Making the most of KiwiSaver savings at retirement

A little planning can go a long way towards a comfortable future. If you’re close to 65, now is a good time to consider how your investment could work for you once you’re retired.


How much money will you need for retirement?

While they say money can’t buy happiness, it can provide the security and freedom to do the things you’d like in retirement.

Working out how much money you’ll need is important, because NZ Superannuation (if you’re eligible) is unlikely to be enough to maintain your current lifestyle.

Use our KiwiSaver calculator to see how long your KiwiSaver savings may last you in retirement.


You can keep saving with KiwiSaver

Did you know you don’t have to withdraw any of your KiwiSaver savings simply because you become eligible to do so? Continuing to invest may have real advantages for you, because the ASB KiwiSaver Scheme will continue to offer you:

  • Low-cost access to a range of professionally managed diversified funds.
  • The potential to earn a greater return than the interest traditionally received on a savings account or term deposit.
  • A regular withdrawal facility that gives you access to cash while you’re investing. You can withdraw a minimum of $100 fortnightly, monthly or quarterly.

You’ll need to keep a minimum $2,000 balance in your ASB KiwiSaver Scheme account to use this facility.


Make sure your KiwiSaver keeps working for you

  • Whenever your circumstances change, it’s important to review your investment preferences and timeframes. Our Help me choose tool will help you to work out if the fund you are in is the right one for you.
  • Make sure your Prescribed Investor Rate (PIR) is correct. You can update it in FastNet Classic internet banking (under ‘My Settings’). 


Check out your options

When you’re nearing retirement, you may be considering your KiwiSaver options: do you need to withdraw all your savings to help meet living costs, or want to take a holiday? Do you keep some or all of it invested so it continues to grow? If you are unsure about your next steps, check out our KiwiSaver in retirement tool, and answer a few simple questions; it might help make the way forward a little clearer for you.


Saving with KiwiSaver in retirement

If you want to continue making ASB KiwiSaver Scheme contributions, you can do so by making:

If you’re still working you can keep making regular contributions from your wages. If you want to stop making regular contributions, you’ll need to complete a non-deduction notice and give it to your employer.

What changes?

Once you’re eligible to make a KiwiSaver retirement withdrawal, your employer no longer needs to make employer contributions. However, it’s worth asking if they’ll continue as many employers have chosen to do so.

Please note, you won’t qualify for the annual Government contribution (member tax credits).


Withdrawing your KiwiSaver savings at retirement

If you've decided you need to access your ASB KiwiSaver Scheme savings, (like for living expenses, bills or holidays) there are three ways you can withdraw your money, depending on whether you’re withdrawing all or part of it:

  • "Pay" yourself regularly from your ASB KiwiSaver Scheme savings. Just set up a regular retirement withdrawal facility to get fortnightly, monthly or quarterly payments. A $100 minimum applies for each withdrawal.
  • Make a partial one-off lump sum withdrawal. If you need some of your savings for unexpected bills, a holiday or you want cash on hand, complete the ASB KiwiSaver Scheme retirement withdrawal form.
  • Withdraw all your savings in one lump sum. Just complete the ASB KiwiSaver Scheme retirement withdrawal form. Remember - once you've withdrawn all your savings, your ASB KiwiSaver Scheme account will be closed and you’ll no longer be able to use it as a simple, low cost way to invest.

Contact us to get an ASB KiwiSaver Scheme retirement withdrawal form.

Apply for the ASB KiwiSaver Scheme

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Speak to a KiwiSaver specialist. 

0800 ASB RETIRE (0800 272 738)

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ASB Wealth Managers' disclosure statements are available on request and free of charge from your ASB Wealth Manager.

Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.business.govt.nz/disclose (search for ASB KiwiSaver Scheme).

ASB KiwiSaver Scheme Making the most of KiwiSaver savings at retirement