Turning 65 years old can be like winning a Lotto! Not only do you start receiving National Superannuation on a fortnightly basis, you also receive the Gold Card that can add many benefits to those in the years past 65, but finally, you can now access your savings in your KiwiSaver Account (as long as you have also been in KiwiSaver for at least 5 years).

For many, this is a real benefit as you can set yourselves up for a retirement period that is more luxurious than solely relying on a pension. Many people nearing this magical age do not realise that they can keep their KiwiSaver Account open with Fisher Funds. Yes, you can, and this is a great opportunity to use the account as your very own investment portfolio for many years ahead. Your options are many and varied, like:

• setting up regular withdrawals to subsidise your living expenses and so adding to your pension payments

• utilise your hard earned savings to wing your way on a fabulous holiday

• buy a new car

• or just repair the roof that is long overdue for a bit of maintenance

• and, if you continue working you can continue to add to your KiwiSaver account if you wish — your employer may even agree to carry on adding to your account as well (once you are eligible to withdraw it is no longer compulsory for your employer to contribute).

As well as employer contributions no longer being compulsory after 65 years (or being a member for 5 years, whichever is later) the Government Contribution (formerly known as the Member Tax Credit) also come to an end. I suppose the logic is that you are now receiving the National Superannuation.

The benefits to keeping your KiwiSaver account open are numerous and our Authorised Advisers at Fisher Funds love helping you plan for this next stage. We will present you with recommendations to make managing your finances in retirement that bit easier:

1. We will check in with you taking account of your personal financial situation

2. Give you recommendations on which investment strategy you should invest in after checking your investor profile.

3. Prepare projections to give you some idea of your expected ongoing financial situation, taking into consideration any withdrawals you anticipate making.

4. And, we are always here to ensure you are still on the right path going forward

So please, don't just close your KiwiSaver account, make the money work for you. KiwiSaver accounts are so versatile, economical and a great way to plan your finances in your retirement years. And now if you're over 65 years and you have already closed your account the government has made a change to allow you to reopen. 

Give us a call, we will be happy to chat to you about your KiwiSaver account and financial position as it applies to you personally.