KiwiSaver Balance by Age Bracket
How much do Kiwis actually have in KiwiSaver at each age? Using FMA Annual Report data, we compare real-world average and median balances against a benchmark of what a median-wage earner contributing continuously would have — and explain the gap.
KiwiSaver balances by age bracket
| Age bracket | Members | Avg balance | Median balance | Benchmark* | Gap (median vs benchmark) |
|---|---|---|---|---|---|
| 18–25 | 390,000 | $6,200 | $3,900 | $0 | +$3,900 |
| 26–30 | 290,000 | $15,800 | $11,000 | $12,512 | -$1,512 |
| 31–35 | 310,000 | $28,500 | $21,500 | $35,995 | -$14,495 |
| 36–40 | 280,000 | $43,000 | $34,000 | $63,219 | -$29,219 |
| 41–45 | 260,000 | $59,000 | $47,000 | $94,779 | -$47,779 |
| 46–50 | 250,000 | $77,000 | $62,000 | $131,366 | -$69,366 |
| 51–55 | 230,000 | $96,000 | $78,000 | $173,780 | -$95,780 |
| 56–60 | 200,000 | $118,000 | $96,000 | $222,950 | -$126,950 |
| 61–65 | 170,000 | $145,000 | $118,000 | $279,951 | -$161,951 |
*Benchmark: median-wage earner contributing 3% employee + 3% employer from age 25, 3% real annual return. Does not account for fees, first-home withdrawals, or contribution holidays. Actual FMA member counts rounded to nearest 10,000.
Key observations
- Youngest members are just getting started. The 18-25 bracket averages $6,200 — most joined recently and are on entry-level wages. Their balances will grow significantly over 40+ years of compounding.
- First-home withdrawals hit hard in the 30s. The 31-35 bracket shows a noticeable dip vs the benchmark. Many members in this bracket withdrew $20,000-45,000 for a first home deposit, resetting their balance and losing years of compounding.
- Mid-40s is when compounding takes over. By 41-45, the average ($59,000) and benchmark ($88,000) diverge by ~$29,000. Investment returns start contributing more than new contributions to annual growth.
- Retirement-age balances are modest. At 61-65, the median $118,000 provides roughly $150-200/week in retirement income (sustainable drawdown at 4-5%). That's a supplement to NZ Super (~$500/week), not a replacement.
- The gap is NOT just about contribution rates. Most of the median-vs-benchmark gap comes from late starts (many members joined after 2007, not at 25) and first-home withdrawals, not low contribution rates. Raising the default rate to 4% (from 2028) helps, but start-age and continuity matter more.
What this means for your retirement
NZ Super provides ~$26,000/year (single, living alone, M tax code, after tax). A median KiwiSaver balance of $118,000 at 65, drawn down at 4%/year, adds ~$4,700/year — total ~$30,700/year in retirement income. Massey University's NZ Retirement Expenditure Guidelines estimate a "no-frills" retirement for a single person in a metro area costs ~$41,000/year. That's a ~$10,000/year shortfall.
Closing the gap isn't just about saving more — it's about starting earlier, avoiding contribution holidays, and keeping KiwiSaver untouched (not withdrawing for non-first-home purposes). Every $1,000 you withdraw at 30 costs you roughly $2,800 at 65 (at 3% real return).
Run your own numbers
KiwiSaver Calculator
Project your own KiwiSaver balance at retirement.
KiwiSaver Retirement Projector
Long-term growth projection with what-if scenarios.
NZ Super Calculator
See your after-tax NZ Super by tax code and living status.
Can I Retire at 65?
Decision tool: KiwiSaver + NZ Super vs target spending.
Frequently asked questions
What is the average KiwiSaver balance at my age?
According to the FMA's 2025 KiwiSaver Annual Report: 18-25 year olds average ~$6,200; 31-35 ~$28,500; 41-45 ~$59,000; 51-55 ~$96,000; 61-65 ~$145,000. Medians are typically 20-25% lower than averages — the gap is driven by a small number of high-balance members.
Why is the average so much higher than the median?
KiwiSaver balance distribution is skewed. A small number of members have very high balances (from high salaries, voluntary contributions, or transfers from Australian super), pulling the average up. The median is a better measure of what a 'typical' Kiwi has.
How much should I have in KiwiSaver at my age?
Our benchmark shows what a median-wage earner contributing 3% + 3% employer since age 25 would have at each age with 3% real returns. At 35: ~$43,000. At 45: ~$88,000. At 55: ~$143,000. At 65: ~$210,000. Most actual balances fall short — the benchmark assumes continuous contributions from 25, which many Kiwis didn't have (KiwiSaver only started in 2007).
Why do actual balances fall short of the benchmark?
Three main reasons: (1) KiwiSaver only started in 2007, so older members have fewer years of contributions than the benchmark assumes; (2) contribution holidays and job gaps interrupt compounding; (3) first-home withdrawals remove large sums for members in their 30s.
What about the gender gap?
FMA data shows a persistent gender gap: women's average KiwiSaver balances are ~20% lower than men's at retirement age, driven by the gender pay gap, career breaks for caregiving, and lower contribution rates during part-time work. This compounds over decades.
Where does the data come from?
Actual balances: FMA KiwiSaver Annual Report 2025. Member counts, average and median balances by 5-year age band. Benchmark: NZ Tax Tools' own projection using median wage, 3% real return assumption. Source for median wage: Stats NZ.