RNZ's money correspondent Susan Edmunds answers your questions. Photo: RNZ
Got questions? RNZ has launched a new podcast, No Stupid Questions, with Susan Edmunds.
We'd love to hear more of your questions about money and the economy. You can send through written questions, like these ones, but even better, you can drop us a voice memo to our email questions@rnz.co.nz.
You can also sign up to RNZ's new money newsletter, Money with Susan Edmunds.
My wife and I are expats, after living and working in the US for 32 years (1990-2022). I receive a pension, so I understand that I am ineligible for NZ Super.
I am enquiring on behalf of my wife, because she does not receive an overseas pension and, although she is an Australian citizen, she has resided in NZ for a total of 19 years as my wife, working in NZ for nine of these years.
We both receive US social security benefits. We have filed NZ income tax returns as joint filers.
My question - is my wife eligible for NZ superannuation?
To answer your questions specifically, I would need a bit more information, but I'll try to help in general terms.
Someone who is a citizen or permanent resident living in New Zealand, who was born before June 30, 1959, would need to have lived in New Zealand for at least 10 years after the age of 20 to qualify for NZ Super.
The amount of time required increases for younger people. Five years of it needs to be after you turn 50.
- What's going to happen to home loan rates? Listen to No Stupid Questions with Susan Edmunds
There is a social security agreement with Australia that means your wife may be able to use her Australian residence to meet the New Zealand residency criteria, but if you're both getting US social security benefits, that does offset what you can get in NZ Super.
I would recommend getting in touch with the Ministry of Social Development to find out how the rules might apply to her.
Can you estimate the impact of the reduction in the member tax credit on a standard growth KiwiSaver account over time?
It makes a mockery of people struggling to contribute the $1020 a year to get the full allotment, only to have that halved.
The government decision to halve the member tax credit, which you get for every $1 you contribute to KiwiSaver up to $1042 a year, hasn't been very popular with people who get in touch with me.
It started at a dollar-for-dollar match, so people could get $1042. Then it was halved to $521 and now it's been halved again.
Koura KiwiSaver founder Rupert Carlyon said someone earning $80,000 and contributing three percent of their salary, starting at age 30, would have a balance of $594,000 at 65 on the old settings.
With the new, reduced credit, that drops to $572,000.
"The big question is whether the $180,000 will be indexed or fixed, otherwise lots of people will start missing out sooner than they realise."
I am recently separated and I am living in property co-owned with my ex. I am hoping to become the sole owner of the property, once all relationship property issues are settled.
This property is my first property and I would like to use some or all of my KiwiSaver to reduce the considerable mortgage, now that potentially only one income is servicing it, not two.
I do not believe I meet the hardship criteria or any other criteria for accessing funds early.
If you've been a homeowner, it's not as straightforward to use your KiwiSaver to buy another home.
People who have never used their KiwiSaver before to buy a house may be able to apply as a second-chance buyer, but you need to be in the same financial position as a first-time buyer.
This used to mean not having realisable assets worth more than 20 percent of the First Home Loan existing house price cap in your area, but those caps have since been removed.
I think the biggest problem for you is that another one of the requirements is that you no longer have any interest or own a share in a property.
I would recommend talking to your KiwiSaver provider about whether there's any way around this.
On a separate note, I quite often hear from people who are upset they cannot use their KiwiSaver money to clear their mortgage. I get it - it's frustrating to have debt, when you theoretically have the funds to clear it.
I guess it's the trade-off of the scheme, that you get incentives from your employer (if you have one) and a bit from the government in return for being willing to lock your money away.
If we were allowed to clear our loans, there's the potential for people to take on more debt.
Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.
