Quick Fire Finance Of The Day:
"After retiring last year, in June this year I moved all of my savings into ASB KiwiSaver. I chose a balanced fund to mitigate risks. I have now lost a considerable sum of money. I put in $666,430, and it’s now $641,136. I’ve made no further contributions or withdrawals.
I fear that I will never recoup this loss and I may continue to see my savings disappear.
I searched for a cause for such massive losses and found an article stating that ASB KiwiSaver invested in CBL insurance, and that this has led to large losses across their KiwiSaver accounts.
I know KiwiSaver has its ups and downs, but the loss I have experienced is more than a blip. Should I get my money out ASAP, as just having it under the mattress would have been better at keeping up with inflation than putting my savings into this KiwiSaver.
I am not in urgent need of the money right now but I have worked and saved — a seemingly stupid choice — in order to provide for my retirement.
I am feeling a bit scared. I probably found out too late about the CBL issue but I don’t suppose I would have understood what it meant, hindsight is always a torture. Just wondering if you had any advice re going forward."
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