Getting the most out of KiwiSaver after 65

26 January 2024

Kiwis are working and living longer – which means retirement at 65 is no longer a given. If you’ve hit gold card age and now have access to your KiwiSaver account, but you’re not sure what to do, it’s important to consider how you want to use your KiwiSaver savings in retirement given NZ Super may not cover all your needs.

Your savings have to last you throughout your retirement – taking into account your day-to-day financial needs and any big goals you have, such as planning an overseas holiday or home improvements.

The beauty of KiwiSaver is it gives you flexible options for how to manage your money. 

Options for using your KiwiSaver savings in retirement

Whether you’re still working or have hung up your hat, KiwiSaver can be a helpful way to manage your savings. Here are some options you could consider.

Keep building your nest egg

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. You can even keep contributing – either through your salary or wages, if you’re still working, or by making lump sum contributions.    

This can be a good option if you don’t need your money right away. It also means you’ll continue to earn returns on your KiwiSaver balance, which is one way to help your savings last throughout your retirement. 

Set up a steady income stream

You can set up a regular withdrawal to give you a steady stream of income, while keeping the rest of your savings invested. This can be a good way to supplement your NZ Super, while also keeping your savings working harder for you than a standard bank account.

Withdraw a lump sum

You can make lump sum withdrawals at any time, which can be helpful for one-off expenses like an overseas holiday. This means you can keep the rest of your money (that you don’t currently need) working hard for you in your KiwiSaver account. Or, if you’ve got a plan in mind for your KiwiSaver savings, you can choose to withdraw all your money in one go.

Get advice

By considering your options, you can feel confident about your retirement plans. How you use your KiwiSaver savings should match your goals, so it’s important to get advice about which option (or perhaps several options) could be right for you, and what fund might be best for your retirement. For more information on choosing the right fund in retirement, see What happens when you turn 65.

Important information

ANZ New Zealand Investments Limited ('ANZ Investments') is the issuer and manager of the ANZ KiwiSaver Scheme. Download the guide and product disclosure statement from our documents and forms page or ask at any branch.

ANZ Investments is the issuer and manager of the ANZ Default KiwiSaver Scheme. The scheme is no longer a default scheme and is closed to new members. Important information about the ANZ Default KiwiSaver Scheme is available at Documents and forms and by searching ‘ANZ Default KiwiSaver Scheme’ on the offer register at

ANZ Investments is not an authorised deposit taking institution (ADI) under Australian law and investments in the ANZ KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme (together, the 'schemes') aren’t deposits in or liabilities of ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited, or their subsidiaries (together ‘ANZ Group’). ANZ Group doesn’t stand behind or guarantee ANZ Investments. Investments in the schemes are subject to investment risk, including possible delays in repayment, and loss of income and principal invested. ANZ Group won’t be liable to you for the capital value or performance of your investment.

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.

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 736 034, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see Investor information.