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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.

Minimum recommended investment timeframe
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


Compare our funds

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.

Learn more about our Lifetimes option

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.

Find out more about 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.

Find out how to 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 65disclaimer.

Find out how to make a withdrawal

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

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Free financial advice

If you need help choosing the right investment option for you, talk to one of our financial advisers. They can provide free advice tailored to your individual situation.


Find out more


What's next?

Call us

0800 736 034

Weekdays, 8am - 6pm

Talk to an ANZ financial adviser

0800 269 238


Weekdays, 8:30am - 5pm


Visit a branch

Call 0800 269 296 to make an appointment
Weekdays, 8am - 6pm

Find a branch


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

This material is for information purposes only. We recommend seeking financial advice about your situation and goals. 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

Based on Work and Income NZ Super and Veteran’s Pension payment rates information. Rates may change, check here for more details.


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.

You can opt out of the five-year membership requirement by making a retirement withdrawal. If you opt out, you’ll no longer be eligible to receive any Government contributions and your employer can stop their contributions.