Helen Twose: Saving past retirement?

Although you have passed the age of 65, you may still be eligible to receive the member tax credits if you have been in KiwiSaver for less than five years. Photo / Thinkstock

Even if contributions from Govt or boss have stopped, KiwiSaver can help in managing retirement savings.

I retired from work in March 2011 aged 68 so therefore stopped my contributions.
I do not need the money invested in KiwiSaver at present as I am living on my national super plus interest from investments.
My KiwiSaver account details: I have about a quarter invested in a conservative fund and the remainder in a conservative balanced fund.
Is there any advantage in still investing in KiwiSaver, i.e. would I still qualify for the annual member tax credits?
Also bearing in mind the administration fees charged and the poor rate of return on investments through the bank at present.
Perhaps you could qualify things for me as I am rather confused.

Even if you have retired, the Government will give you your member tax credits until you are eligible to withdraw from KiwiSaver - this is at age 65 or five years after joining KiwiSaver, whichever is the later.

So, although you have passed the age of 65, you may still be eligible to receive the member tax credits if you have been in KiwiSaver for less than five years.

With luck, you'll be alive for a long time after you retire, so it's important to make sure your savings work for you in your retirement.

Even if you are no longer eligible for government or employer contributions there are still some good reasons to use your KiwiSaver account to manage your retirement savings.

KiwiSaver is a relatively low-cost option for managing retirement savings, is well-regulated, and offers a broad choice of investment options.

To find out the right decision for you - particularly in light of the other investments you have outside KiwiSaver - your best option is to talk to an authorised financial adviser (AFA).

Your KiwiSaver provider may have AFAs who can provide this service for you, or you can find an AFA in your area on the Financial Markets Authority website www.fma.govt.nz.
Joe Bishop, Gareth Morgan Investments head of retail wealth and marketing

I've just received a lovely glossy annual report publication from my KiwiSaver provider.
After aimlessly flicking through I got wondering what on earth I was supposed to be looking for.
Tell me, what is the value of these reports and where are the important bits?

KiwiSaver providers are required under the KiwiSaver Act to send members a copy of their scheme's annual report each year.

The annual report provides a summary of key information about developments and activities of the KiwiSaver scheme over the past year (including a summary of the financial statements).

The annual report is valuable for those who want to know the specific details of the KiwiSaver scheme, including membership details and performance.

Even if you don't need this level of detail it is recommended that you read the annual report to find out if there have been any changes to the KiwiSaver scheme over the past year.

Often KiwiSaver providers use the annual report to communicate changes relating to the KiwiSaver scheme and it is important that you are aware of these.

In addition to the annual report, which provides information at the KiwiSaver scheme level, your KiwiSaver provider will each year provide you with important information relating to your KiwiSaver account, including an annual statement and PIE tax statement.
Fiona Oliver, AMP general manager wealth management

Do any KiwiSaver providers allow for the depositing of US dollars into a cash fund account or other mechanism, without the need for conversion to New Zealand dollars?
Our aim is to preserve the buying power of the currency in the United States rather than leave it to the vagaries of exchange rate fluctuations.

Not at present but as the KiwiSaver market matures and as demand for such innovations become apparent it seems likely providers will begin to offer such facilities.
Johnny Lane, Brook Asset Management

See previous KiwiSaver questions here:

Do I need to contribute to KiwiSaver when I'm on my OE ?

KiwiSaver rules for the self-employed.

What's the point of being in KiwiSaver after the age of 60?

How an employer's tax can cut a KiwiSaver return.

Read all our articles about KiwiSaver here.

More on KiwiSaver from Herald personal finance writers David Chaplin and Mary Holm.

Disclaimer: Information provided is stated accurately to the best of the respondent's knowledge at the time of publication. It is general in nature and should not be construed, or relied on, as a recommendation to invest in a particular financial product or class of financial product. Readers should seek independent financial advice specific to their situation before making an investment decision.

To have your KiwiSaver questions answered by the NZ Herald's panel of industry players email Helen Twose, helentwose@gmail.com.