How to withdraw KiwiSaver in New Zealand
KiwiSaver is a voluntary savings scheme in New Zealand that is designed to help individuals save for their retirement. If you have been contributing to KiwiSaver for at least three years, you may be eligible to withdraw your savings under certain circumstances. In this article, we will explore the various ways you can withdraw your KiwiSaver in New Zealand.
Retirement Withdrawal
The most common way to withdraw your KiwiSaver is through retirement. You can start withdrawing your KiwiSaver funds when you reach the age of 65, or earlier if you qualify for early retirement. If you choose to withdraw your funds at retirement, you can either withdraw the entire balance in a lump sum or take regular payments.
First Home Withdrawal
If you are a first-time home buyer, you may be eligible to withdraw some of your KiwiSaver savings to put towards your first home. To be eligible for this option, you must have been a KiwiSaver member for at least three years and meet other criteria, such as being a New Zealand citizen or resident and intending to live in the property for at least six months.
Second Chance Home Buyer Withdrawal
If you have previously owned a home but no longer own a property, you may be eligible for a Second Chance Home Buyer Withdrawal. This allows you to withdraw some of your KiwiSaver savings to put towards purchasing another property. To be eligible for this option, you must have been a KiwiSaver member for at least three years and meet other criteria, such as not having owned a home for at least three years.
Financial Hardship Withdrawal
If you are experiencing severe financial hardship, you may be able to withdraw some of your KiwiSaver savings to help cover essential living expenses. To be eligible for this option, you must meet certain criteria, such as being unable to meet your minimum living expenses or facing significant medical expenses.
Serious Illness Withdrawal
If you or your dependent has a serious illness or a life-threatening condition, you may be able to withdraw some of your KiwiSaver savings to help cover medical expenses or other related costs. To be eligible for this option, you must meet certain criteria, such as having a medical condition that is likely to reduce your life expectancy or cause significant hardship.
Emigration Withdrawal
If you are leaving New Zealand permanently, you may be able to withdraw your KiwiSaver savings. To be eligible for this option, you must have been living outside of New Zealand for at least one year and meet other criteria, such as not being a New Zealand citizen or resident.
In conclusion, there are various ways you can withdraw your KiwiSaver in New Zealand. Whether you are retiring, buying your first or second home, experiencing financial hardship or a serious illness, or emigrating from New Zealand, you may be eligible to withdraw some or all of your KiwiSaver savings. It is important to consider the various options available and seek advice from a financial adviser before making any decisions.