KiwiSaver at 65: What Happens to Your Savings

Turning 65 is the point most KiwiSaver members have been saving towards. What actually happens is less dramatic than many people expect: your KiwiSaver does not pay out automatically. Instead, you become eligible to withdraw all or part of your balance whenever you choose (providers can set minimum amounts).

This guide covers access at 65, what changes, and the options for your balance. For every other way to get money out of KiwiSaver, see the KiwiSaver withdrawal rules and the other KiwiSaver withdrawal guides.

The Basic Rule: You Control When You Access It

At 65 you are eligible to withdraw your full KiwiSaver balance, but nothing happens automatically. Inland Revenue says to contact your KiwiSaver provider to withdraw. Until you do, your money stays invested.

You can withdraw:

• Your entire balance in one lump sum
• Part of your balance, leaving the rest invested
• Regular amounts over time, if your provider offers it

There is no deadline by which you must withdraw.

Joined after 60?

For anyone who joined KiwiSaver on or after 1 July 2019, reaching 65 is the only requirement. An older five-year membership rule applied to people who first joined on or before 30 June 2019; five years from that date have now passed, so it no longer holds anyone back from withdrawing at 65.

What Changes (and Does Not Change) at 65

What changes at 65

Employer contributions may stop. Compulsory employer contributions apply to employees aged 16 and over and under 65, so once you turn 65 your employer may stop contributing, depending on your employment contract. See KiwiSaver employer contributions for the full employer rules.

The government contribution stops. Once you turn 65 you are no longer eligible for the government contribution (currently up to $260.72 a year). See KiwiSaver government contribution for how the final year is worked out.

You can stop your own contributions. Deductions from your pay do not stop by themselves. If you want them to stop, give your employer a non-deduction notice (form KS51); your employer then stops deducting from your next pay and stops its employer contributions. You can restart at any time with form KS2 (how a contribution rate is chosen or changed is in KiwiSaver contribution rates). Contributing to KiwiSaver after 65 covers working, contributing and joining after 65.

What does not change at 65

Your balance stays invested. If you choose not to withdraw, your money stays in your chosen fund.

You stay a member. You can still switch funds, change providers, or make voluntary contributions.

Your fund’s tax does not change. Tax on the fund’s investment income keeps being paid inside the fund, at your prescribed investor rate if the scheme is a PIE.

KiwiSaver and NZ Super Are Separate

KiwiSaver and NZ Superannuation (NZ Super) are different schemes.

• NZ Super is paid by the government to people aged 65 and over who meet the residency criteria, whether or not they have KiwiSaver.
• KiwiSaver is your own savings scheme. Withdrawing it, or leaving it invested, does not affect your NZ Super entitlement.

NZ Super weekly rates (after tax at the M tax code, from 1 April 2026; rates are reviewed every 1 April, so check Work and Income for the current figures):

See KiwiSaver and NZ Super for how the two fit together.

Your Withdrawal Options at 65

Option 1: Full lump sum withdrawal

You withdraw your entire balance in one payment to your bank account. Money taken out of the fund no longer has investment returns or losses from the fund; what it earns afterwards depends on where you put it, and a savings account paying less than inflation loses buying power over time.

Option 2: Partial withdrawal

You withdraw part of your balance (for example, to repay a mortgage or cover a large expense) and leave the rest invested.

Option 3: Regular withdrawals (drawdown)

Some providers let you set up regular payments from your balance while the rest stays invested; not all offer this, so check with your provider. Withdrawal rates, sequence-of-returns risk and fund choice during drawdown are covered in the KiwiSaver drawdown guide.

Option 4: Stay fully invested

You make no withdrawal and leave your entire balance in your chosen fund. It stays available to withdraw later, and any balance left when you die goes to your estate.

Things People Weigh Up at 65

Which option fits depends on your whole financial situation. Points people commonly consider:

• Debts: what interest rate any remaining mortgage or other debt charges
• Other income and savings: whether NZ Super and other savings cover living costs, and how much cash is on hand for emergencies
• Fees: what the fund charges each year, which matters for as long as the money stays invested
• Time horizon and risk: how soon the money is needed, and how a fall in markets would affect plans. Growth funds hold more shares and can fall further in a bad year; see fund type by age and time horizon and KiwiSaver fund types explained
• Estate: any balance left at death goes to your estate

A licensed financial adviser can look at your own circumstances.

Tax on KiwiSaver Withdrawals at 65

Withdrawals are not taxed again when you take them out, because tax on the fund’s investment income is paid inside the fund (at your prescribed investor rate if the scheme is a PIE). Is KiwiSaver taxed at 65? covers PIE tax after 65 and what happens to money you withdraw and reinvest; KiwiSaver PIE tax explained has how PIE tax works.

What Happens to Your KiwiSaver If You Die Before 65?

Your KiwiSaver balance becomes part of your estate and is paid out under your will (or the intestacy rules if there is no will), whether you die before or after 65. What happens to KiwiSaver when you die covers who can claim and the documents providers ask for.

Steps to Take in the Lead-Up to 65

A few years before 65:

• Check your fund type, your fund’s fees, and whether your provider offers regular withdrawals

In the year before 65:

• Check which provider holds your KiwiSaver, since you can belong to only one scheme at a time (see finding a lost KiwiSaver account)
• Decide whether you want a lump sum, partial withdrawals, regular withdrawals, or to stay invested
• Ask your provider about its withdrawal process and timeframes
• Apply for NZ Super: Work and Income accepts applications once your 65th birthday is within the next 12 weeks

At 65:

• If withdrawing, contact your provider; processes and timeframes vary between providers (see how long a KiwiSaver withdrawal takes)
• If you’re working and want deductions to stop, give your employer form KS51

Frequently Asked Questions

Do I have to withdraw my KiwiSaver at 65?
No. Withdrawal is voluntary. Your balance stays invested until you ask your provider to pay some or all of it out.

Does KiwiSaver affect how much NZ Super I receive?
No. NZ Super is paid to people aged 65 and over who meet the residency criteria. Your KiwiSaver balance and withdrawals do not change your NZ Super entitlement.

Can I withdraw only some of my KiwiSaver at 65?
Yes. Once you reach 65 you can take some or all of your balance, and leave the rest invested.

Will I pay tax on my KiwiSaver withdrawal?
The withdrawal itself is not taxed; tax on investment income is paid inside the fund. See Is KiwiSaver taxed at 65?

Can I still contribute to KiwiSaver after 65?
Yes. Your employer may stop contributing, depending on your contract, and you no longer get the government contribution. See contributing to KiwiSaver after 65.

Do my KiwiSaver deductions stop automatically when I turn 65?
No. Deductions continue until you give your employer a non-deduction notice (KS51). You can restart later with form KS2.

My spouse is under 65. Can they withdraw their KiwiSaver when I retire?
No. Each member qualifies separately. Your retirement does not give your partner early access to their KiwiSaver.

Key Takeaways

• At 65 you become eligible to withdraw your KiwiSaver balance, but nothing happens automatically
• For anyone who joined on or after 1 July 2019, 65 is the only requirement
• KiwiSaver and NZ Super are separate: one does not affect the other
• You can withdraw all, some, or none of your balance, and some providers offer regular withdrawals
• The government contribution stops at 65; your employer may stop contributing; your own deductions continue until you give your employer form KS51

For the rest of the hub, see the KiwiSaver guide, How KiwiSaver works and the KiwiSaver withdrawal rules.