Getting the most out of KiwiSaver after 65.

Once you turn 65, you have a huge amount of flexibility with your KiwiSaver fund. You can withdraw all or some of your money, opt out of KiwiSaver and opt back in, keep contributing or stop contributing. You can even join for the first time.

This allows you to make the most of KiwiSaver.

You'll no longer get government contributions, and you may not get any more employer contributions. However, the Westpac KiwiSaver Scheme remains a well-regulated and diversified investment with competitive fees, so it still has plenty of upsides.

Employers are no longer obliged to contribute

Your employer no longer needs to make contributions to your KiwiSaver account, which removes one of KiwiSavers' big advantages.

But some employers do continue to pay in their 3%. If that's the case for your employer, you should think hard before you stop contributing or opt out of KiwiSaver – your employer contributions are like a 3% pay increase, and you can take the money out at any time you need it.

Withdrawing your KiwiSaver money

You have plenty of choices when it comes to your KiwiSaver money. You can set up regular withdrawals (minimum $100 a month) or make lump sum withdrawals (minimum $500) without penalties. There are forms to fill out when you make a withdrawal.

If you withdraw all or most of your KiwiSaver fund, you might choose to put the money into a savings account or term deposit. Those might work well, but in a low-interest environment you may also miss out on the potential to grow your money.

Prioritising stable returns

If you are relying on KiwiSaver to help fund your everyday living costs, you may want to prioritise stable returns over higher returns. However, if you're still using KiwiSaver as an investment fund for money you might need in five or more years, a balanced or growth fund might suit you better. You can compare our funds to see which is best for you. Or talk to our KiwiSaver specialists for help with your situation if you're not sure.

Making a plan to manage your money

Life expectancy in New Zealand is rising and you may live a third of your life in retirement. You may choose to work for some of that time. Usually, the period immediately after you stop working is when your spending will be the highest, and you'll spend less in your 80s and 90s. Travel and other activities tend to become more challenging as you reach your later decades, so you're likely to spend less.

In retirement, you'll need to manage and plan for your various sources of income, including KiwiSaver, other investments or savings, and possibly your home.

To make your money last as long as possible, it's a good idea to have a plan. Talk to one of our Financial Advisers, or contact your own financial adviser, to come up with a strategy for spending and investing that will last many years into the future.

BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is a distributor, of the Westpac KiwiSaver Scheme (Scheme).

The information above is subject to changes to government policy and law, and changes to the Westpac KiwiSaver Scheme from time to time.

Investments made in the Scheme do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac Group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac Group of companies, The New Zealand Guardian Trust Company Limited (as supervisor), or any director or nominee of any of those entities, or any other person guarantees the Scheme's performance, returns or repayment of capital.

For a copy of the Product Disclosure Statement or more information about the Scheme, contact any Westpac branch or call 0508 972 254 or from overseas +64 9 375 9978 (international toll charges apply). You can also download the Product Disclosure Statement.