Money Editor for NZ Herald

Investment will stay put unless it's needed

Garry Murphy. Photo / Brett Phibbs
Garry Murphy. Photo / Brett Phibbs

Garry Murphy says he won't be taking his money out of KiwiSaver when he becomes eligible in July because he doesn't need it yet.

"I am leaving it in for a combination of reasons - it's probably as good there as it is anywhere and it's also a little bit of social conscience as I think we need to invest more in our own country."

The 66-year-old working farmer saw the benefits of KiwiSaver from the start and signed up when it was launched in 2007.

"To kick it off was a no-brainer."

Already a regular share investor, Murphy put his money in a growth portfolio which has been battered a fair bit by the global financial crisis.

"As an investment it's not doing that well but I don't believe in taking it out when the market is down - it will rise again."

Murphy says he may never take the money out of KiwiSaver but it is there in case he needs to.

"I may take it out if I found I needed the money or if I took a fancy to something I wanted to spend it on. I'm in a happy position where I don't have any great wants or needs."

- NZ Herald

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