I see the BNZ Kiwisaver has taken another hit… by all acounts more than others… Im down $2000 this week she is at $1.177300… if she drops to under $1.140000 Thats my $74,000 I started the BNZ kiwisaver with gone… not to sure what to do about now.
Wow, I feel for you mate. you could try a different portfolio. I’ve just started with Kiwisaver with ANZ. They have a few different fund types. I’m in the growth fund. Yesterday it was 1.5074. That was supposed to be the highest risk fund but I don’t think its performed as well as the other kiwisaver funds. But I’ve only been in it for a few weeks. I’d be interested to know how long have you been in Kiwisaver?
I’d try and get it out under hardship and put it in another sort of investment. I don’t know what you job status is but if you are a sole trader you can make voluntary contributions. That’s how I have my kiwisaver. Being a sole trader means I am free to contribute as much or as little as I like. I think I can also stop making payments into it whenever I like.
Is that an option for you to at least stop putting money into it?
since day one… but have only been with the bnz for just over a year. As I have said it was $1.40000 when I transferred over which is why if she drops $1.40000 I have lost every thing… Or have I?
I don’t know how BNZ do it but ANZ send around a unit prices update and it says the exit price. Also I can go online and see how much money I have in it. Can you do that?
I would make an appointment with an independent financial advisor.
Whatever money you have in the kiwisaver at the time will just be calculated at that unit price.
The unit price changes daily so watch it for a few days along with your exit price.
I think for you to actually lose money the unit price would have to be a minus figure or less than zero.
I understand kiwisaver unit prices to be a bit like bank interest rate.
Rodgie and , great timing on this topic as our Head of Wealth and Private Bank, Donna Nicolof, has put together a piece on how recent market volatility has affected KiwiSaver accounts. I found it really informative and it breaks down what’s going on globally and how that flows on to us in NZ with our KiwiSavers, and then gives some (in my opinion) sage advice about how to proceed. It’s in our Good with Money blog now - called Eyes on the Horizon: Market volatility and your KiwiSaver account.