What Happens To Your KiwiSaver When You Turn 65?
When you turn 65 in New Zealand, your KiwiSaver account undergoes some changes. Here’s what typically happens to your KiwiSaver when you reach this age:
Access to Your Savings: Once you reach the age of 65, you gain access to the funds from your KiwiSaver account. Depending on your financial needs and preferences, you have the flexibility to withdraw the money in regular intervals, lump-sum payments, or set up a consistent income from your KiwiSaver savings.
No Further Member Tax Credits: After you turn 65, you won’t be able to get tax credits from the government for being a KiwiSaver member anymore. These tax credits are only available to those who are under 65 and contribute to their KiwiSaver account.
No Minimum Age for Withdrawal: While the standard age for accessing KiwiSaver savings is 65, it’s important to note that there is no minimum age for withdrawal in cases of significant financial hardship or permanent emigration. If you meet the specific criteria for these situations, you may access your KiwiSaver funds before turning 65.
Read More: What Happens to My KiwiSaver Account on My 65th Birthday?
It’s important to know that even though you can access your KiwiSaver savings when you turn 65, you don’t have to take them out right away. If you don’t need the money immediately, you can leave it in your account and keep the money invested. Your KiwiSaver provider can give you advice on what to do based on your personal situation and financial objectives.