Compare KiwiSaver Providers for Seniors

Not all KiwiSaver schemes are equal. Fees, fund options, and investment philosophy vary significantly. Here are the top providers for seniors aged 65+:

Westpac KiwiSaver Scheme

🌐 westpac.co.nz/kiwisaver

LOWEST FEES

0.45% p.a.

Management fees (Conservative Fund)

Key Features:

Conservative investment focus
Capital preservation emphasis
Regular income strategy
Estate planning support

Best For:

✓ Cost-conscious seniors
✓ Conservative investors
✓ Capital preservation focus
✓ Existing Westpac customers

💰 Fee Impact Example:

On $100,000 balance: Only $450/year in fees - saving you $150-$750 annually vs other providers

ANZ KiwiSaver Scheme

🌐 anz.co.nz/personal/kiwisaver

LARGEST PROVIDER

0.50% p.a.

Management fees (Conservative Fund)

Key Features:

Conservative to Growth fund options
Low management fees
Online account management
Mobile app with tools
Regular reporting

Track Record:

✓ NZ's largest KiwiSaver provider
✓ Strong long-term performance
✓ Excellent customer service
✓ Comprehensive online tools

💰 Fee Impact Example:

On $100,000 balance: $500/year in fees - competitive and transparent pricing

ASB KiwiSaver Scheme

🌐 asb.co.nz/kiwisaver

TOP PERFORMER

0.64% p.a.

Management fees (Conservative Balanced)

Key Features:

Six investment fund options
Financial advice available
FastNet Classic online access
Mobile banking integration
Regular portfolio reviews

Performance:

✓ Strong investment performance
✓ Integrated with ASB banking
✓ Professional investment management
✓ Solid long-term track record

💰 Fee Impact Example:

On $100,000 balance: $640/year in fees - slightly higher but strong returns justify cost

💡 Choosing the Right Provider

For most seniors, fees matter more than performance. Here's why:

• Conservative funds have similar returns across providers (typically 3-5% p.a.)
• A 0.20% fee difference on $100,000 = $200/year saved, every year
• Over 20 years of retirement, that's $4,000+ in your pocket instead of the provider's
• Lower fees = more money stays in your account and compounds over time

KiwiSaver Withdrawal Strategies at 65+

Once you turn 65, you have complete flexibility with your KiwiSaver. Here are the most common withdrawal strategies seniors use:

Leave It Invested (Most Common)

Keep your KiwiSaver invested and withdraw as needed. This strategy maximizes growth while maintaining access.

Advantages:

✓ Money continues growing tax-free (PIE tax advantages)
✓ Withdraw lump sums when you need them (car, home repairs, etc.)
✓ Set up regular withdrawals for supplementary income
✓ Remains part of your estate if you pass away
✓ Flexibility to change strategy anytime

Best for: Seniors with adequate income from NZ Super and other sources who want their KiwiSaver as a "rainy day" fund

Regular Withdrawal Income Stream

Set up monthly or quarterly withdrawals to supplement your NZ Superannuation income.

Example Scenario:

• KiwiSaver balance: $150,000
• Monthly withdrawal: $500 ($6,000/year)
• Conservative fund earning 4% = $6,000/year
• Result: Income covers withdrawals while maintaining capital

⚠️ Caution: Ensure withdrawal rate doesn't exceed investment returns or you'll deplete your capital over time. Conservative rule: withdraw no more than 4-5% annually.

Best for: Seniors needing regular income beyond NZ Super but wanting to preserve capital for later or leave an inheritance

Lump Sum Withdrawal

Withdraw all or a large portion of your KiwiSaver for a specific purpose or to invest elsewhere.

Common uses:

✓ Pay off mortgage or other debt
✓ Fund retirement village entry (licence to occupy)
✓ Major home renovations for aging in place
✓ Purchase investment property or term deposits
✓ Help children/grandchildren with major purchases

⚠️ Consider carefully: Once withdrawn, you lose the tax advantages of KiwiSaver's PIE structure. Money outside KiwiSaver is taxed at your marginal tax rate.

Best for: Seniors with specific large expenses or those who prefer direct control over investments

Hybrid Approach (Recommended)

Combine strategies: withdraw some now for immediate needs while leaving the rest invested.

