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Options when you turn 65

 

 

You can usually begin withdrawing your savings from your KiwiSaver account when you turn 65. If you joined KiwiSaver (or a complying superannuation fund) before 1 July 2019, a five year membership requirement also usually applies before you can begin withdrawing your KiwiSaver savings. It's really important to consider how your savings will best meet your financial needs in retirement, so below you'll find some information to help you with your choices. 

You'll have three options

When you're eligible to access your KiwiSaver savings you'll have three options:

You can leave your savings in your KiwiSaver account and withdraw them when you need to later on.

There is a misconception that when you turn 65 you must withdraw your KiwiSaver savings and reinvest in a term deposit or standard savings account. This is simply not the case. KiwiSaver is a great way to keep saving after 65, and is typically a lower cost option than other managed funds. 

Contribution options

If you’re still working, even if it’s only part-time, you can keep contributing and continue to watch your money grow. After all, no one can be sure of just how long their retirement will last, so there’s a risk of running out of retirement savings. Just remember that if you do choose to continue contributing to your KiwiSaver account, you’ll no longer be eligible for the annual Government contribution.

It will be up to your employer as to whether they continue to contribute to your KiwiSaver account. Your own contributions will continue automatically unless you ask your employer to stop your KiwiSaver deductions from your pay. You can stop your KiwiSaver deductions by giving your employer a completed KiwiSaver Non-deduction notice (KS51).

Fund options

In addition to your tolerance for risk, your investment timeframe (the number of years until you withdraw partially or fully from your KiwiSaver account) can also influence which fund you should invest in.

For example, if you won’t need to access your savings for a few more years, you may like to consider keeping your savings in a higher risk fund to maximise possible returns. Or you could split your savings out into different funds based on short-term, medium-term and long-term needs.

We recommend talking to a financial adviser about your options.

There is some flexibility for you to dip into your savings, while still keeping your KiwiSaver account open. 

As a member of the ANZ KiwiSaver Scheme or the ANZ Default KiwiSaver Scheme you can arrange regular withdrawal amounts on a fortnightly, monthly or quarterly basis, subject to a minimum amount of $200 per fortnight, $400 per month or $1,000 per quarter. Or you can withdraw larger instalments as and when you need them (the minimum amount you can withdraw in a lump sum is $1,000).

Contribution options

You can also continue contributing to your KiwiSaver account, but you’ll no longer be eligible for the annual Government contribution.

If you’re currently contributing to KiwiSaver via your employer, you’ll need to let your employer know that you have closed your KiwiSaver account, so they can stop deducting KiwiSaver contributions from your pay. You can do this by giving your employer a completed  KiwiSaver Non-deduction notice (KS51).

You can choose to withdraw all your savings in a single lump sum and close your KiwiSaver account. If you do choose this option, you won’t be able to open another KiwiSaver account.

If you’re currently contributing to KiwiSaver via your employer, you’ll need to let your employer know that you have closed your KiwiSaver account, so they can stop deducting KiwiSaver contributions from your pay. You can do this by giving your employer a completed KiwiSaver Non-deduction notice (KS51).

Are you on track with your savings?

New Zealanders are currently eligible to receive NZ Super from age 65. Currently, a single retired person receives NZ Super of about $24,700 a year (before tax). Married or de facto couples receive about $37,400 a year (before tax). That works out to be about $18,700 per person (before tax). Chances are, you’ll need to supplement your NZ Super with additional income, and that’s where KiwiSaver can help.


According to the Massey Expenditure Guidelines a retired household is likely to need additional income, as NZ Super is inadequate to fund a comfortable retirement.

You can use our quick and easy KiwiSaver account calculator to work out how much you might need to save, and whether or not you’re on track. 

Retirement withdrawal criteria

You can usually begin withdrawing your savings from your KiwiSaver account when you turn 65. If you joined KiwiSaver (or a complying superannuation fund) before 1 July 2019, a five year membership requirement also usually applies before you can begin withdrawing your KiwiSaver savings. 

