Blog | Booster

Your KiwiSaver at 65: flexible choices for your retirement

Written by Booster | October 4, 2023

Whether you’re retiring, working part-time or continuing full-time, understanding your options can help you make the most of your hard-earned savings. 

Accessing your KiwiSaver savings  

Once you turn 65, you can access your KiwiSaver funds, regardless of whether you’re still working. The best part? Withdrawals are tax-free, so every dollar you take out is yours to keep. You don’t have to withdraw everything at once - in fact, you have plenty of flexibility:  

  • Take it all out: You can withdraw your entire balance and close your account, but this might limit future savings opportunities.  
  • Partial withdrawals: Need funds for a holiday, home renovation or just day-to-day living? You can make one-off withdrawals as needed.  
  • Regular payments: Set up weekly, fortnightly or monthly withdrawals to supplement your income.  

Keep growing your savings  

Even after 65, you can continue contributing to your KiwiSaver. If you’re still working, you can keep making contributions from your pay, or you can make voluntary payments. You also have the choice to pause contributions and restart them later if your circumstances change.  

Choosing the right fund

Your financial goals may shift as you approach retirement. If you’re planning to withdraw your savings soon, a conservative fund might suit you better. Alternatively, if you’re leaving your money invested for a few more years, a growth fund could help your savings continue to grow. At Booster, we offer a range of funds to match your needs – our team can help you decide which one is right for you.  

What changes at 65?

Turning 65 brings a few key changes to your KiwiSaver:  

  • You’ll no longer receive government contributions.  
  • Your employer isn’t required to contribute (though they can choose to).  
  • You gain full access to your savings, with no restrictions on how much you withdraw.  

A note for working retirees

If you’re still working after 65, you can continue contributing to KiwiSaver and still receive NZ Super (provided you meet the eligibility criteria). Just keep in mind that your income may affect your tax obligations.  

Need help? We’re here for you  

With so many options, it’s worth taking the time to plan what’s best for your retirement. If you’re with Booster, we can connect you with an independent financial adviser to help you make informed decisions.  

Your KiwiSaver is a powerful tool to support your retirement dreams – whether that’s travelling, spending time with family or simply enjoying life on your terms. Make the most of it.  

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