Summit Wealth

02/07/2025

KiwiSaver Changes
✅ Contribution Rates Up: From April 2026, both employee and employer contributions rise from 3% to 3.5%, then to 4% by 2028. More savings for your future.
❌ Government Contribution Halved: From July 2025, the $521 annual contribution drops to $260.72, with means-testing for incomes under $180,000.
✅ Young Savers Included: Starting next year, 16- and 17-year-olds can get government contributions and employer matches.

My take:
A mixed bag. Firstly, the not so good
The reduction of the Government Contribution is annoying but I have seen it coming for a while. Also, Means-Testing the Government Contribution is not great in my opinion when the pension itself is not means tested.

Now, the good things.
1. The increase in Contribution Rates form 3% to 4% is well overdue and simply put will mean you will have more money at Retirement. This is a very good thing. Phasing it in does make life a little easier for both people and employers but the sooner this happens the better for everyone in the long run.

2. KiwiSaver for 16 & 17 year olds is a no brainer. The younger you start in savings, investing or KiwiSaver the more you have at retirement. Its that simple. So get young people started as soon as possible, form the good habits early and they will be very well off for doing so.

Overall, while certainly not being perfect and definitely not ticking all my wish lists for KiwiSaver, I think this will mean people will have more money at retirement and that's a good thing.

Lastly, take control of your own destiny, and get in touch to make sure your KiwiSaver is working hard for you. While the announced changes are significant, they don't compare to not being in Kiwisaver or not making sure your KiwiSaver is set up right.

So, let's get it sorted!

Cheers, Kyle

06/05/2025

Summit Wealth is your KiwiSaver specialist.

It's so important for you to have a plan and get your KiwiSaver Reviewed.

🔵 The pension simply isn't enough to get by on, let alone live a good lifestyle. You will need additional income.

🔵 64% of Kiwis worry they won't have enough money to afford their retirement. This is an alarming stat and to be honest, this is reflected in what I am seeing with my clients.

🔵 By giving Advice, making and implementing a plan I can make a big difference to your overall wealth. And the younger you are the bigger the difference that will be, thanks to the wonder of compounding returns (more to come on this in future).

Get in touch for a no obligation review.

27/03/2025

We are now Summit Wealth!

As you may have seen, there has been some changes to the name and logo of Summit.
This is to reflect the change to focusing on KiwiSaver Advice.

What's not changed is the committment to clients and making sure you are looked after.

So, next time you think about your KiwiSaver, get in touch. We can make a big difference to how much money you have at retirement!

11/03/2024

04/08/2023

Great to spend some time chatting through all things Mortgages.

Thank you to everyone who braved the cold to come out on Wednesday night and joined in with our mortgage chat. It was lovely to see you there!
Also a big thank you to Kyle from Summit Mortgages for sharing your knowledge and time with us!

25/07/2023

Kyle will be heading along with Matamata Budget Advisory Service Inc to speak at their Mortgage info evening.
So, if you are wanting some info from a straight up source, then come along.
There will be a short update on all things Mortgages followed by a Q&A session.

Click below to register

https://forms.office.com/pages/responsepage.aspx?id=J5kRieC07kuRsiwcMh875b97-qf8dHlBjwMdpN-591JUMEo4RDNaVFo3NVRHUUFQSkEzSkpIMUlEQy4u

25/05/2023

The Reserve Bank of New Zealand (RBNZ) has lifted the Official Cash Rate (OCR) by 0.25% to 5.50%. This basically means they expect the OCR to stay here for a while before slowly easing as inflation eases. Good News is that the current increased interest rates appear to be working to bring inflation under control. Hopefully this is the peak!
More news to come in our News Letter - watch this space...

06/03/2023

We are looking for an Adviser to join the team. Link below to our job ad.

https://www.seek.co.nz/job/62322336

22/02/2023

The Reserve Bank of New Zealand has increased the Official Cash Rate (OCR) by 0.50%.
This is actually less than the previously mentioned rise of 0.75%.
Some of the reasons given were to do with the recent weather damage.
While this is less than previously forecast, it is still an increase. So fixed rates may move.
Chat with our Advisers about your options, particularly if you have a refix coming up.