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Retirement Planning Guide — NZ Super, KiwiSaver, and Retirement Income in NZ

retirement planning in New Zealand. The guide covers the NZ Superannuation (the "pension"), the KiwiSaver as the retirement savings vehicle, the retirement income strategies (the "4% rule", the "KiwiSaver drawdown"), and the tax planning for the retirees.

NZ Superannuation

The New Zealand Superannuation (the "NZ Super" or the "state pension") provides the income for the residents aged 65 and over who meet the residency criteria (the 10 years of the residence in NZ after the age of 20, with the 5 years since the age of 50). The NZ Super rates for the 2025-26 year are: up to $1,046.12 per fortnight (the "married couple both qualify" rate, the "total after the tax" — the "net" amount of $1,046.12), the "single living alone" rate of up to $1,361.56, and the "single sharing" rate of up to $1,046.12. The NZ Super is taxable income but is paid at the "special tax rate" (the "P" tax code). The NZ Super is not means-tested (unlike the Australian Age Pension).

Retirement Income Strategies

The common retirement income strategies include: (a) the KiwiSaver drawdown — the phased withdrawal of the KiwiSaver funds from the age of 65 (the "scheduled withdrawal" or the "lump sum"), (b) the 4% withdrawal rule — the sustainable annual withdrawal of 4% of the retirement savings, (c) the annuity purchase — the guaranteed income for the life, and (d) the reverse mortgage — the equity release from the home. The retirees should also consider the tax-efficient use of the PIE funds (capped at 28%), the donation tax credits (33.33%), and the Working for Families if eligible. See our NZ Super Guide → for the detailed eligibility.

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