Retirement Snapshot: New Zealand
Helping Seniors Save Money
| November 3, 2009
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New Zealand is a land of more than four million people - and it's estimated that more than one million of its citizens will be 65 and older by the year 2020.
Like the U.S, New Zealand provides payments to its seniors, and they have something akin to our 401k - but with a much simpler, more lyrical name: Kiwi Savers. Members contribute either 4% or 8% from their gross pay into a savings fund which is locked in until retirement age. Almost 1.2 million Kiwis have embraced the system.
New Zealand’s Retirement Commissioner, Diana Crossan, speaks to Mike Cuthbert about the effort to help New Zealanders retire financially sound.
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