Getting the most out of KiwiSaver after 65



Generate Contributor


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Not only does the golden age of 65 bring with it a Gold Card, superannuation payment from the government, and the possibility of retirement; but you also get the option of finally being able to access your KiwiSaver savings, which may have been locked away for over a decade.

But whether or not you choose to withdraw your savings in full, or leave some invested, is up to you and depends entirely on your individual financial circumstance.

"Once you reach 65, it's relatively straightforward to withdraw the money from your KiwiSaver account. At Generate, we try to chat with our members about all their options to help them make an informed decision that will work for them," says Generate KiwiSaver Adviser, Jake Mickleson.

At age 65, KiwiSaver investors can opt to stop contributing to their account and take all of their savings out or withdraw it in parts, leaving some invested and spreading the cash over time.

"Many Kiwis decide to keep the majority of their savings invested, and just draw down a regular weekly amount to their bank account as if they're paying themselves a wage."

If you do stay invested, it's important to remember that once you've turned 65 you won't be eligible for the annual Government Contribution and your employer won't be legally obligated to contribute an additional 3 percent to your account.

"Some employers do choose to continue the 3 percent contribution though, so it's definitely worthwhile having this conversation with them," says Mickleson.

For those approaching retirement age in 2023, global economic uncertainty might be a concern as to the best time to withdraw, with the value of investments volatile.

"We generally recommend choosing a more conservative and less volatile fund as you get closer to withdrawing your savings to reduce major fluctuations in your balance – your adviser can help you identify the most appropriate fund," says Mickleson.

And for those still with a mortgage at 65, the decision on whether to become mortgage-free using your investment is worth exploring.

"It will depend on how much you have in your KiwiSaver account and the size of your mortgage. Being mortgage free is fantastic, but you still need to have some liquid money to live off and subsidise your NZ super allowance from the government – so keeping some funds easily accessible in your account can be a good idea.

"Plus, if you leave some of your savings invested, there is a possibility to take advantage of the movement in the markets and compounding investment returns," says Mickleson.

"We know everyone's situation is different, and that's why we're here to help work out what's right for you. If you're over 60 and starting to think about what you should be doing with your KiwiSaver account when you reach 65, get in touch and have a chat with one of our friendly KiwiSaver advisers."

Why Gen Z and Millennial's need to start retirement planning now


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Why Gen Z and Millennials need to start retirement planning now

“74% of Gen Zers and 61% of millennials haven’t calculated how much they need in retirement.” That’s according to the latest Financial Services Council (FSC) research report, Money and You: Young People and the Cost of Living Crisis.

The report found that of all age groups, those respondents in the Gen Z and millennial brackets had lower levels of financial wellbeing, literacy and confidence.

It’s not great news, but not totally surprising either.” says Generate KiwiSaver Adviser, Kirstien Taylor. “A lot of the young people we talk to, haven’t previously looked at what their KiwiSaver account is doing or made purposeful decisions with their account setup to really maximise their KiwiSaver investment. Most don’t know what NZ Super is worth and are pretty shocked when I tell them!”

New Zealand Superannuation is currently just over $400 each, per week for a couple living together, or just over $500 per week for a single. While many Kiwis see NZ Superannuation as owed to them, there is growing concern that it alone is not enough for most Kiwis to live on. Supplementing your NZ Superannuation with a healthy KiwiSaver balance is a

That’s why Generate recommends a ‘sooner rather than later’ approach to thinking about and planning for your retirement, “The sooner you get started, the better off you could be” said Kirstien.

“Planning for your retirement doesn’t have to be a difficult, lengthy process. You can simply start by talking to a KiwiSaver adviser and putting together a KiwiSaver plan. After all, you could be in retirement for 30 years, which is a really long time! The sooner you start saving and investing for your retirement, the better off you’ll be!” says Kirstien.

3 steps to get started:

1. Know where you’re at

Who is your KiwiSaver provider and what kind of KiwiSaver fund are you in? Have you chosen a specialist provider, or are you still with a default provider or bank? What’s their long-term performance like? Could you be doing better?

The Generate KiwiSaver Focused Growth Fund ranked 1st for 10-year performance in the NZ multi-sector Aggressive Category*

The Generate KiwiSaver Growth Fund ranked 2nd for 10-year performance in the multi-sector Growth Category*

The Generate KiwiSaver Moderate Fund ranked 1st for 10-year performance in the NZ multi-sector Moderate Category*

2. See what you could be missing

Check out the Generate KiwiSaver Calculator to see what your KiwiSaver balance is on track to be at retirement. Adjust your fund choice or contribution rate to see how this can affect your balance over the long-run.

“The reaction I get from showing Kiwis their projected KiwiSaver balance at
retirement using the Generate KiwiSaver Calculator is more often than not a great motivator for them to take action and make smart savings decisions.” 

3. Talk to an expert

It’s well documented that financial advice can add long-term value to your savings. That’s why Generate have a team of expert KiwiSaver advisers nationwide, who can meet with you in person or online over Zoom, to offer no-obligation KiwiSaver advice. 

Your Generate KiwiSaver adviser will help you understand things like:

  • What KiwiSaver fund type will help you achieve your goals, and at what points in your life it might be a good time to review it.
  • How changing your contribution rate could increase your KiwiSaver balance at retirement by $100,000’s!
  • How to maximise your savings with the KiwiSaver Government contribution each year.
  • What your risk tolerance is, and how this might affect your KiwiSaver account settings.
  • How often you should be reviewing and adjusting your KiwiSaver plan – because as we all know things can change!

Knowing all your KiwiSaver options, and what might be right for your savings goals can help make sure you’re maximising your KiwiSaver investment, so you can be better off at retirement.

If you’d like to talk to a KiwiSaver adviser request a meeting here.

Live Ocean Foundation celebrates 4 years!



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Live Ocean Foundation celebrates 4 years!

As major charity partners, Generate are excited to celebrate the fourth birthday of Live Ocean Foundation. 

Live Ocean is a driving force for positive ocean action in New Zealand; supporting and empowering exceptional marine scientists, innovators and communicators to drive innovation, safeguard and improve the health of the ocean.

Generate teamed up with Live Ocean in 2020, to support their ambition for a healthy ocean, and since then has donated over $200K to help scale up the amazing projects they support. 

This includes projects like world-leading blue carbon research, innovative 3D seafloor mapping, monitoring of sentinel at-risk species like the Antipodean albatross and the Southern Right Whale and much more. 

“Generate were one of our first supporters and their contribution has been a vital part of making the ocean science, innovation and outreach projects we support flourish. They’ve really got behind us as a team and watching their advisers take part in our annual Winter Dip is a highlight for us” says Live Ocean Foundation Chief Executive Sally Paterson

Henry Tongue, Generate CEO, adds “These projects all have global implications, each contributing to the fight for a healthy ocean and a healthy future. We look forward to continuing to support Live Ocean on their ambitions to protect the ocean.” 

Learn more about Live Ocean’s work at