Retirement withdrawals. Explained.

Reaching 65 is a big milestone. It's also when your KiwiSaver savings become available to withdraw.

There's no deadline and no one-size-fits-all approach. You can leave your savings invested, take regular payments, make one-off withdrawals when you need to, or take the lot. Still working? You can keep contributing too.

Your Adviser can help you work out what suits your plans, and our retirement calculator lets you see how different options might look. When you're ready, here's how to make a withdrawal.

At a glance

Step 1: Fill in the form

Download the form that fits:

• First withdrawal: First Retirement Withdrawal Application
• Withdrawn before: Subsequent Retirement Withdrawal Application. Using a new bank account? Include proof of it (it doesn't need to be certified).

With either form, you can choose:

• a full withdrawal, which closes your account
• a partial withdrawal of $100 or more
• regular payments, fortnightly, monthly or quarterly

If a withdrawal would leave less than $1,000 in your account, we'll pay out the full balance and close it.

Step 2: Get your documents certified (first withdrawal only)

Make photocopies of your documents first, then take the copies and the originals to your certifier. They'll check them against each other and sign each copy.

For your first retirement withdrawal, you'll need to:

• sign the Statutory Declaration in the form in front of a JP, solicitor, notary public or other person authorised to take statutory declarations
• have a JP, solicitor or notary public certify copies of your ID and proof of address
• include proof of your bank account, like a deposit slip or bank statement (this doesn't need to be certified)

Any statements or letters you use as proof need to be dated within the last 12 months. Your copies need to be certified within the 12 months before you send them to us. The form lists the documents we accept and the exact wording your certifier needs to use. Send copies, not originals.

Step 3: Send it to us

Email your form and copies of your documents to hello@hive.co.nz. It's the quickest way. You can also post them to Hive Funds Limited, PO Box 147454, Ponsonby, Auckland 1144, but allow extra time for delivery.

What happens next

We'll check your application and pay the money into your bank account, less any tax and expenses. On your first withdrawal after 65, we'll also ask IRD for any government contribution you're entitled to, which can take a little longer.

Need a hand?

Call our Client Care team on 0800 242 023 or email hello@hive.co.nz.