a lot,
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  it's if people have also asked oh should I should I try and time the market and you know if
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  if at one fund manager's doing better than the other should I chop and change all the time and it's
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  you I think if you do the research at the beginning and set aside some time to actually
• 18:03
  find a really good QSO provider you shouldn't need to chop and change. If they've delivered
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  a good return over the long term then yes they'll have years where they won't do well
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  and they'll have years that they do really well but if you're kind of chopping and changing all
• 18:18
  the time then you're not going to get that long term benefits. So we try to say kind of let them
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  do their job, their the experts as long as you've done your research at the beginning and after
• 18:30
  listening to this podcast you know what to look for. Then yeah you shouldn't you shouldn't have
• 18:34
  to chop and change all the time and it will almost just be distracting. At the beauty of changing QSO
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  providers if you did you've had a look at your QSO provider you're currently with a low returning
• 18:44
  one you want to change is that you don't know you don't need to know where it is. So there's
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  probably a few people listening to this that they don't know where their QSO is and that's fine
• 18:53
  you don't have to if you want to change you just go to the new QSO provider that you want to go to
• 19:00
  and say hey I want to join you they then go to the IID and go find your QSO for money
• 19:07
  and bring it to them. So it's all done not too much admin for you. It's more it's one form I remember
• 19:12
  I've talking to my friends about it you know years ago and they'd be like oh help but I don't know
• 19:16
  where it is. It's like you don't need to. Do I have a baby? You don't have to look for it. So they try
• 19:22
  to make this the process of being financially secure easy. They're trying to make it as easy
• 19:29
  for everyday QIs as they can. So automatically comes out of your pay. You automatically get the
• 19:35
  government money. You for that one form and it automatically gets sent there. It's kind of
• 19:41
  they're trying to they're not trying to trick us. They're making it for fun. And they're very much
• 19:45
  trying to make QIs ever providers the documentation that they put out they're trying to make that
• 19:50
  very standardized so that people can compare different providers and the forms look the same
• 19:55
  the fund updates look the same. They're making them quite standardized so we can compare and
• 20:01
  contrast and it doesn't seem so overwhelming. Can I just ask is there a website or a go-to
• 20:08
  place that you would say would be the best place to compare all the different funds? So there is
• 20:13
  there's about 35 different QIs over providers so there can be a lot to go through. You don't
• 20:18
  want to go to every single one and print off the documentation yet. That's that's pretty come. So
• 20:22
  there is Sorted which is a website that does compare all QIs ever providers. Just oh my god my
• 20:29
  dad told me to do that. I was just going I was like dad you don't know what you're talking about.
• 20:33
  So it's good it does compare a lot of the QIs ever providers but I do think you should really
• 20:40
  go on to the website as well and get familiar with with what fund that you so once you've decided
• 20:45
  then go on to the actual QIs ever providers website and have a look at what the fund invests
• 20:50
  and just get yourself familiar with what is the risk associated with that fund. There will be
• 20:55
  like a risk indicator within the fund so you can you can see where it sits in terms of the risk
• 20:59
  spectrum of the other funds which is quite helpful and it's also making sure that you know what
• 21:04
  your money isn't investing in. Could you go to Sorted and then you know narrow down to two or three
• 21:09
  yes and then go on to those websites see who they invest in and just kind of get a little bit
• 21:14
  of a better understanding as to what feels right for you. Yes I think it's a great idea and if
• 21:18
  there's anything you don't understand with any of the information all these QIs have providers have
• 21:23
  dedicated QIs ever people working there that know that ends an ounce of QIs ever and can ask
• 21:27
  any questions. Surely you could just call them and say hey I've got money that you helped me.
