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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 yeardisclaimer, 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.
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.
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.
The table below shows the minimum recommended investment timeframes for each of the funds in the ANZ-managed KiwiSaver schemes.
| Fund | Minimum recommended investment timeframe |
|---|---|
| Growth Fund | 7 years |
| Balanced Growth Fund | 6 years |
| Balanced Fund | 5 years |
| Conservative Balanced Fund | 5 years |
| Conservative Fund | 4 years |
| Cash Fund | No minimum |
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 65disclaimer – 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 longerdisclaimer. That’s why KiwiSaver has a range of options, depending on your situation.
Keep your savings working for you
There’s a misconception that 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 keep making regular contributions from your salary or wages if you choose to. You can also continue to 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.
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.
Withdraw some or all of your savings
You can choose to make a partial or full withdrawal once you turn 65disclaimer.
Are you on track for your retirement?
Use our easy online calculator to find out:
- How much you may have when you retire
- How much you’ll need for the retirement lifestyle you want
- What you can do if there’s a gap
Free, personalised financial advice
If you need help choosing the right investment option for you, or putting together a plan to achieve your financial goals, talk to one of our financial advisers. They can provide free advice tailored to your individual situation.
What's next?
ANZ New Zealand Investments Limited is the issuer and manager of the ANZ KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme. Important information is available under terms & conditions. Download the guide and product disclosure statement.
Based on Work and Income NZ Super and Veteran’s Pension payment rates information. Rates may change, check here for more details.
Back to topIf you joined KiwiSaver or a complying superannuation fund before 1 July 2019, a five year membership lock-in period applies before you can begin withdrawing your KiwiSaver savings. From 1 April 2020, you can opt out of the five-year membership lock-in period, however this will mean you’ll no longer receive Government contributions and your employer can stop their contributions once you turn 65.
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