Advisers helping clients do better: AMP

As of this year, annual KiwiSaver statements must include retirement savings lump sum and income projections.

Blair Vernon, chief executive of AMP Wealth Management, said a recent survey conducted by his organisation found that 75% had no idea what their KiwiSaver balance would be when they retired. More than a third did not know what income they would need to support the lifestyle they wanted.

The majority of AMP members would get a projected income of less than $100 a week from their KiwiSaver accounts, he said, even though their members were higher than the industry average.

There was a risk some people might think that made it not worth engaging with their savings, he said.