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Things you may not know about KiwiSaver

Things you may not know about KiwiSaver

1.    Get regular withdrawals from your KiwiSaver to fund your retirement spending

When you reach the age of eligibility for New Zealand Superannuation (currently 65), you can access your KiwiSaver.

You can withdraw a lump sum, but many of Moneyworks clients find it useful to set up a regular withdrawal to be paid to them (fortnightly, monthly, quarterly), to top up their New Zealand Superannuation income.  It helps smooth out your income and cashflow.

2.    ANZ OneAnswer KiwiSaver fee waivers

If you are aged over 65 (or under 18), you won’t pay a monthly membership fee on your ANZ OneAnswer KiwiSAver.

3.    New withdrawal definition on KiwiSaver (before age 65)

In addition to withdrawals for serious illness there is a new withdrawal definition for 'people who have a life-shortening congenital illness'.

4.    Government Tax Credits still available for people aged over 65 (with some strict conditions)

A. You first joined KiwiSaver before 1 July 2019.

B. For the next five-years – you can receive Government Tax Credits ($0.50 for each $1.00 you put in up to a maximum benefit of $521.00 pa), IF you don’t make any withdrawals during that period.

C. If you withdraw any money during that period, you give up that matching GTC benefit.

5.    You don’t have to be a New Zealand citizen to join KiwiSaver

If you are normally living or living in New Zealand, you are entitled to join KiwiSaver if:

a.    If you hold a New Zealand or Australian Residence permit,

b.    You are a New Zealand citizen

c.     You are entitled to be in New Zealand indefinitely

d.    You are an Australian citizen.


This article and newsletter is operated by Moneyworks NZ Ltd and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. Moneyworks NZ Ltd is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand government KiwiSaver website, please click Here





 

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