{"id":28342,"date":"2022-10-05T14:09:07","date_gmt":"2022-10-05T02:09:07","guid":{"rendered":"https:\/\/milfordasset.com\/?p=28342"},"modified":"2025-09-18T21:04:01","modified_gmt":"2025-09-18T09:04:01","slug":"what-happens-to-my-kiwisaver-when-i-retire","status":"publish","type":"post","link":"https:\/\/milfordasset.com\/insights\/what-happens-to-my-kiwisaver-when-i-retire","title":{"rendered":"What happens to my KiwiSaver when I retire?"},"content":{"rendered":"

How many of us know exactly what happens to our KiwiSaver when we retire?<\/p>\n

Age 65 is widely regarded as the age of retirement in New Zealand and for many is considered an ideal time to \u201cdown tools\u201d. This is the age that New Zealand Superannuation will start to be paid (if eligible) and you can begin to access your KiwiSaver \u2013 so how does the withdrawal process work?<\/p>\n

Making withdrawals <\/strong>
\nWithdrawals, although not mandatory, can be set up to suit your individual needs. Many of our clients opt to withdraw a regular income to supplement their lifestyle whilst others prefer to withdraw lump sums as and when needed, for things like a new car, holiday, renovations etc.<\/p>\n

To make your first retirement withdrawal, simply contact Milford anytime after you turn 65, and we\u2019ll provide you with a retirement withdrawal form. Once completed, return to us with certified identification and proof of residential address and we\u2019ll have this processed for you. The process involves having a Statutory Declaration certified by a solicitor or authorised person. We recommend getting this done shortly after turning 65 so that it\u2019s out of the way. Subsequent retirement withdrawals can be completed without the need for certified documents and in most cases, can be actioned via your client portal.<\/p>\n

Contributions<\/strong>
\nMany Kiwis are not slowing down and continue to work beyond age 65.\u00a0Whilst continuing to work beyond 65 may not be ideal for all, it does present a great opportunity to further add to your retirement nest egg via employee KiwiSaver contributions. Furthermore, whilst employers are not obligated to continue with their contributions, some do.<\/p>\n

How much will I need?<\/strong>
\nRetirement is a great milestone and should be something that we look forward to! However, it can be difficult to plan for and each of us will have different requirements in our golden years. If you\u2019re looking for help, the 2023 \u2018New Zealand Retirement Expenditure Guidelines<\/a>\u2019 produced by Massey University could be a good place to start.<\/p>\n

If you\u2019re wondering whether you\u2019re in the correct fund, whichever stage in the retirement planning cycle you may be in, help is also available at Milford. Digital advice can be accessed easily via our website, if you aren\u2019t already a Milford KiwiSaver Plan member, or your Client Portal or Mobile App if you are.<\/p>\n

Once you turn 65, you’ll be able to access your KiwiSaver savings to help supplement your NZ Super. So, make sure you have everything in order before you need the money, to save time and ensure a seamless process.<\/p>\n","protected":false},"excerpt":{"rendered":"

How many of us know exactly what happens to our KiwiSaver when we retire? 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