Can I withdraw all my KiwiSaver at 65?

Yes. From 65 you can withdraw any amount at any time, or leave the whole balance invested. There is no requirement to take it as a lump sum and withdrawals are tax-free because PIE tax has already been paid inside the fund.

How much is NZ Super in 2026?

From 1 April 2026 NZ Super pays $1,110.30 a fortnight ($555.15 a week) after tax for a single person living alone, $1,024.90 a fortnight for a single person sharing accommodation, and $1,708.16 a fortnight combined for a couple who both qualify. It is not income or asset tested and starts at 65 with 10 years' residence in New Zealand (5 of them after age 50).

Do I keep getting the government contribution after 65?

No. The government contribution stops once you become eligible to withdraw. You can keep contributing and your account keeps investing, and employer contributions are no longer compulsory once you are eligible to withdraw - check your employment agreement, as some employers keep matching.

KiwiSaver Retirement — NZ Super, Age 65, Lump Sum vs Income

KiwiSaver and Retirement

You can access your KiwiSaver savings when you reach age 65 (the NZ Super age). At that point you have several options for what to do with your money — and the choice you make can significantly affect how comfortable your retirement is.

New Zealand Superannuation (NZ Super) in 2026

NZ Super is a universal government pension paid to all eligible New Zealanders aged 65 and over, regardless of KiwiSaver savings. From 1 April 2026 the after-tax rates (tax code M) are:

$555.15 per week — single, living alone
$512.45 per week — single, sharing accommodation
$854.08 per week each — couple, both qualifying

To receive NZ Super you must normally have lived in New Zealand for at least 10 years since age 20 (including 5 years since age 50), and you must apply through Work and Income. KiwiSaver is designed to supplement NZ Super, not replace it — the 2025 Massey University Retirement Expenditure Guidelines found many retirees face a weekly gap of hundreds of dollars between NZ Super and their actual spending.

Your Options at 65

1. Lump Sum Withdrawal

You can withdraw your entire KiwiSaver balance as a lump sum. This gives you full control — you can spend it, invest it elsewhere, or pay off your mortgage. The withdrawal is tax-free.

Pros: Flexibility, full control.
Cons: You must manage the money yourself; there's a real risk of spending it too quickly or investing it poorly.

2. Regular Income Streams

Some providers offer the option to receive your KiwiSaver savings as regular income payments:

Fixed-term income: Regular payments over a set number of years
Lifetime income: An annuity that pays you for the rest of your life
Flexible withdrawals: Take partial amounts as needed

3. Leave It Invested

You can leave your money in your KiwiSaver account and keep it invested (withdrawing at any time). This lets your savings keep growing while you draw down gradually — a good option if you have other income early in retirement.

Which Option Is Right for You?

Consider:

Your total savings: A small balance is best taken as a lump sum. A large balance may benefit from income options.
Other income sources: If you have NZ Super, other investments, or a paid-off home, you may need less from KiwiSaver.
Life expectancy: If you expect to live well past 65, regular income may be safer than a lump sum.
Debt: Paying off high-interest debt with a lump sum is usually the best first move.

Tax in Retirement

Withdrawals from KiwiSaver after age 65 are tax-free. Investment earnings within your KiwiSaver account are taxed at your applicable Prescribed Investor Rate (PIR), which is typically lower than your income tax rate. Check your PIR is still correct once your income drops in retirement.

Common Mistakes

Forgetting to apply for NZ Super — it is not paid automatically; apply through Work and Income around age 64½.
Staying in a growth fund at 65 — a market crash right after retirement can permanently damage your income; shift to conservative or balanced in the years before 65.
Spending the lump sum too quickly — a rule of thumb is to withdraw no more than 4% of your balance per year.
Ignoring the tax-free status — unlike most investments, KiwiSaver withdrawals at 65 attract no income tax; factor that into your planning.

Next: Saving Extra — Voluntary Contributions →

Rough Retirement Numbers

A useful planning baseline: NZ Super for a single person living alone is $555.15 a week after tax (April 2026 rate). A $200,000 KiwiSaver balance drawn down at a sustainable 4% a year adds $8,000 — about $154 a week — giving roughly $709 a week before other income. The 2025 Massey Retirement Expenditure Guidelines suggest a "no frills" lifestyle costs more than NZ Super alone for most retirees, which is why even modest KiwiSaver balances make a real difference.

For personalised numbers, Sorted's retirement calculator (sorted.org.nz) models your balance at 65 under different rates, funds, and fees. If you're within five years of retirement, consider a one-off session with a licensed financial adviser — the choice between lump sum, income stream, and leaving it invested is one of the biggest financial decisions you'll make.

Deep dive — 2026 update

Sequencing in the first five years of retirement

The order you draw down matters as much as how much you have. A workable sequence for a couple with $400,000 in KiwiSaver at 65 and NZ Super coming in ($854.08 a week net, combined):

Years 1–2 — NZ Super plus earnings. If NZ Super covers essentials, leave KiwiSaver fully invested and treat the portfolio as untouched.
Years 3–5 — set up a 3-year cash ladder. Move roughly 3 years of planned withdrawals (say $60,000) out of growth assets into a defensive fund or term deposits, so you never sell shares in a crash.
Ongoing — refill annually. Each year, top the ladder back up from the growth portion if markets allowed it.
Keep a lump-sum buffer of $20,000–$30,000 untouched for a roof, a car, or a medical event.

This "bucket" approach is not about beating the market — it is about never being forced to crystallise a 20% loss to pay the power bill.

PIE tax in retirement: get your PIR right

Taxable income (last two years)	Correct PIR
$14,000 or less	10.5%
$14,001 – $48,000	17.5%
$48,001 – $180,000	28%
Over $180,000	28%

Many retirees drop into the 17.5% band once wages stop and never update their PIR, so they keep paying 28% on fund earnings — an avoidable ~10% tax on every dollar of return. Update it in myIR under "My KiwiSaver" each year after your income falls.

What changes at 65

Your savings become available at any time — there is no requirement to withdraw them all, or at all.
The government contribution stops — you are no longer eligible once you can withdraw.
You can keep contributing, and your account keeps investing. Employer contributions are no longer compulsory once you are eligible to withdraw; many employers keep matching if you ask, so check your employment agreement.
Withdrawals are tax-free — income has already been taxed inside the fund at your PIR.
Withdrawals do not affect NZ Super, which has no asset or income test. They can affect the Residential Care Subsidy and the Rates Rebate if you are relying on those.