Life never stands still. We change jobs, get married, have children, buy homes – and sometimes face challenges like illness, separation, or redundancy. Each of these milestones affects not only our daily lives but also our financial future. That’s why it’s important to regularly review and adjust your KiwiSaver plan so it continues to reflect your current situation. Here’s how you can make sure your retirement savings stay on track as life evolves.

When You Start a New Job or Your Income Changes

A new job is a great time to take a closer look at your KiwiSaver account. Your employer’s contributions, your own savings rate, and your investment choices can all make a big difference over time.

• Check your employer contributions. Most employers contribute at least 3% to KiwiSaver, but some offer more. Make sure you’re getting the full benefit.
• Review your contribution rate. You can choose to contribute 3%, 4%, 6%, 8%, or 10% of your pay. If your income increases, consider raising your contribution rate to boost your long-term savings.
• Consolidate your accounts. If you’ve had multiple jobs, you might have more than one KiwiSaver account. Combining them can make it easier to manage and reduce fees.

If you experience a drop in income or take time off work, you can temporarily reduce or pause your contributions. Just remember to restart them when your finances allow.

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When You Get Married or Have Children

Starting or growing a family changes your financial priorities. It’s a good time to make sure your KiwiSaver plan supports your loved ones as well as your future self.

• Update your contact and beneficiary details. Ensure your partner or family members are listed correctly in case something happens to you.
• Review your insurance cover. Some KiwiSaver providers offer life or disability insurance options. Check whether your current cover meets your family’s needs.
• Talk about your joint financial goals. Coordinating your KiwiSaver strategies as a couple can help you both build a stronger financial foundation for the future.

When You Buy a Home or Take on a Mortgage

Buying your first home is one of the biggest financial steps you’ll take – and KiwiSaver can play a key role. Many New Zealanders use their KiwiSaver savings to help with a first-home deposit.

• Explore the KiwiSaver First Home Withdrawal. You may be able to withdraw most of your savings (except the government contributions) to put towards your first home.
• Check your investment mix. If you’re planning to buy soon, consider moving to a lower-risk fund to protect your savings from market fluctuations.
• Keep contributing after purchase. Once you’ve bought your home, continue contributing to rebuild your retirement savings. Even small, regular contributions make a big difference over time.

When You Separate or Lose a Partner

A separation or the loss of a partner can be emotionally and financially challenging. It’s important to review your KiwiSaver plan to ensure it reflects your new circumstances.

• Update your beneficiary and contact details. Make sure your account information is current.
• Understand how KiwiSaver is treated in a relationship split. KiwiSaver balances are considered relationship property in many cases, so they may need to be divided.
• Seek professional advice. A financial adviser can help you make informed decisions and rebuild your financial security.

When You’re Approaching Retirement

As you near retirement, your focus shifts from growing your savings to making the most of what you’ve built. This is the time to fine-tune your KiwiSaver strategy.

• Review your investment fund. Consider moving to a lower-risk fund to protect your savings from market volatility as you approach withdrawal age.
• Plan your withdrawals. You can access your KiwiSaver funds from age 65. Think about how you’ll use them alongside NZ Super and any other savings or investments.
• Consider tax and estate planning. Different investment options and withdrawal strategies can affect how much you keep after tax and what you leave behind.

Make KiwiSaver Part of Your Life Plan

KiwiSaver isn’t just about retirement – it’s about creating financial freedom and security for your future. By treating your KiwiSaver plan as part of your overall life plan, you can ensure it grows and adapts with you.

Set aside time once a year to review your KiwiSaver account. It doesn’t take long, but it can make a big difference. Life changes – and your KiwiSaver plan should change with it.