In this episode of Money Made Simple, Jennie welcomes Liv back after a bit of a hiatus (all is explained!) to chat about what is a highly searched, but often misunderstood topic: Opting out of KiwiSaver, as well as making early withdrawals. We explain how and why someone might choose to opt out once they're automatically enrolled, and the (several) reasons you can take some or all your KiwiSaver funds out  before you retire.

This week's episode covers:

• The voluntary nature of KiwiSaver, and how people can join (either by choice or automatic enrollment)
• The reasons (good and bad!) people would choose to opt out of KiwiSaver, once already enrolled
• What exactly happens in the process of opting out - the steps you take
• The substantial impacts that opting out of KiwiSaver could have (hint: you'll lose out on some free money!)
• Why and how you can withdraw some of all of your KiwiSaver funds early, including for your first home or for financial hardship
• The financial consequences of of making early withdrawals
• KiwiSaver savings suspensions - the what, why and how it could be a better option than opting out or withdrawing your savings

Resources we mention in this episode:
IRD website Opting out of KiwiSaver 
IRD website  Getting my KiwiSaver savings early
MMS episode 6 KiwiSaver contribution types

By the end of this episode, you should have a clear idea of the reasons but also the impacts of not having your money invested in KiwiSaver. This way you can hopefully make more informed decisions on the best plan of action for you, should your investing journey need to change course!

---
Please help us share the good word (and make Kiwis richer and smarter with money) - the more we grow, the more good we can do %) Don't forget to follow, subscribe and rate the podcast if you found it useful!

Find us:
Instagram
Facebook
LinkedIn

Disclaimer: This podcast contains personal opinions and is intended to provide educational information only. It doesn't relate to your particular financial situation or goals and is not financial advice or recommendations. Simplicity New Zealand Limited is the issuer of the Simplicity KiwiSaver scheme and investment funds. For product disclosure statements please visit Simplicity's website simplicity. kiwi.