Shingi

Can anyone advise what the take home salary would be on $70,000 pa.
Thanks

Wessa

After taxes, i'd approx just over a thound dollars a week.

luvwelly

http://www.ird.govt.nz/calculators/t...ator-paye.html

Bo-Jangles

That IRD calculator assumes you know a bit about taxes and the pay periods. There's a simpler quick calculator here:

http://www.salaries.co.nz/a/salary-tax-calculator/

Assuming you don't join Kiwisaver, $70k pa would give you a take home pay of

$4,548.33 per month or
$2,099.23 per fortnight or
$1,049.62 per week

Shingi

Thanks guys that's a big help. Much appreciated.

Chris N Lora

might sound dumb what is quick saver and how does it work we are sick of waiting for Aus and might move to NZ

simonsi

Kiwisaver as he said. http://www.kiwisaver.govt.nz/

kiwibok

Not worth it in my opinion. You put money into it and only can cash it out when you retire. (currently age 65)

Many companies have their own Superannuation packages. But the law requires you to join kiwisaver. You have the option to opt out though in the first 6 weeks.

Howick

Kiwibok,

Your comment 'Not worth it in my opinion. You put money into it and only can cash it out when you retire. (currently age 65)'


er...that is the general idea of most superannuation schemes- at least in 1st world countries such as Canada, Aus.

kiwibok

Er yes. The point I am trying to make is that is it really worth throwing all your money into a government scheme when you can only have access to it at the age of 65?

And No, my superannuation scheme allows me to withdrawal the funds when I reach my own decided retirement age.

Howick

There is a reason behind why it's organised in this manner- otherwise, every time an individual was in a financial bind, they'd pull it out. Once you're properly retired, it's not so easy to get back into the workforce.

Of course, it's all a shift in personal financial responsibility- away from the state to the individual, but no one said life was fair. We're all living a lot older & personally, I think the way it is in NZ, Aus, Canada is the smartest way. It's a nest for when you move onto a fixed income, irrespective of the retirement age.

Bo-Jangles

Each will have their own opinion and it's down to individual circumstances and personal choice, of course. Whatever people decide to do (or not do) for their old age will vary largely on how close they are to retirement. It's not really fair to rubbish a pension scheme on the basis that you can't have the money until you retire; that's generally how it works.

Nobody is throwing all their money at Kiwisaver, it's a simple matter of deciding to opt in or out and choose to pay either 2% or 4% of your salary. There are many scheme providers and again there's lots of choice of major banks and fund managers; it's not like the money is entrusted to the Government to look after either.

Private personal or company schemes may offer different terms and options for early retirement, but ultimately if you retire earlier you just receive a reduced pension for a longer period of time than someone who chooses to stay in work longer and draws the pension later. You can't expect to get cake and eat it, or why would anyone work until they were 65?

There were hardly any Kiwi firms that offered any type of scheme prior to Kiwisaver and certainly very few who would make any contribution. I certainly welcomed the fact that there is now something available for everybody and that employer / Government contributions of 2% to it are compulsory.

Young folks are allowed to take out money from their Kiwisaver fund to contribute towards a first home and you can at least get the cash out if you leave the country permanently.

IMVHO it's worth a punt at the minimum 2% contribution just to get the start up bonus, plus the matched contribution via your employer. It's also worthwhile, for those that can afford it, to investigate the options for kids and non-earners to make the minimum contributions so that they can maximise the Government contribution/ bonuses.

chocolate cake

It's not govt run, you have options where your money goes, re: type of investment. OK you might not be able to access 'til you're 65, put other than that there's little if any disincentive not to join. The govt puts an annual contribution, which is better than a kick in the teeth.

Also it's not as if contributions to pension schemes can be paid from pre-tax income, as is the case in the UK. Also very few companies here seem to offer any private pension schemes, or anything in the way of contributions, so anything is better than nothing.

Certainly no one will be able to afford to live on the govt stat pension in the future, even if they can now which is doubtful. It's weak govt (& opposition) resolve that is putting off raising the age her in NZ when practically the rest of the first world has raised it (UK, Europe & Australia). Also NZ has halted contributions to the so called Cullen Superannun fund, yet still increasing borrowing. Unfortunately the tab will have to picked up at some time, as the popn ages.

keyholekate

After my 8% Kiwi saver rcontribution, I take home $1800 per fortnight.

simonsi

Are you on $70k so a comparable figure to the OP???