By Scott Crocker

KiwiSaver is a great way to save for your retirement, but many people are unsure how to maximize their contributions. Here are the top five hacks for getting the most out of your KiwiSaver account:

1. Take advantage of your employer's contributions If you're employed, your employer is required to contribute to your KiwiSaver account. By contributing at least the minimum amount required by your employer, you'll receive a matching contribution, effectively doubling your savings.

2. Consider contributing more than the minimum While the minimum contribution rate for KiwiSaver is 3%, you can choose to contribute up to 10% of your gross (before tax) pay. By contributing more, you'll increase your retirement savings and potentially receive higher returns.

3. Choose a growth fund If you're comfortable with taking on more risk, consider choosing a growth fund for your KiwiSaver investments. Growth funds typically invest more heavily in shares and other growth assets, which can result in higher returns over the long term.

4. Consolidate your KiwiSaver accounts If you have multiple KiwiSaver accounts, consider consolidating them into a single account. This can help you avoid paying multiple account fees and make it easier to keep track of your investments.

5. Make additional contributions You can make additional contributions to your KiwiSaver account at any time, which can help you increase your retirement savings even further. Consider setting up a regular contribution or making a lump sum payment whenever you have extra money available.

By following these five hacks, you can maximize your KiwiSaver contributions and achieve your retirement savings goals. Remember to review your investment options regularly and make changes as needed to ensure you're getting the most out of your KiwiSaver account.