Your options at retirement
You can access your KiwiSaver savings at the age of 65.
If you joined KiwiSaver (or a complying fund) before 1 July 2019, a 5 year minimum membership requirement applies if you were aged 60 or over when you joined. From 1 April 2020 you can opt out of this requirement, and if you are aged 65 or over make a partial or full withdrawal. If you choose to make a partial withdrawal after 1 April 2020 you must opt out of the 5 year membership requirement and will forego your right to compulsory employer contributions and the Government contribution.
You have flexible options available for managing your money in retirement so it's worthwhile giving some thought to what might work best for your situation before taking any action. You can:
- Keep your savings in your KiwiSaver account — If you don't need your money straight away, you can keep it where it is and we'll continue to manage it for you exactly like we do now. You'll no longer be eligible for the Government contribution and your employer can also choose to stop making contributions.
- Setup a regular withdrawal* — This is a convenient way to manage your money and supplement your pension or any other retirement income sources
- Make lump sum withdrawals at any time* — Keep your money working hard in your KiwiSaver account with the comfort of knowing you can access your funds at any time to help with one-off expenses etc
- Withdraw all of your savings — You can choose to withdraw all of your savings in one go. If you do this, your KiwiSaver account will be closed.
*Minimum withdrawal amounts and balances apply
Why keep your money in KiwiSaver?
Your KiwiSaver account provides an easy, transparent and cost effective way to continue to invest your money in retirement (compared to other investment vehicles). It may ensure your retirement assets are diversified rather than simply being in the bank. It can also act as a "one-stop shop" allowing you to consolidate other investments at no cost and without hassle, including Aussie Super accounts.
Entering retirement is an ideal time to revisit your investment strategy. The Fisher Funds KiwiSaver Scheme provides flexible investment options so that your money is invested consistent with your risk profile and investment goals. Don't forget you are able to change your investment strategy at any time.
And of course, you will still be able to rely on the friendly and helpful assistance from the Fisher Funds Client Services team so managing your account in retirement is seamless and painless.
Make a withdrawal
You will need to complete our Retirement Withdrawal Form.
Please note the form requires a statutory declaration so it needs to be witnessed by a Justice of the Peace, Solicitor, Notary Public or other person authorised to take a statutory declaration.
You also will have to provide certified ID, proof of residential address and proof of bank account with your withdrawal form (unless already provided). Please read the document checklist on page 1 of the withdrawal form for more information.
We can help
No two clients are the same. Whether as a sounding board, providing specific advice or simply someone to talk to, we are here to help. Feel free to call us on 0508 FISHER.
We also have some helpful resources for planning your retirement. Check them out.