Tamsyn Parker has been Business Editor at the New Zealand Herald since April 2023. She was previously the Personal Finance Editor and has been with the Herald since 2007.
Labour's proposal to make KiwiSaver compulsory has sparked an interesting debate in Your Money about how much people need to save to live off in retirement.
Retirement is a long way off for me but I'd still like to know I am on track.
Let's face it by the timeyou reach your 60s it's too late to save a big nest egg unless you are earning a large amount of money or sell a valuable asset like a business or a property.
The idea of saving a little bit each pay over my working life seems far more achievable.
But figuring out exactly how much I might need to live off in retirement seems really hard.
Known as total remuneration it's an issue that has upset a number of people although employers say it is fairer to those who don't want to join KiwiSaver.
Read Holm's column if you are in this situation and have concerns about what your employer can and can't do.
Mental health and money Diana Clement's piece about mental health issues affecting people's finances really struck a chord with me this week.
Being in a tough financial situation is enough to make anyone feel stressed and have sleepless nights but it's even harder if you have mental health issues or, as one person in the comment's section has pointed out, a physical disability.
Just recognising you have a money problem linked to mental health may be hard enough let alone asking for help for it.
Clement's article has some great suggestions on ways to help.
Second time round This week's KiwiSaver Q&A addresses the issue of using KiwiSaver to build a house if you already own the land.
It also has some advice for people who have already owned property in the past but may be back in the same position as a first time buyer due to unforeseen circumstances.
