I kiiiiiinda see where you’re coming from re kiwisaver… But unless you’ve actually looked into it then I think that’s a pretty weak argument.
Your money is no safer in a bank than in kiwisaver if you think the government will go all corrupt & take all your cash.
Also your employer has to contribute 2% on top of what you save… so it’s basically free money you’re saying no to. And I honestly don’t believe that if you are single with no kids and no major expenses that you would miss your 2% per pay at all. So already you could be getting 2% of your pay stashed away PLUS that amount again given by your employer. It’s like doubling your savings for nothing!!
AND on top of that the government will match what you contribute each year, up to $1042.86. Or pretty much $20 per week. That’s a free thousand dollars every year, on top of the $1000 kick start, and on top of the 2% your employer will contribute!!!
And you can choose your own provider & choose your investment scheme & stuff, so you actually have a lot of control.
And I’ve done a few retirement plans for some clients before, and no joke for a married couple to live pretty comfortably, say living off $4000 a month combined and then needing care for 5 years each. They would need a million dollars for 10 years. (that takes into account a lot of factors, selling houses, buying units, covering costs of care, selling the unit etc etc) Now consider if you retire at 65 and don’t die till you’re 85. That’s 20 years. And you can bet you might want to travel, go on holidays, buy presents for your grandkids etc etc etc which would probably equal more than $1000 a week. Don’t forget rent / rates / all other expenses come out of that too.
If you want to live a pretty comfortable life when you retire, you’re never too young to think about how you’re best to get there!!!