Reaching 65 is a milestone that opens the door to your full KiwiSaver balance. The funds you have built over decades can now support the lifestyle you want in retirement. This guide explains the rules, paperwork, and smart choices so you can access your savings with confidence and keep them working for you once the withdrawals begin.
1. When Can You Access Your KiwiSaver?
- Standard access: You become eligible at 65.
- Five-year lock-in: If you joined between ages 60 and 64 before 1 July 2019, you must also have been a member for five years. You can opt out after 65, but doing so stops employer and government contributions.
Budget 2025 has not changed the withdrawal age, but it will lift default employee and employer contribution rates to 3.5% in April 2026 and 4% in April 2028, giving future retirees larger balances.
2. Decide: Withdraw or Leave Funds Invested
KiwiSaver is flexible at 65: you can take a lump sum, set up regular payments, make occasional one-off withdrawals, or leave everything invested. Markets continue to work for you, so think about:
- Your expected spending pattern
- Other retirement income, such as NZ Super
- Risk comfort once you are drawing cash rather than contributing
Talking with a financial advisor helps match withdrawal speed to life expectancy and market volatility.
3. How to Make Your First Retirement Withdrawal
- Contact your provider and request a retirement withdrawal form.
- Gather proof of identity and address. A current passport or driver licence plus a utility bill dated within the last three months usually meets requirements.
- Complete the statutory declaration in front of an authorised witness such as a Justice of the Peace or lawyer.
- Nominate a bank account and select lump sum, regular payments, or both.
- Send the form and documents. Most providers aim to pay approved withdrawals within 15 business days.
Staying Employed After 65
Use KS51 to stop payroll deductions if you prefer more take-home pay. When you are ready to resume saving, lodge KS2 with your employer or contribute directly to the provider.
4. Tax and Contributions After 65
- Withdrawals are tax-free.
- Employer contributions stop once you begin withdrawals unless your employment contract states otherwise.
- Government contributions end at 65 or after the five-year lock-in ends.
If you keep working and choose to keep contributing, you can still benefit from investment growth inside KiwiSaver even without the government top-up.
5. Keeping Your Money Working
Leaving part of your balance invested can extend how long your nest egg lasts. Consider:
- Fund choice: Growth funds can suit a multi-decade retirement but carry more ups and downs.
- Regular top-ups: Lump sums from part-time work or downsizing a home can be added at any time.
- Rebalancing: Review annually to keep your mix of cash, bonds, and shares aligned with goals.
6. Early Withdrawal Paths (Quick Overview)
If you are not yet 65, withdrawals require special grounds:
| Reason | Key Proof Needed |
|---|---|
| First home | Solicitor confirmation of purchase |
| Serious illness | Medical certificate showing permanent inability to work |
| Significant financial hardship | Full budget and evidence of overdue bills |
| Permanent migration | Proof of overseas residency (12 months away, except Australia) |
| Life-shortening congenital condition | Medical confirmation |
Earnslaw Goodlight can assist you in each of these paths; learn more about our KiwiSaver advice services.
7. Avoiding Scams
Retirees are prime targets for high-pressure offers promising “guaranteed” returns. Protect yourself by:
- Ignoring unsolicited investment calls or emails
- Checking the Financial Markets Authority warning list
- Consulting an advisor before moving large sums out of KiwiSaver
8. How Earnslaw Goodlight Helps
Our independent advisors:
- Explain the paperwork and check forms before you send them
- Model different withdrawal rates so you see the long-term effect on savings
- Suggest diversified portfolios for funds left invested
- Review your plan annually in line with market conditions and budget updates
9. Next Steps
- Download your provider’s retirement withdrawal form.
- Book a free 30-minute chat with an Earnslaw Goodlight advisor to confirm timing and strategy.
- Prepare certified ID and a recent utility bill.
- Submit the form and track progress through your provider’s portal.
Your KiwiSaver balance represents years of disciplined saving. A clear plan now ensures it supports your goals throughout retirement. Reach out to Earnslaw Goodlight in Cambridge or via our NZ-wide service to make the most of the freedom you have earned.
