Making extra contributions to KiwiSaver

10 February 2020

Tom Donoghue contributes to his KiwiSaver fund with extra payments, using the convenience of direct debit. Knowing that his Booster KiwiSaver fund is ethically invested was an important factor for Tom.

KiwiSaver is a great way to save for retirement. Why is this important to you?

Ha! Mostly because I don’t have a job or occupation that has superannuation as part of its perks, to be completely honest.

You already contribute to your KiwiSaver account through employee contributions. Why did you decide to make extra payments with a direct debit?

Assets V10 Front Quote Marks

Setting up a direct debit gives me complete control over my KiwiSaver contributions. It’s an easy way to really build up my balance.

Assets V10 Quote Marks

Setting up a direct debit gives me complete control over how much is contributed into my KiwiSaver account. It’s also really convenient, I can go online to my bank account and change the amount or frequency if I need to.

So, have you used a financial adviser to help plan for your retirement?

No…probably not planning quite enough! I did go to a talk Booster gave some time ago about retirement planning. The free snacks were the main attraction! Ha-ha!

No, seriously though, it got me to start thinking a bit about what I should do with money at this age – and what I should have done 10 years ago, really. It was at this event that got me to put extra money into my KiwiSaver, ultimately.

Do you take an active interest in managing your KiwiSaver account? Or are you more a ‘set and forget’ type of person?

Yeah, probably more of a set and forget type! I guess it’s the sort of thing I like to review every few years – get the calculator out and see if what I’m doing is still what I think I should be doing or if I need to change things.

What advice would you give to your younger self about saving for retirement?

Ahhhh yeah, good question! I guess, with KiwiSaver now, get into it as early as possible. I think that’s the main thing. I’m tempted to say put in as much as you can as well.

What do you like about Booster and the Booster KiwiSaver Scheme?

I like Booster’s socially responsible investment options. When I signed up, I think Booster was the only KiwiSaver scheme provider offering this option. It’s fairly important to me. I remember looking at some of the other funds and what they were invested in – things like tobacco, guns – and thinking, really? People don’t realise that’s where their money is being invested.