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.
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.
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:
You’ll need to keep a minimum $2,000 balance in your ASB KiwiSaver Scheme account to use this facility.
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.
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.
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).
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:
Contact us to get an ASB KiwiSaver Scheme retirement withdrawal form.
Ready for the next step? Apply online and start saving.
Speak to a KiwiSaver specialist.
Visit us at one of our many branches across New Zealand.
We’ll help with your ASB KiwiSaver Scheme query.
Is your retirement planning on track?
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).