Smart hybrid example:

• Total KiwiSaver: $120,000
• Withdraw $40,000 to pay off car loan and credit cards
• Keep $80,000 invested in conservative fund
• Set up $300/month withdrawals for extras (travel, hobbies)
• Remaining balance continues growing for emergencies

Best for: Most seniors - provides immediate financial relief while maintaining long-term security

Choosing the Right Fund at 65+

The old advice of "switch to conservative at retirement" isn't always right. Your fund choice should match your personal situation:

Conservative Fund

70-90% bonds/cash, 10-30% shares

Returns:

3-5% p.a. typically

Risk Level:

Low - minimal volatility

Best For:

• Need money within 1-3 years
• Can't tolerate any losses
• Regular withdrawal income
• Already have adequate savings

Example: Planning to withdraw in 2 years for retirement village entry

RECOMMENDED

Balanced Fund

40-60% bonds, 40-60% shares

Returns:

5-7% p.a. typically

Risk Level:

Moderate - some ups and downs

Best For:

• Won't need money for 5+ years
• Want growth but not too risky
• Healthy and expecting 20+ year retirement
• Have other income sources

Example: Age 65, healthy, not planning to use KiwiSaver for 10+ years

Growth Fund

70-90% shares, 10-30% bonds

Returns:

7-10% p.a. long-term

Risk Level:

Higher - significant volatility

Best For:

• Won't touch for 10+ years
• Can handle market volatility
• Leaving as inheritance
• Have substantial other savings

Example: Age 65, planning to leave KiwiSaver to children/grandchildren

💡 Time Horizon Matters More Than Age

Don't automatically switch to conservative just because you're 65. Ask yourself:

When do I need this money? If not for 10+ years, balanced or growth may be better
Do I have other savings? Emergency fund elsewhere = can take more KiwiSaver risk
How's my health? Planning a 30-year retirement? Growth makes sense
What's my income? NZ Super covers expenses? Leave KiwiSaver invested longer

Frequently Asked Questions

Can I withdraw from KiwiSaver after 65?

Yes, absolutely. Once you reach the age of eligibility (currently 65, the same as NZ Superannuation), you can:

✓ Withdraw your entire balance as a lump sum (no penalties, no restrictions)
✓ Withdraw partial amounts whenever you want (some providers may have minimum withdrawal amounts like $500)
✓ Set up regular withdrawals (weekly, monthly, quarterly) for ongoing income
✓ Leave it all invested and not withdraw anything - there's no requirement to take it out

How to withdraw:

1. Contact your KiwiSaver provider (phone, online, or in-branch)
2. Provide ID and bank account details
3. Specify amount to withdraw
4. Money typically arrives in 3-10 working days

Should I switch to a conservative fund at 65?

Not necessarily. This is one of the biggest myths about KiwiSaver. Your investment choice should depend on your personal circumstances, not your age.

Switch to Conservative IF:

✓ You'll need the money within the next 1-3 years
✓ You can't tolerate any short-term losses
✓ You're planning regular withdrawals for income
✓ You have health concerns and shorter life expectancy

Stay in Balanced/Growth IF:

✓ You won't need the money for 5-10+ years
✓ You're healthy and expecting a long retirement (20-30 years)
✓ NZ Super covers your living expenses adequately
✓ You have emergency funds elsewhere
✓ You're comfortable with market ups and downs

💡 Reality check: A healthy 65-year-old could live another 25-30 years. That's a long investment timeframe where balanced funds typically outperform conservative funds significantly. Don't be too conservative too early.

What happens to my KiwiSaver when I die?

Your KiwiSaver becomes part of your estate and can be withdrawn by your beneficiaries or executor. The funds are not subject to the same withdrawal restrictions that apply during your lifetime.

Process for beneficiaries:

1. Notify the KiwiSaver provider of the death (provide death certificate)
2. Executor appointed: Proof of probate or administration granted by the court
3. Withdrawal request: Executor requests full withdrawal on behalf of estate
4. Funds distributed: Money paid to estate and distributed according to will (or intestacy rules if no will)

Important points:

• KiwiSaver does NOT bypass your estate (unlike some insurance policies)
• Beneficiaries are determined by your will, not by KiwiSaver nominations
• Process typically takes 4-8 weeks after probate granted
• No tax on the withdrawal (it's part of the estate, already taxed as earned)

💡 Estate planning tip: Make sure you have an up-to-date will that clearly states who should receive your KiwiSaver balance. If you die without a will, intestacy laws determine distribution.

