6 steps to help you make that decision
Major financial decisions can be difficult to make, and more importantly, can have a long lasting impact on your financial health. Choosing a KiwiSaver provider & fund is a very important decision, so be sure to take your time and make the best decision for you and your family. Here are 6 steps that may help you eliminate the noise and make the best decision for your situation.
1. Listen to your gut
If it doesn’t feel right at the first glance, then it may be a good idea to pass. Did the financial planner seem concerned about you and your financial interests, or did he give you the hard sell on a high priced fund? A gut check is valuable because it can serve as your first line of defence and help you quickly eliminate some options from consideration.
2. Do your research
Listening to your instincts can help you weed out the bad, but not confirm who is good. For that, you need to do your research. Google the KiwiSaver provider, fund and even the adviser who recommended it to you. Let the information you uncover help you make your decision.
3. Get professional advice
Managing money can be challenging – not all of us have the skills to sort out the more complicated stuff. That’s when it’s time to call in the experts and get some money advice. A financial planner can help you organize your finances and project the results of your savings and investments so you can see how well prepared you are for retirement. They can also help you make KiwiSaver decisions that will help you reach your financial goals as efficiently as possible.
Communication is especially important if you are married or make joint financial decisions. Additionally, you can communicate with a trusted friend to bounce ideas off. Ask questions of a financial adviser if you have one. Communication is the ideal way to clarify your thoughts.
5. Take your time
Give it a day… or a week… or a month. It’s very rare that you need to make a major financial decision at a moment’s notice. You should typically give a proportionate amount of time to the size of the decision.
6. Most importantly, take action
Voltaire said, “The perfect is the enemy of the good.”
You can spend a life time going over the various situations and possibilities, but that won’t necessarily get you closer to the perfect answer. You’ve gotten yourself this far. Now it’s time to trust yourself and take action to sort out your KiwiSaver account.
If you have any questions, or would like to discuss something about your KiwiSaver advice, please use the button below to setup a good time for one of our financial advisers to call you back.