• 21:33
  Yeah it's your money you should understand if there's something you don't understand ask honestly
• 21:38
  I'm can guarantee you won't be the first person asking that question it's it's your money you need
• 21:42
  to know where it is and what it's doing. They'd probably be quite happy to have people that are
• 21:46
  genuinely interested or trying to understand it better because so many people are really oblivious
• 21:51
  to it. Yeah yeah so just remember when when you're choosing QIs ever rider to look for you need to
• 21:56
  look at performance you need to look at fees and make sure that you're looking at after fees
• 21:59
  performance and then also look at the risk that you're taking with that fund and that all will be
• 22:04
  on the website it should be easily accessible on the fund update so just remember when you're choosing
• 22:09
  QIs ever provider you need to look at performance you need to look at fees and then make sure you're
• 22:15
  looking after fees performance and then thirdly make sure you look at the risk what what risk is
• 22:21
  involved in being in that fund. Can you expand on that slightly for a second? So the risk is when
• 22:26
  you when you're choosing the fund so when we're talking about growth is more high risk balanced is
• 22:30
  more middle risk and then conservative is more low risk and it's good to look at they they the
• 22:38
  fund updates will have a kind of a risk indicator on them and it just gives you an idea of where
• 22:43
  that fund sits in terms of the risk spectrum okay cool there's kind of we'll come up with an
• 22:48
  acronym you don't sound like excited about it we've come up with an acronym
• 22:55
  and it's called breaking the cycle hmm love that one thing that we haven't touched on is just
• 23:02
  why QIs ever is so important for women in particular and why I'm talking about breaking the
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  cycle and firstly women as a gender we all know we get paid less than men on average I can't
• 23:15
  believe that still so if we're contributing three percent and a man's contributing three percent
• 23:20
  they're contributing more it's the same percentage but it's a different dollar amount yeah so we can
• 23:24
  we passed so we get paid less than men secondly we we usually take time out of the workforce
• 23:33
  to have a family whether it's a few weeks a few months a year or two however long it is
• 23:39
  might be permanent you're not you're not earning so you're not contributing or you're contributing
• 23:44
  a far less amount because you're not getting paid you're full so that's such an important thing
• 23:48
  to remember to follow so we take a time out to to have a family some of us may have some of us might
• 23:53
  be about to thirdly is that we live longer on average than men in retirement so go the girls
• 24:03
  we have lower we contribute less we take time out of contributing and we live longer so we're
• 24:10
  going to have a lower pay less honestly so we're going to have a lower pool that has to go further
• 24:15
  the size should so it's really really really important that we need to be clear and contributing
• 24:22
  for when you're if you can when you're having babies and if you've got time off yeah at least a
• 24:27
  thousand to be able to get that extra money from the government and yeah yeah it's definitely
• 24:31
  something to think about it's just like that that's why it's so important to to to be across this
• 24:36
  you know make sure that you're in the right fund you're all those things just over the long term
• 24:41
  can make such a difference so education yes so when I talk a cycle yeah so break the cycle
• 24:48
  so dramatic love B is to make sure that you belong so make sure you join make sure you're in there
• 24:54
  so that you can get these benefits second is R make sure you regularly contribute we've seen what
• 25:00
  clears balance was like versus Alice and Bryer's make sure you are clear thirdly a ask questions
• 25:08
  like I said before it's your money it's your savings if you don't understand something ask
• 25:13
  E ensure you're in the right fund we've gone through the difference that that 6% made between
• 25:19
  Alice and clear make sure that you are in the right fund and lastly K keep it in there this lets
• 25:29
  the magic of compound interest to its trick keep it in there so let's break the cycle it's
• 25:34
  break the cycle break the cycle okay I think there's a lot to think about with that and I guess
• 25:40
  people will be going away and have taking notes and you know looking at what they can we say
• 25:44
  over and where they are and if they want to change if anyone has any questions or is overwhelmed
• 25:50
  please get in touch with us via our website the curve.co.nz or Instagram or email we are always
• 25:57
  around and the whole point of this is to make sure that women in particular are understanding how
• 26:02
  they can make the most of their kiwi savoury and their finance and and and growing their wealth so
• 26:08
  if this feels overwhelming that you don't know then please do get in touch and we're going to
• 26:11
  finish with a quote oh this is so inspiring it's actually for Warren Buffett so very appropriate quote
• 26:18
  and it says someone is sitting in the shade today because they planted a tree a long time ago
• 26:24
  I love that quote and I think it's so appropriate when it comes to kiwi savour
• 26:28
  we've got to think about our future self because we don't want to get sunburned
• 26:35
  it's quite inspiring really you would think for you know that he'd be quite dry and that
• 26:39
  it's good to be boring but that's quite empowering plant the tree plant the tree and be clear
• 26:44
  be clear and plant the tree thanks ladies thanks for listening
• 26:50
  welcome to the curve podcast a conversation for women who want to learn more about money
• 26:56
  their money for the future they want to have we're all busy in the pursuit for financial
• 27:01
  confidence and increasing your wealth should be a simple one this podcast is for women to learn
• 27:07
  about investing in a non-scary or intimidating way with short episodes you'll have time to learn
• 27:12
  digest and understand everything to do with the world of investing so thank you for being here
• 27:18
  and for listening because together we really can raise the curve