Too late to join?

Leon is 62 and earns $37,000. He's been a member of his employer's super scheme for the last 10 years and is keen to save as much as he possibly can to retire comfortably.

Leon compares his current scheme with KiwiSaver. Using the Sorted KiwiSaver Decision Guide he finds that by contributing 4% to KiwiSaver he could have about $18,000 after 5 years. But because he's over 60 he has to wait for at least 5 years before he gets the money out, so he would be 67.

Leon does a budget. By being careful he can manage to save an extra 4%. He decides to join KiwiSaver so that he can get the $18,000 at 67. At the same time, he's continuing to contribute to his employer's super scheme and will get that money when he turns 65.

If he retires at 65, he can continue KiwiSaver contributions of $20 a week to collect the tax credit from the government until he withdraws the money.