Income after you turn 65

When you turn 65, you may have income from several sources. This can affect the tax you pay and any benefits or allowances you can get.

Pension options in NZ

From 65, these pensions are a main source of income for many New Zealanders:

  • New Zealand Superannuation (NZ Super) — universal, government-funded pension
  • Veteran’s Pension — if you served in the New Zealand Armed Forces and have qualifying operational service
  • a workplace or private pension scheme — for example KiwiSaver, which is a voluntary work-based savings scheme.

New Zealand Superannuation and the Veteran’s Pension

How to apply

From age 65 you may be able to get NZ Super or the Veteran’s Pension if you meet the residency and immigration requirements.

You do not get it automatically. Apply up to 12-weeks before you turn 65.

How much you’ll get

The amount you get depends on your situation and the tax code you use.

Your KiwiSaver savings

At 65, you can withdraw your KiwiSaver savings, but you do not have to. You can leave your savings in KiwiSaver and continue making contributions.

Getting my KiwiSaver funds when I retire — Inland Revenue

Overseas pensions

An overseas pension is paid by a government or a former employer in another country.

If you lived or worked overseas

If you’re able to get a pension from another country, it might change the amount of NZ Super or Veteran’s Pension you get.

Government benefits and allowances

As well as a pension, there are other payments and support you might be able to get.

Other payments for seniors — Work and Income

Eligible veterans may be able to get support from Veterans’ Affairs.

Entitlements, services, and support — Veterans’ Affairs

More options:

Other sources of income

You may have income from savings, investments, KiwiSaver or other sources. Planning ahead can help you make the most of your retirement income.

You must tell Work and Income about any income you get.

What counts as income for benefits

How working after 65 affects your pension

You can work while you get NZ Super or the Veteran’s pension. Your pension does not depend on your income or your assets.

However, any income you do earn may affect:

  • the tax code you’re on and how much tax you pay
  • other payments you get from Work and Income.

Managing your tax after 65

NZ Super and the Veteran’s Pension are taxable. The amount of tax you pay depends on the tax code you use and if you have other sources of income.

You may need to tell Inland Revenue about your income and pay any tax owing at the end of the tax year.

Income tax for individuals — Inland Revenue

Retiring from work

Your final pay before retiring is worked out in the same way as when you leave any job. It might include payments for unused leave or other amounts your employer owes you.

The amount you get depends on your tax code, any deductions your employer must make, and any leave or other payments they owe you.

There’s no official retirement age, so you can continue working after you turn 65 if you want to.

Who to contact for more help

If you need more help or have questions about the information or services on this page, contact one of the following agencies.

Utility links and page information

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