Income after you turn 65
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.
Work income You can continue to work after you turn 65. With a few exceptions, there is no retirement age in NZ.
Retiring from work
Tax on your final pay from your employer If your employer gives you a sum of money when you retire from your job, you pay tax on it. See how you’re taxed on:
Income after retiring from work NZ Super, a type of pension, is the main source of income for many New Zealanders when they turn 65. Find out how to:
Sources of income while you’re retired There are other sources of income that can either:
provide a regular income when you retire from work
pay for one-off costs.
Other pensions
As well as NZ Super, you could get income from:
the Veteran’s Pension — if you served in the New Zealand Armed Forces and have qualifying operational service
an overseas pension — either through an overseas government or from employers you worked for
a pension from your employer or union in New Zealand.
Pensions — more information Overseas pensions — more information 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. Make sure to check:
When you cannot get any of these pensions or other benefits You can still apply for a SuperGold Card and help with your day-to-day expenses.
If you cannot get NZ Superannuation or other benefits
Savings and investments
Income can come from:
interest earned on savings — such as a term deposit
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 — regular payments from a financial provider, based on the savings you invest with them, although not many NZ companies provide these.
More information
Assets, including your home
Income can come from:
selling assets — for example, a car, jewellery or art
inheriting property or other assets that you can sell
rent from a property or another asset you own.
Getting income from your home You could consider:
renting out part of your home or taking in a boarder
selling your home and buying a less expensive one
subdividing your land and then selling part of it
selling all or part of your home to family — making sure that you still have the right to live in it
releasing money from the home you live in through a reverse mortgage or home equity loan.
More information
Family
Income can come from:
a family trust — either as lump sums or interest earned from investments
your partner or other family members
inherited money or assets.
More information
When you’re from another country and want to retire in New Zealand
If you qualify, Immigration New Zealand has a couple of retirement visas that may allow you to:
Income to report For different types of income, you need to tell:
When to report your income You need to report your income to:
Inland Revenue when you do your tax return
Work and Income if you apply for or get a benefit from them.
More information
Utility links and page information
Last updated 02 October 2020
