Quick Fire Finance Of The Day:
"I am 72 years of age and have a KiwiSaver account that I took out about four years ago and contributed to for a few years and then ignored. It’s been inactive ever since. I think it I opted for the aggressive growth fund if there’s such a thing?
I have nearly $1 million sitting in a bank at some ridiculous interest rate — maybe 1 per cent or something.
Basically I am financially lazy and irresponsible. This Covid 19 situation and all the “speak” about security of investments, falling interest rates, stock market free-fall etc has awakened a modicum of interest in what to do with my million.
I received an on-line report from my KiwiSaver provider a while back and note there was a rapid rise after a two- or three-month fall.
So — after that long-winded introduction — my questions are:
· Can I drop say $700,000 or $800,000 into my KiwiSaver account?
· If I did so, can I withdraw some, or all of it, whenever I like together with whatever increases it has generated (or decreases of course)?"
Source: NZ Herald 8th of August 2020
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