So much for the “can’t afford to save” excuse. Practically all New Zealanders can save. If they want to. In the wake of the release of the Savings Working Group (SWG) report on February 1, various people have been saying that many New Zealanders just can’t afford to save. I don’t buy it — or should I say save it.
Q&As: Here’s an incentive to save for retirement; Would increasing GST have to hurt those on lower incomes?; Time to count a few blessings; Lengthening the term of a mortgage can ease payments — but at a price; Don’t let tax drive your investment decisions.
Q&As: Should we all panic over the Savings Working Group’s dire forecasts?; Do Bill English and Alan Bollard need to talk about how hard it is for New Zealanders to save?; Why mailing nasties to companies that make low-priced share offers might not work.
Q&As: What the Savings Working Group is up to, and why; Have banks been given a fair go in this column?; Is $8 worth worrying about?
Q&As: KiwiSaver is not guaranteed by the government — but that doesn’t mean you shouldn’t join; Is it wise to have your KiwiSaver account with your bank?; Banks said to be “stealing” KiwiSaver members from other providers; Does a reader who is speedily repaying her mortgage need a savings account?
Are we bad savers, or was it a bad survey? A recent report on New Zealanders’ savings habits annoyed me — and not because it starts by saying that the Savings Working Group, of which I’m a member, “is likely to face a tough challenge”. What got my goat was its misleading conclusion.
Q&As: Looking after the pennies is more rewarding than we realised; Three Q&As on readers’ suggestions on how a couple can better manage their money — including ideas on mortgages and software; Is it worthwhile trying to time a home purchase to make the most of market movements? — plus KiwiSaver first home assistance details.
Plans or no plans?: Readers differ. If you’ve wondered who that bloke is hanging around stores in the weekend watching people buy 3D television sets, it could be Blair Vernon.
Confession time about retirement plans and goals. I’m going to commit sacrilege here. But it’s not as if I haven’t thought long and hard about it. So okay, deep breath, here we go: Contrary to what many will tell you, it’s quite possible to be financially together and not have a detailed written plan on how to fund your retirement — or even a retirement savings goal.
Wanted: Clear thinking on GST. A lot of nonsense has been spoken about GST since John Key more or less said the government will increase that tax — probably to 15 per cent — and use the money to cut income tax rates.