Can I still contribute to KiwiSaver after 65?

Yes, you can continue making voluntary contributions to KiwiSaver after 65, but the incentives change significantly:

❌ What you DON'T get after 65:

• Government member tax credit ($521.43/year)
• Employer contributions (unless still working and eligible)
• Compulsory deductions from wages

✓ What you DO still get:

• PIE tax advantages (often lower than marginal rate)
• Professional investment management
• Diversified portfolio
• Easy online management

Should you contribute after 65?

Generally NOT worth it because:

• You lose government contributions (worth $521.43/year on just $1,042.86 contributed)
• Better to invest outside KiwiSaver where you can access anytime
• Term deposits, managed funds, or other investments offer similar returns

Exception: If you're still working and your employer is willing to contribute, then yes, contribute to get the employer match.

KiwiSaver Provider Fees for Seniors (2025)

Lower fees = more retirement income. For conservative funds suitable for seniors 65+:

Provider	Annual Fee	Fund Fee	Total on $100k	5-Yr Return
Westpac Conservative	$36	0.45%	$486/yr	3.2%
ASB Conservative	$42	0.52%	$562/yr	3.5%
ANZ Conservative	$48	0.58%	$628/yr	3.4%
Simplicity Conservative	$30	0.31%	$340/yr	3.8%

💡 Fee Impact Over Time

$100,000 balance over 10 years:

High fees (0.80%): $8,000+ in fees → Balance ~$123,000

Low fees (0.31%): $3,100 in fees → Balance ~$128,000

Saving $5,000+ by choosing low-fee provider!

KiwiSaver Withdrawal Strategies After 65

Option 1: Lump Sum

Withdraw entire balance at once

✓ Tax-free withdrawal
✓ Use for specific purpose
✓ Pay off mortgage
✗ Miss future growth
✗ Spend too quickly

Option 2: Regular Withdrawals

Monthly/quarterly income stream

✓ Supplements NZ Super
✓ Balance keeps growing
✓ Flexible amounts
✓ Sustainable income
≈ Requires planning

Option 3: Leave It Growing

Don't withdraw, keep investing

✓ Continues earning returns
✓ No fees once stopped contributing
✓ Estate planning benefit
✓ Emergency fund available
≈ If NZ Super sufficient

Recommended: 4% Withdrawal Rule

Withdraw 4% annually to make your KiwiSaver last 30+ years while keeping pace with inflation:

$50,000 Balance

$2,000/yr

$167/month supplement

$100,000 Balance

$4,000/yr

$333/month supplement

$200,000 Balance

$8,000/yr

$667/month supplement

Ready to Optimize Your KiwiSaver?

Compare providers, review your fund choice, and make sure you're getting the best value from your retirement savings.

0.45%

Lowest fees
(Westpac Conservative)

100%

Flexible access
from age 65

FREE

No cost to
switch providers

Compare Top Providers:

Westpac KiwiSaver
🌐 westpac.co.nz/kiwisaver
📞 0800 400 600

ANZ KiwiSaver
🌐 anz.co.nz/kiwisaver
📞 0800 269 296

ASB KiwiSaver
🌐 asb.co.nz/kiwisaver
📞 0800 803 804

KiwiSaver for Seniors Aged 65+ 🇳🇿

Access Your KiwiSaver at 65

Compare KiwiSaver Providers for Seniors

Westpac KiwiSaver Scheme

Key Features:

Best For:

ANZ KiwiSaver Scheme

Key Features:

Track Record:

ASB KiwiSaver Scheme

Key Features:

Performance:

💡 Choosing the Right Provider

KiwiSaver Withdrawal Strategies at 65+

Leave It Invested (Most Common)

Regular Withdrawal Income Stream

Lump Sum Withdrawal

Hybrid Approach (Recommended)

Choosing the Right Fund at 65+

Conservative Fund

Balanced Fund

Growth Fund

💡 Time Horizon Matters More Than Age

Frequently Asked Questions

KiwiSaver Provider Fees for Seniors (2025)

💡 Fee Impact Over Time

KiwiSaver Withdrawal Strategies After 65

Option 1: Lump Sum

Option 2: Regular Withdrawals

Option 3: Leave It Growing

Recommended: 4% Withdrawal Rule

Ready to Optimize Your KiwiSaver?

Compare Top Providers: