Guide
How to withdraw your KiwiSaver at 65
Turning 65 unlocks your KiwiSaver — but nothing happens automatically. Your money stays invested until you apply to your provider and tell them what you want done with it. This guide covers the application process, how long it takes, your withdrawal options, the tax position, and what to think about before you take the money out.
Last checked October 2026
When you can actually access it
You can withdraw your KiwiSaver when you reach 65. For members who joined before 1 July 2019, there was also a five-year membership rule — but that requirement has now expired for everyone, so 65 is the only date that matters.
Your money does not arrive on your birthday. It stays in your fund, fully invested, until you make a withdrawal application to your provider. You can leave it there as long as you like.
The application process, step by step
The statutory declaration catches many people out — it must be witnessed by someone authorised, such as a Justice of the Peace, solicitor or notary public. Allow time for this step.
- Contact your provider (or download the retirement withdrawal form from their website) — each provider has its own form.
- Complete the form and have your identity verified: usually certified copies of photo ID and proof of address, plus a statutory declaration witnessed by a JP or solicitor.
- Choose what you want: a full lump sum, a partial withdrawal, or regular withdrawals — most providers offer all three.
- Return the form and documents; the provider processes the sale of your investments and pays the money to your nominated bank account.
How long it takes
Once your provider has a complete, correctly witnessed application, payment typically takes around 5 to 15 working days, depending on the provider. Incomplete forms and uncertified ID are the most common causes of delay.
Your investments are sold at the unit price on the day the withdrawal is processed, not the day you apply. In a falling market the amount can be slightly less than the balance you last saw; in a rising market, slightly more.
Lump sum, regular withdrawals, or leave it invested
You do not have to take it all at once. Most providers let you set up regular fortnightly or monthly withdrawals, take occasional lump sums as needed, or simply leave the balance invested.
Keeping some money invested in retirement can make sense — your KiwiSaver remains a diversified, PIE-taxed investment. But if you are drawing on it regularly, check whether your fund type still matches a shorter timeframe. Many members step down from growth towards balanced or conservative around this age.
Tax on your withdrawal
KiwiSaver withdrawals at 65 are tax-free in your hands. Your returns were already taxed inside the fund at your PIR along the way, so there is nothing further to pay on the money you take out.
If you are still earning a salary or other income, that income is taxed as normal — but the KiwiSaver withdrawal itself is not income for tax purposes.
If you keep working past 65
You can keep contributing after 65 if you are still working, and you can withdraw at the same time. Note that employers are not required to match contributions for members over 65, and government contributions stop at 65.
Some people withdraw a lump sum at 65, keep working, and leave the account open for ongoing contributions — a flexible combination.
Before you withdraw: a short checklist
- Check your PIR is correct — overpaid tax on final-year returns is money lost.
- Consider whether your fund type matches your new timeframe before markets move against you.
- Work out how the withdrawal fits with NZ Super and any other income before spending a lump sum.
- Beware of anyone offering to 'help' access your KiwiSaver for a fee — applying through your provider is free.