Saturday Morning With Jack Tame

In a bid to boost Kiwis' retirement savings, the Government is increasing the default KiwiSaver contribution rate to 3.5 percent next year and then 4 percent by April 2028.  The scheme will also be extended to 16 and 17-year-olds from April 1, 2026 - they will need to opt in, as the automatic enrolment will remain at 18. The Government contribution rate, however, will reduce by half, from 50c for each dollar a member contributes to 25c, from July 1 this year. In addition, those earning over $180,000 will no longer receive a Government contribution. Finance expert Lisa Dudson says these changes will help people build up more for their retirements and first home deposits - but there's concerns as to how it will impact low-income earners. LISTEN ABOVESee omnystudio.com/listener for privacy information.