How to make sure you don't miss out on Government's $521 KiwiSaver payment

Every year the Government contributes hundreds of dollars to eligible Kiwis' retirement savings. 

The $521.43 payment is made to eligible people in June each year. The money is automatically contributed to the KiwiSaver accounts of anyone who has put at least $1042.86 into their Kiwisaver account from July 1 to June 30 each year.

Employer contributions, past government contributions and funds moved from Australian retirement schemes do not count. 

Even if you have not saved the full amount, you still get 50 cents for every dollar you put in in the timeframe. 

You can contribute to your Kiwisaver through salary and wages, payments to Inland Revenue and payments to your scheme provider.

You can make a voluntary additional contribution to reach $1042.86 as long as it is made by June 30. 

This year is shaping up to be positive for Kiwis who, despite high inflation and a cost of living crisis, appear to be saving more. 

The latest data from ASB shows 53 percent of its Kiwisaver members were expected to get the full contribution, slightly up from last year. 

But it's not all good news with a recent analysis finding Kiwis in their 30s will run out of KiwiSaver cash less than four years after retiring. 

The analysis, commissioned by digital KiwiSaver advice platform BetterSaver, looked at the retirement prospects of Kiwis in balanced funds earning the average wage, with average household expenditure for where they live, as well as the national average current KiwiSaver balance of around $26,000.

Their data showed that, taking inflation into account, a 35-year-old New Zealander earning the national average wage could have enough retirement savings to last them just three years and seven months after they leave the workforce for good.

This means that at 65 years old - the age superannuation payments start and when many New Zealanders begin to retire - the KiwiSaver member would have around $468,000, which is equivalent to approximately $264,000 today, BetterSaver said. 

More details about how to claim the Government contribution can be found here