Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

Kiwisaver options for over 65s

Posted on Sep 8, 2015 by editor

A recent survey has revealed that one in four New Zealanders who are approaching retirement are unsure of what to do with their KiwiSaver funds when they turn 65.

A quarter of those surveyed plan to take out their lump sum when they reach 65, and 10 per cent say that they’d rather spend their money instead of reinvesting it.

The survey also showed that those with a financial plan or an understanding of the kind of income they would need (on top of their superannuation) were likely to choose diversified investments with a higher allocation to growth assets.

Upon turning 65, KiwiSaver members have the choice of either leaving or staying with their scheme during retirement. Members who have been in KiwiSaver for five years can access funds from their account or make regular withdrawals and deposits to use KiwiSaver as a way of managing their retirement savings.

Before making a decision, it is a good idea for KiwiSaver members to seek advice from their KiwiSaver provider, bank or authorised financial adviser since an individual’s personal circumstances will vary.

Garry Hughes has been the Orewa North accountant for the past 17 years. The key to this long association has been the efficient manner in which Garry has performed his preparation of our accounts. It has been a pleasure to deal with someone whose working relationship has been friendly and exceptionally flexible when fitting in with the school needs and the ever changing Ministry of Education regulations and reporting requirements. It is good to know that sound financial advice and guidance is only a phone call away.
Bruce LawsPrincipalOrewa North Primary School

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