Most people get NZ Superannuation when they turn 65, but there are other sources of income you might use to support yourself. These can affect the tax you pay or benefits you can apply for.
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You can continue to work after you turn 65. With a few exceptions, there is no retirement age in NZ.
investment returns from shares, bonds, property or managed funds such as KiwiSaver
withdrawing money from KiwiSaver or other investments — either in a lump sum or by making regular withdrawals
annuities — that is, regular payments from a financial provider based on the savings you invest with them — although not many NZ companies provide these.
Managing savings and several sources of income can be difficult — especially when you don’t know how long you’re planning for. Many people get professional advice to help with budgeting, investments, insurance and legal matters.
If your employer gives you a sum of money when you retire from your job, you pay tax on it. The tax rate you pay depends on your total annual income including the retirement lump sum. You don’t pay any ACC earner’s levy on the lump sum.
