Wondering how your KiwiSaver compares? The average balance for your age group is a useful, if imperfect, benchmark. Here’s what the data shows, why balances at the same age differ so much, and what changes a balance over time. It is one of our KiwiSaver performance guides.
Average KiwiSaver Balance by Age (2026)
Melville Jessup Weaver (MJW) compiled a breakdown of average KiwiSaver balances by age for the Retirement Commissioner, based on aggregated data supplied by providers. The figures below are from the MJW KiwiSaver Demographic Study using data as at 31 December 2025 (overall average balance across all members: $41,286):
| Age group | Average balance |
|---|---|
| 17 and under | $3,512 |
| 18–25 | $10,567 |
| 26–30 | $21,308 |
| 31–35 | $26,231 |
| 36–40 | $33,070 |
| 41–45 | $43,187 |
| 46–50 | $55,010 |
| 51–55 | $65,873 |
| 56–60 | $72,861 |
| 61–65 | $77,927 |
| 66+ | $72,503 (66-70), $72,114 (71-75), $73,530 (76-80), $85,553 (81-85), $194,276 (86 and over, a very small group) |
Source: MJW KiwiSaver Demographic Study, data to December 2025. The study reports averages, not medians; its balance bands show just under half of members (1,454,288 of 3,044,926) holding less than $20,000. Individual balances vary widely based on contribution history, time of enrolment, fund type, and provider performance. An earlier version of this table used broader, less precise ranges; this table has been corrected to match the current MJW dataset.
Important caveat: Averages are pulled up by a smaller number of large balances. The median (the midpoint where half have more and half have less) is lower than the average: in the study’s balance bands (data to December 2025), 1,454,288 of 3,044,926 members (just under half) hold less than $20,000, against an average of $41,286. If your balance is below the average for your age, you may still be ahead of more than half of NZ KiwiSaver members.
What Should Your Balance Be?
A more useful benchmark than the average is what you need to retire comfortably. Massey University’s Retirement Expenditure Guidelines suggest a couple in a major NZ city needs approximately:
- No Frills: ~$48,000/year (mostly covered by NZ Super)
- Choices: ~$65,000–$80,000/year (requires supplementary savings)
For a single person:
- No Frills: ~$31,000/year (approximately met by NZ Super)
- Choices: ~$50,000–$60,000/year (gap of ~$20,000–$30,000/year above NZ Super)
Back-of-envelope target:
To fund a $23,000 annual gap (couple scenario) for 25 years in retirement, with a 5% annual return on drawdown, you need approximately $330,000 at age 65.
| Age | Balance that would grow to $330K by 65 with no further contributions |
|---|---|
| 25 | ~$32,000 |
| 35 | ~$57,500 |
| 45 | ~$103,000 |
| 55 | ~$184,000 |
Assumes 6% p.a. real return (growth fund, after fees and tax) and no further contributions; ongoing contributions lower the balance needed at each age. Individual results vary.
Why Balances at the Same Age Differ
1. Late enrolment
KiwiSaver launched in 2007. Anyone who didn’t join until their 30s or 40s missed years of compounding. Even a 5-year delay early in a career can mean tens of thousands of dollars less at retirement.
2. Fund type
Members in conservative or cash funds over a 30+ year horizon have typically ended up with less than those in growth funds, which hold more shares and swing more in value. How fund types compare by time horizon is covered in our conservative vs balanced vs growth guide and changing fund type.
3. Contribution rate
Members contributing at the minimum rate (3.5% since 1 April 2026, up from 3% previously) accumulate less than those contributing at 4%, 6%, 8% or 10%, and the difference compounds over a 30 to 40 year career.
4. Savings suspensions
A savings suspension stops employer contributions unless the employment agreement says otherwise, and a member may need voluntary payments to still get the government contribution. Long suspensions early in a career have a larger effect because of lost compounding.
5. Fees
A fee is taken every year, so the gap compounds: over 30 years, the difference between a 0.3% and a 1.0% fee fund with identical returns before fees can be $50,000+ on a $200,000 balance. Providers’ fees are compared in our KiwiSaver fees comparison.
What Changes a Balance
Contribution rate
Each percentage point added to the contribution rate goes straight into the balance, and the rates you can choose are in KiwiSaver contribution rates explained.
Voluntary contributions
Lump sums from a bonus, tax refund or inheritance can be added at any time; see voluntary KiwiSaver contributions.
The government contribution
Contributing at least $1,042.86 of your own money in a KiwiSaver year (1 July to 30 June) gets an eligible member the maximum government contribution of $260.72. Eligibility and how it’s paid are covered in our KiwiSaver government contribution guide.
Fund type
Moving between conservative, balanced and growth funds changes both the expected return and how much the balance can fall; see conservative vs balanced vs growth by time horizon.
Fees and provider
Moving from a 1.0% fee fund to a 0.3% fee fund lowers the fee by 0.7% a year, about $1,050 a year on a $150,000 balance. Fees by provider are in our fees comparison, and how to move is in switching KiwiSaver providers.
Savings suspensions
A year of suspended contributions also usually means a year without employer contributions (unless the employment agreement says otherwise) and possibly less government contribution; see KiwiSaver contribution holidays.
Balances by Decade
How fund settings typically change with age is covered in our fund type by time horizon guide and the KiwiSaver by age guides. In balance terms:
Your 20s and 30s
MJW’s averages run from $10,567 (18 to 25) to $33,070 (36 to 40), and with 25 or more years until 65 most of the eventual balance is still to come from contributions and compounding. Fund settings at this age are covered in the fund type by time horizon guide.
Buying a first home
A first-home withdrawal resets a balance to a small amount, so the averages above mix members who have withdrawn with those who haven’t. The rules are in the first-home withdrawal guide.
Your 40s
MJW’s averages are $43,187 (41 to 45) and $55,010 (46 to 50), and contributions made in this decade still have 15 to 25 years to compound. Fund settings for this decade are covered in the fund type by time horizon guide.
Your 50s
MJW’s averages are $65,873 (51 to 55) and $72,861 (56 to 60), and a market fall close to retirement leaves less time to recover (more in KiwiSaver during a recession). How members typically de-risk in this decade is covered in the fund type by time horizon guide.
Your 60s
MJW’s average for 61 to 65 is $77,927, and from 65 you can generally withdraw some or all of your KiwiSaver or leave it invested. See KiwiSaver at 65 for what changes.
Case Study: Changing Settings at 45
James is 45 with a KiwiSaver balance of $55,000. He’s been contributing at the 3.5% minimum and is in a conservative fund. He wants to retire at 65.
Status quo: Contributions at 3.5%, conservative fund (~4% return), 20 years to retirement, projected balance: ~$165,000
After adjustments:
- Moves to a growth fund (estimated ~7% return)
- Increases to 6% contribution rate
- Makes a $1,042.86 voluntary top-up each year to get the maximum government contribution
- Moves to a lower-fee fund (0.35% vs 0.80%)
Projected balance: ~$290,000, about $125,000 more than the status quo.
Projections are illustrative and assume consistent returns. Markets are variable, and a growth fund can fall further in a downturn.
Averages and Retirement Needs
The average KiwiSaver balance for each age group is well below what the back-of-envelope target above suggests for a “Choices” retirement on top of NZ Super. NZ Super covers much of a “No Frills” budget, and KiwiSaver is the main supplement for most New Zealanders.
The earlier a gap is addressed, the smaller the changes needed. Contribution rate, fund type, fees and the government contribution are the settings members control.