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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 superannuation rates for an individual are between $21,000-$27,000 a 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 are the minimum recommended investment timeframes for each of the funds in the ANZ-managed KiwiSaver schemes.

ANZ KiwiSaver Scheme and ANZ Default KiwiSaver Scheme:

  • 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
  • Cash Fund: No minimum

OneAnswer KiwiSaver Scheme, multi-asset-class funds:

  • 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

OneAnswer KiwiSaver Scheme, single-asset-class funds:

  • 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.

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.

KiwiSaver investment advice

The future is bright when you feel confident about your investment choices. 

If you’d like advice tailored to your specific situation, talk to your Financial Adviser. If you don’t have one, call us for a free, no-obligation chat with a qualified ANZ Investment Adviser. We can also put you in touch with an external financial adviser, if you’d prefer.

Call us on 0800 736 034.

See our Financial advice provider disclosure statement (PDF 44.6KB).

Read about our investment advice

Contact us

Call us

Monday to Friday, 8am - 6pm

0800 736 034

From overseas: +64 9 356 4000

Email us

service@anzinvestments.co.nz

Important information

ANZ New Zealand Investments Limited (‘ANZ Investments’) is the issuer and manager of the ANZ KiwiSaver Scheme, the OneAnswer KiwiSaver Scheme and the ANZ Default KiwiSaver Scheme (no longer a default scheme and closed to new members). For the scheme guides and product disclosure statements see KiwiSaver documents and forms or ask at any ANZ branch.

This material is for information purposes only. Please talk to us if you need financial advice about your situation and goals or about our products and services. See our Financial advice provider disclosure statement (PDF 39.9KB).