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KiwiSaver and retirement

If you’re nearing retirement, you’ll probably be thinking about how to manage your retirement savings. Once you’ve turned 65 and have been in KiwiSaver for five years, you’ll be free to access funds from your account. But you don't have to cash up your account. With the Kiwi Wealth KiwiSaver Scheme, you can make regular withdrawals and deposits and use your KiwiSaver account as a convenient way to manage your retirement savings.

Why stay in KiwiSaver after 65?

With luck, you’ll be alive for a long time after you retire, so your retirement planning doesn’t stop at 65! It’s important to make sure your savings work for you in your retirement.

KiwiSaver is a relatively low-cost option for managing retirement savings, is well-regulated, and offers a broad choice of investment options.

The Kiwi Wealth KiwiSaver Scheme allows you to change your investment direction and make withdrawals and deposits to meet your changing needs and requirements. Even better, there’s no additional charge for these services. If you keep your Kiwi Wealth KiwiSaver Scheme account open, you can:

  • Use it as a source of regular income by setting up monthly, two-monthly, quarterly or annual regular payments to your bank account ($100 minimum).
  • Use your account as an emergency fund, and make withdrawals ($500 minimum) when you need them.
  • Consolidate other investments and savings such as term deposits, UK pension funds and other superannuation scheme payouts into your account.
  • Keep on saving. You can make regular or one-off deposits.

You’ll continue to receive the same member services from us:

  • Regular and transparent reporting so that you can keep track of where your savings are invested, your returns, and the fees and taxes you pay. Clear and easy to access information about your savings is even more important when you stop working and your savings become a primary source of income.
  • The ability to change your investment direction to suit your needs.
  • Personal responses to your phone calls and emails.
  • A fee of up to 1% of your member account balance per year, to cover our costs of administering and managing your account.

See our Answer Room video, What happens to my KiwiSaver account when I turn 65?

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Managing your retirement savings

You can stay with the Kiwi Wealth KiwiSaver Scheme to manage your retirement savings. Find out about our range of investment portfolios – including Cash and CashPlus.

Need some help?

If you have more than $100,000 of savings (KiwiSaver and/or other investments) you can take advantage of Gareth Morgan Investments' free investment review service. One of our Authorised Financial Advisers will review your current investments and your financial goals, and let you know if you’re on track or could use a different strategy. There is no charge for this service, and you can get started right away by sending us some details.

Online planning tools is an independent resource to help Kiwis get their finances sorted. They have an online retirement planning guide and a retirement planning booklet you can download or order.

Video: What is the right investment direction close to retirement?

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How to make withdrawals and deposits

Email or call us on 0800 427 384 for a withdrawal form and instructions.

Here are the details for making deposits.

Rules and regulations

  • You are entitled to withdraw from your KiwiSaver scheme when you reach the qualification age for New Zealand Superannuation (currently 65) or five years after joining KiwiSaver, whichever is the later.
  • If you die before closing your KiwiSaver account, your savings will be paid to your estate.
  • If your principal place of residence was outside of New Zealand while you were a member of KiwiSaver, there may be some member tax credits that are required to be paid back to the Government.
  • Your KiwiSaver provider is required by law to verify your identity before you can make any withdrawals. Visit our identity verification page for details.
  • If you are eligible to withdraw and still working, your contributions will continue to be deducted from your salary. If you want to stop those salary deductions, you need to apply for a contributions holiday.
  • Once you’ve closed your KiwiSaver account it cannot be reopened.
  • If you’re already over 65, it’s too late to join KiwiSaver.


Adviser disclosure statements and the investment statement for the Kiwi Wealth KiwiSaver Scheme are available below.