If you’ve saved for your retirement, your 65th birthday is a red letter day as you can access your hard earned KiwiSaver savings. However, life doesn’t stop when we reach age 65 and you have options with regards to your KiwiSaver savings. In most cases, it’s hard to predict just how long we will need our savings to continue to work for us. The good news is you don’t have to make a quick decision.
Here are a few ways our current members can manage their KiwiSaver money from age 65.
- Keeping your account open
Reaching age 65 does not mean members have to close their KiwiSaver scheme account. Many Christian KiwiSaver Scheme members are keeping their accounts open after age 65 and this also allows them the option to add further savings
- Regular partial withdrawals
Regular withdrawals allow members to top up their retirement income while leaving the remaining balance in the Christian KiwiSaver Scheme working for them. You can arrange regular fortnightly or monthly withdrawal amounts from your Christian KiwiSaver Scheme account. A $200 minimum applies to each regular withdrawal. We can change the minimum withdrawal amounts at any time.
- Other partial withdrawals
Occasional one-off withdrawals are another way to add to your retirement income. Members can leave their money invested in Christian KiwiSaver Scheme after reaching age 65 and make a withdrawal at times when they need a cash injection. A $1,000 minimum applies to a one-off withdrawal.
- Full withdrawal
As the name suggests, this is where members take all their savings out of their Christian KiwiSaver Scheme account. This ends their membership of KiwiSaver.
Only you can make the right choices about your KiwiSaver account. But it’s good to know that KiwiSaver doesn’t need to end at 65!