What Reasons Can You Withdraw From KiwiSaver?

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What Reasons Can You Withdraw From KiwiSaver?

In New Zealand, there are several circumstances in which you can withdraw funds from your KiwiSaver account. Here are the most common reasons for making a withdrawal:

Retirement: At 65, you can access your KiwiSaver savings with flexibility. You can withdraw the money in regular amounts to ensure a steady income, take a lump sum for specific goals or investments, or establish a regular income stream that complements your retirement income sources. This flexibility empowers you to tailor your KiwiSaver funds to meet your retirement needs. 

Read More: What Happens to My KiwiSaver Account on My 65th Birthday?

First Home Purchase: If you’re a first-time homebuyer in New Zealand and meet the criteria, you can utilise your KiwiSaver savings to assist with purchasing your new home. This can provide valuable financial support as you embark on the journey of homeownership.

Read More: What Stops You From Using KiwiSaver For First Home

Financial Hardship: If you’re having a tough time with your finances and are struggling to cover your basic living expenses, you may be able to withdraw funds from your KiwiSaver account. This is a financial hardship withdrawal available to those meeting specific criteria.

Read More: Can I Withdraw My KiwiSaver Savings Early?

Serious Illness: In the case of a long-lasting health condition or disability, you may be eligible to withdraw your KiwiSaver savings. However, the process requires providing medical evidence to support your request. This ensures that KiwiSaver can serve as a financial resource to aid in managing the challenges associated with your health condition or disability.

Read More: Can I access KiwiSaver money early if I have health issues?

Emigration: If you’re considering relocating out of New Zealand with the intention of settling in another country permanently, you may have the opportunity to withdraw your KiwiSaver savings. However, specific conditions and documentation must be met to facilitate this process. These requirements ensure that KiwiSaver can accommodate your plans for a new life abroad while adhering to regulations.

Read More: What happens to KiwiSaver money if I emigrate?

Death: In the unfortunate event of a member’s passing, the funds within their KiwiSaver account can be disbursed to their estate or designated beneficiaries. This provision ensures that the accumulated savings can support the member’s loved ones or estate, providing financial assistance during a challenging time.

Read More: What Happens to my KiwiSaver money if I Die?

It’s important to know that if you want to withdraw money from your KiwiSaver account, there are different reasons for doing so, and each requires specific paperwork and documents. To get started, it’s best to talk to your KiwiSaver provider about your situation and what you need to do. Keep in mind that the rules and eligibility for KiwiSaver withdrawals may change over time, so it’s a good idea to stay updated by checking with your provider or the official KiwiSaver website.

 

What's the reason not to get advice on you KiwiSaver account? Let National Capital help.

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