From 1 April 2020, you can opt out of the five-year minimum membership lock-in period. If you opt out, once you turn 65 you will not receive Government contributions and your employer can stop their contributions.

What to do if you’re ready to withdraw

If you’re eligible to make a regular, partial or full withdrawal, please download and complete the Retirement Withdrawal Application Form and Statutory Declaration and return it to us with certified identification and proof of residential address.

Please note that a KiwiSaver retirement withdrawal from the ANZ KiwiSaver Scheme or the ANZ Default KiwiSaver Scheme can take up to 10 working days to process.  We will contact you via a letter to advise if your withdrawal application was successful.

You only need to complete the Statutory Declaration Form and provide certified identification if you have not done so before (i.e. if this is your first withdrawal).

Deciding what to do with your KiwiSaver savings is important

We want you to have a comfortable retirement; one where you’re free to simply enjoy the fruits of all your hard work and not worry about money. That’s why we recommend talking to a financial adviser. Together you can work out the best way to get the most out of your KiwiSaver savings – and retirement.

If you have questions about your KiwiSaver account, call us on 0800 736 034 or email service@anzinvestments.co.nz.

For further information, please see the relevant guide and product disclosure statement:

The guide and product disclosure statements are available by calling 0800 736 034. The ANZ KiwiSaver Scheme guide and product disclosure statement are also available from any ANZ branch.

Issuer and manager: ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the ANZ KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme.

Investments are not deposits in ANZ Group: Investments in the ANZ KiwiSaver Scheme or the ANZ Default KiwiSaver Scheme are not deposits in ANZ Bank New Zealand Limited,  Australia and New Zealand Banking Group Limited, or their subsidiaries (together 'ANZ Group'), nor are they liabilities of ANZ Group. ANZ Group does not stand behind or guarantee ANZ Investments. Investments are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group will not be liable to you for the capital value or performance of your investment.

No guarantee: Investments in the ANZ KiwiSaver Scheme and ANZ Default KiwiSaver Scheme are not guaranteed by ANZ Group, any of its directors, or any other person.

For information only: This website has been provided for information purposes only and is subject to change. The content of this website is intended to be of a general nature and does not take into account an investor’s, or potential investor’s, financial situation, investment objectives, or risk tolerance.

Not investment advice: This website is not intended to constitute, does not constitute, and should not be construed as constituting, investment advice nor is it a substitute for commercial judgment or other professional advice. Investors, or potential investors, should: (i) conduct independent due diligence on any investments; and (ii) obtain independent investment and professional advice, including tax advice, prior to acting in reliance on this website.

For specific investors only: This website is intended for investors who understand the investment risks referred to on it. Some, or all, of the investments mentioned on this website may not be suitable for certain investors. Investors, or potential investors, should consider whether: (i) an investment is appropriate for their risk profile; and (ii) they will meet the suitability requirements relating to those types of investments.

Speak to a financial adviser: This website is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult a financial adviser, please call us on 0800 269 238 and we will provide you with the contact details for a financial adviser in your area. A financial adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008.

Past performance: Past performance does not indicate future performance. The actual performance any given investor realises will depend on many things, is not guaranteed and may be negative as well as positive.

How performance is calculated: Except for in the quarterly KiwiSaver fund updates (in which investment performance is calculated after fees and at a 28% prescribed investor rate), performance is after annual fund charges, and before tax and membership fees. The funds in respect of products mentioned on this website are portfolio investment entities (PIEs). Performance for funds operating before they became PIEs on 1 October 2007 has been recalculated to be on the same (pre-tax) basis. Returns for all periods longer than 1 year are annualised.

Unit prices: The unit price is calculated in accordance with the applicable governing document (each as amended, added to or replaced) for the ANZ KiwiSaver Scheme and ANZ Default KiwiSaver Scheme. The actual unit price that applies at the time a transaction request is received and accepted may differ from the unit price shown.