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What happens when you turn 65?

Turning 65 opens up new options for your KiwiSaver account.

Where will your retirement income come from?

When you retire, your income can come from three sources.

NZ Super

Once you turn 65, you could be eligible for New Zealand Superannuation. The before-tax superannuation rate starts from around $17,000—, per year depending on your situation.

Your KiwiSaver savings

You can usually begin withdrawing your KiwiSaver savings when you turn 65. Be aware that your savings will need to last you throughout your retirement – see below for your options.

Other savings and investments

This can be money from other assets like a house, investments or savings accounts.

Choose the right fund for your retirement timeframe

The amount of time you have until you retire can have an influence on which of our funds you choose to invest in.

Keep working for a while

If you’re not planning to retire for at least a few years, you may want to consider a fund with a higher level of risk and potential reward. This is because you have more time for the ‘ups and downs’ that can happen with higher-risk funds to even out.

Stop working soon or already stopped work

If you’re close to retirement, you may want to consider a lower risk fund which is more stable, giving you more certainty about how much money you’ll have when you retire.

Minimum recommended investment timeframes

These tables show the minimum recommended investment timeframes for each of the funds in the OneAnswer KiwiSaver Schemes.

Multi-asset-class funds

Minimum recommended investment timeframe

High Growth Fund

9 years

Growth Fund

7 years

Balanced Growth Fund

6 years

Balanced Fund

5 years

Conservative Balanced Fund

5 years

Conservative Fund

4 years

Single-asset-class funds

Minimum recommended investment timeframe

Cash Fund

No minimum

New Zealand Fixed Interest Fund

5 years

International Fixed Interest Fund

5 years

Australasian Property Fund

10 years

International Property Fund

10 years

Australasian Share Fund

10 years

International Share Fund

10 years

Sustainable International Share Fund

10 years

Are you in our Lifetimes option?

Depending on your retirement timeframe, you may want to check whether the Lifetimes option is still right for you.

Your KiwiSaver options when you turn 65

You can usually begin withdrawing your KiwiSaver savings once you turn 65— – but you don’t have to.

It’s important to consider how you’ll use your KiwiSaver savings to meet your financial needs throughout your retirement – especially as Kiwis are working and living longer—. That’s why KiwiSaver has a range of options, depending on your situation.

Keep your savings working for you

There’s a misconception you need to withdraw your savings as soon as you turn 65 – but that’s not the case. You can leave your money in your KiwiSaver account until you decide to withdraw some or all of it.

If you’re working, you can choose to make regular contributions from your salary or wages.

You can also make lump sum contributions at any time. In fact, having the ability to contribute and withdraw at any time after 65 makes KiwiSaver a very flexible investment option.

Your contribution options

Set up a regular income stream

You can set up a regular withdrawal to give you a regular income stream, while still keeping the rest of your savings invested and working for you.

Set up a regular withdrawal

Withdraw some or all of your savings

You can choose to make a partial or full withdrawal once you turn 65.

If you first 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.

How to make a withdrawal

Make sure you're on track

Get expert advice

For advice on KiwiSaver or help choosing the right investment option, talk to an investment adviser. If you don't have one, we offer free expert advice from our team of qualified ANZ Investment Advisers.

Investment advice

KiwiSaver calculator

Use our easy online calculator to see if you're on track to have the retirement lifestyle you want. Making the right choices now could make a big difference to your future.

Calculate my savings

Call us

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0800 736 034

From overseas: +64 9 356 4000

Email us

service@anzinvestments.co.nz

Important information

This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 296. For more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see anz.co.nz/fapdisclosure

ANZ New Zealand Investments Limited ('ANZ Investments') is the issuer and manager of the OneAnswer KiwiSaver Scheme. Important information is available under terms and conditions. Download the guide and product disclosure statement.