What to do with KiwiSaver once you turn 65 15 Feb 2016
So you have hit the age of retirement and so long you have been in KiwiSaver for at least 5 years you are able to gain access to your KiwiSaver savings. However, you need to decide how you would like your money first… If you want it at all at this stage.
You are not obliged to withdraw your savings at age 65. If you want to you can leave them be and withdraw them when you need to. You are able to keep contributing to your fund but post age 65 you will no longer be eligible for the Governments annual contribution. If you are still working it will be at the discretion of your employer as to whether they wish to keep contributing. Your own contributions will continue unless you ask your employer to stop your KiwiSaver deductions from your pay
If you wish to dip into your savings you can do so either fortnightly, monthly or quarterly. Alternatively you can withdraw larger amounts ($1000 or more) as a lump sum when you need it.
Perhaps at age 65 you wish to use your KiwiSaver for a large expense such as paying off your mortgage or buying a new reliable vehicle. You are able to withdraw all your money and close your account.
The choice is up to you and there is no “one choice fits all” scenario. Talk to us and we can help you through this process.