Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's why you should reconsider having the maximum KiwiSaver contributions. Hosted by Frances Cook.

KiwiSaver is a wonderful scheme.

You get free money from the Government and your employer, it automates your retirement savings, and it has plenty of options to let you do what's best for you and your money.

It's safe to say, I heartily approve of KiwiSaver.

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But just because it's a good scheme, doesn't mean you're safe from messing it up.

Many people will max out their KiwiSaver, happy in the knowledge that they're doing the best thing for their future.

The issue is that putting 3 per cent of your income into KiwiSaver has a very different result from putting 8 per cent into it.

You get totally different benefits, and you arguably do better with 3 per cent going in.

Once that money is in, it's locked in, until you retire.

So you want to be sure you're making the right choice, before padlocking your money away for decades.

For the latest podcast I talked to David Boyle, currently at Mint Asset Management, and formerly from the Commission for Financial Capability, about KiwiSaver limits.

We talked about where KiwiSaver gives the most reward, where it can hold you back, and better options for your money.

For the interview, listen to the podcast.

If you have a question about this podcast, or an idea for the next one, come and talk to me about it. I'm on Facebook here, Instagram here and Twitter here.

Don't forget to subscribe on the Apple podcasts app iHeartRadio, or Stitcher, to make sure you never miss an episode.