KiwiSaver investment at 65

Withdraw at your leisure

Whichever way you are looking to withdraw, at Generate we’re here to help.

• You might wish to withdraw a regular income (weekly, fortnightly, monthly, quarterly or yearly) to supplement your lifestyle and top up your NZ Super payment.
• You may have enough for your day-to-day expenses, but decide to withdraw lump sums when needed for things like a new car, holiday, or home renovations.
• You might decide to withdraw everything in one go and close your investment.

If you’re thinking about withdrawing, it’s always a smart idea to talk to an adviser first. They can help you plan your finances for your retirement. 

If you don’t have an adviser, give us a call and we can arrange for one of our expert KiwiSaver advisers to talk you through your options.

By projecting various scenarios with our handy online calculators, they can help you establish how much you need to live comfortably and how long your money will last. This can help you plan your retirement with confidence and enjoy it with peace of mind.

How do I withdraw?

You will need to complete a Generate KiwiSaver Retirement Withdrawal Form, which requires some supporting documentation.

The documentation provides a layer of protection to ensure your money goes to you - and only you! This includes a certified copy of your identity, proof of your bank account, proof of address and a statutory declaration. If you have any questions about the form and compiling the documentation, your Generate KiwiSaver adviser is here to help.

You can send your completed application and all the necessary supporting documentation to info@generatekiwisaver.co.nz, or upload it via the Generate mobile app.

Withdrawals are usually deposited into your nominated bank account within 10 business days. Please note that there may be delays if deductions or final payments need to be processed by Inland Revenue.

Note there is a shorter form for any subsequent withdrawals after the first one - Generate KiwiSaver Subsequent Retirement Withdrawal Form. 

Keep some invested

By staying invested, your savings can continue to grow, with the potential for more returns.

KiwiSaver becomes even more flexible and convenient after 65, allowing you to deposit and withdraw funds whenever you want.

You can continue to increase the value of your KiwiSaver nest egg, by making contributions through your job, if you are still working (salary or wages), or by making one-off contributions (for example, if you sell a business or downsize your home).

You can also set up regular direct debits by using this form. 

Because you can withdraw funds at any time, your KiwiSaver investment after age 65 functionally becomes the same as a managed fund investment – where our expert team of fund managers actively manage your investment.

It has some great things going for it:

• Diversified – our funds are invested across a range of industries and asset classes.
• Flexible – we have six different fund options to choose from – depending on your appetite for risk and investment timeframe.

But there are also two things to note: ⁠

• Once you turn 65, you will not receive the annual government contribution.
• If you are employed, your employer is also no longer required to contribute.
  However, your employer may decide to continue to contribute to your KiwiSaver fund voluntarily.

What type of KiwiSaver fund should I choose after age 65?

This will always depend on your personal situation, for example whether you plan to continue working and contributing for some time, or whether you are planning to withdraw your entire balance fairly soon.

If you plan to stay invested, an adviser can help ensure you’re in the right fund for your risk tolerance. With six Generate KiwiSaver funds, ranging from conservative to more aggressive, you can customise your fund choice to fit your changing needs.

Shifting some or all your money to a more conservative fund may help reduce exposure to market volatility if you plan to withdraw in the next few years. It’s important to remember KiwiSaver is an investment, not a bank account, and as long as you are invested your balance could go up or down.

Whatever you decide - but especially if you plan to keep some or all your money invested, we recommend talking to an adviser before making any changes to your account.