Retiring at 67 in New Zealand: 2 extra years of KiwiSaver compounding past 65, plus deferred drawdown means a longer runway. NZ Super has been received for 2 years already. See worked examples and the trade-off vs retiring at 65.
At 67, NZ Super has been arriving for 2 years already (it starts at 65 regardless of whether you're working). Continuing to work past 65 has two effects: your KiwiSaver and other savings keep compounding without drawdown, and your Super is taxed as secondary income alongside the salary. By 67 you have a noticeably bigger pot than retiring at 65, which translates into a longer post-67 runway or a higher target spending you can support.
All examples computed against 2026-27 NZ Super rates (effective 1 April 2026), 5% real return, 3% real salary growth.
Single living alone. 2 extra years of full salary + Super + compound growth.
Starting position (age 57)
Salary $85,000 · KS rate 4%
KS balance $200,000
Other savings $120,000 (+$6,000/yr)
At retirement age 67
Projected KS $421,158
Projected other savings $270,935
Total pot $692,092
Annual income from 65
NZ Super (net) $28,864
Target spending $55,000
Verdict
Annual gap $26,136 — funded from savings
Runway past 65: Indefinite
Couple both qualify; both worked to 67, full KS pot at retirement.
Starting position (age 57)
Salary $130,000 · KS rate 6%
KS balance $350,000
Other savings $280,000 (+$12,000/yr)
At retirement age 67
Projected KS $754,886
Projected other savings $607,025
Total pot $1,361,911
Annual income from 65
NZ Super (net) $22,205
Target spending $90,000
Verdict
Annual gap $67,795 — funded from savings
Runway past 65: Indefinite
Single, professional career to 67. Substantial KS + savings pot.
Starting position (age 57)
Salary $200,000 · KS rate 10%
KS balance $550,000
Other savings $800,000 (+$35,000/yr)
At retirement age 67
Projected KS $1,299,849
Projected other savings $1,743,342
Total pot $3,043,191
Annual income from 65
NZ Super (net) $28,864
Target spending $130,000
Verdict
Annual gap $101,136 — funded from savings
Runway past 65: Indefinite
Want to plug in your own numbers? Open the live decision tool →
NZ Super isn't deferred — it starts at 65 regardless of whether you keep working. So at 67, you've already had 2 years of fortnightly Super payments alongside salary. The question at 67 is whether to stop work, not whether to start Super.
Without drawdown, KiwiSaver compounds at your fund's real return rate. At 5% real, two years adds ~10% to the balance — a meaningful boost vs retiring at 65.
Salary at M code, Super at secondary (SH or ST depending on combined income). At year-end, the IR3 reconciles the combined PAYE — you may owe a top-up if the secondary code rate was below your effective marginal rate, or get a refund if above.
The $260.72/yr KiwiSaver MTC stops on your 65th birthday. Employer matching may also stop (it becomes optional, not legally required). Working past 65 still grows your KS via your own contributions and investment returns, but with less external boost.
Most 67-year-olds in NZ are in good health and physically capable of full-time or part-time work. Statistically, the largest health-quality drop in retirement happens between 75 and 80, so 67–75 is often a prime "active retirement" window.
No. NZ Super isn't deferrable — it starts at 65 whether you stop work or not. There's no "delay credit" like the US Social Security has for waiting until 70. The benefit of working past 65 in NZ is purely from the extra years of salary, KiwiSaver compounding, and savings growth, not from a higher Super rate.
Salary at the M tax code (primary income). NZ Super is your secondary income and goes on S / SH / ST / SA depending on total annual income (Super + salary combined): S for total ≤$14k, SH for $14,001–$48k, ST for $48,001–$70k, SA for >$180k. The secondary code applies a flat rate to the Super; year-end IR3 reconciles any difference vs marginal rate.
You can — KiwiSaver is fully unlocked from 65. But there's usually no reason to drain it while you have salary income; let it keep compounding. Most retirees only start drawdown when they actually stop working, or when their income drops below their target spending.
Typically 10–15% of your retirement pot, depending on rates and income. Two more years of full contributions plus 2 years of compound growth at 5% real ≈ 10% balance lift — meaningful for a borderline-marginal verdict at 65.
Sources
NZ Super rates from Work and Income. Retirement Expenditure Guidelines from Te Ara Ahunga Ora — Retirement Commission. Calculations powered by the same engine as the Can I Retire at 65 decision tool.
Last updated April 2026. NZ Super rates effective 1 April 2026.
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