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Age 65 is generally considered the retirement milestone in New Zealand. This is when New Zealand Superannuation usually begins (if eligible) and when you can access your KiwiSaver savings. But what does the process look like?
Making withdrawals
Withdrawals aren’t mandatory. You’re free to use your KiwiSaver savings in a way that suits your lifestyle and financial needs.
Many people set up a regular withdrawal to supplement their income. Others prefer taking lump sums when needed – for example, for travel, home maintenance, or other one-off expenses.
To make your first retirement withdrawal, contact Milford once you turn 65 and we’ll guide you through the process. This typically includes completing a retirement withdrawal form and providing certified identification and proof of address. Subsequent withdrawals are much simpler and, in most cases, can be completed through your client portal without needing certified documents.
Contributions after 65
A growing number of New Zealanders continue working past 65. If you keep working, you can continue making personal KiwiSaver contributions, which can help grow your retirement savings even further.
Employers aren’t required to contribute after you turn 65, though some may choose to continue. It’s worth checking your employment arrangement to understand what applies.
How much will I need?
Retirement looks different for everyone and working out how much you’ll need can feel overwhelming. Independent tools and guidelines, such as the latest New Zealand Retirement Expenditure Guidelines produced by Massey University can provide a helpful starting point, offering examples of spending levels for different lifestyles to help frame your planning.
If you’re unsure whether you’re in the right fund for your stage of life, help is available. You can access the Milford KiwiSaver Plan Digital Advice tool via our website, or through your client portal or mobile app if you’re already a Milford KiwiSaver Plan member.
Make sure you’re ready
Once you turn 65, your KiwiSaver savings are available to help supplement your NZ Super. Preparing early, understanding your options, and ensuring your documentation is ready can make the transition smooth and stress-free.
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The articles, blogs and other materials appearing on this page are intended to provide general information only. They do not take into account your investment needs or personal circumstances. They are not intended to be viewed as investment or financial advice. Should you require financial advice you should always speak to a Financial Adviser. Past performance is not a reliable indicator of future performance. Milford Funds Limited is the Issuer of the Milford KiwiSaver Plan and the Milford Investment Funds. Please read the relevant Milford Product Disclosure Statement at milfordasset.com/documents. For more information on our financial advice services and to view Milford’s Financial Advice Provider Statement please visit milfordasset.com/getting-advice