Income after you turn 65

Most people get NZ Superannuation when they turn 65, but there are other sources of income you might use to support yourself. These can affect the tax you pay or benefits you can apply for.

Work income

You can continue to work after you turn 65. With a few exceptions, there is no retirement age in NZ.

Retiring from work

Tax on your final pay from your employer

If your employer gives you a sum of money when you retire from your job, you pay tax on it. See how you’re taxed on:

Income after retiring from work

NZ Super, a type of pension, is the main source of income for many New Zealanders when they turn 65. Find out how to:

Sources of income while you’re retired

There are other sources of income that can either:

  • provide a regular income when you retire from work
  • pay for one-off costs.

Other pensions

As well as NZ Super, you could get income from:

  • the Veteran’s Pension — if you served in the New Zealand Armed Forces and have qualifying operational service
  • an overseas pension — either through an overseas government or from employers you worked for
  • a pension from your employer or union in New Zealand.
Pensions — more information
Overseas pensions — more information

If you’re able to get a pension from another country, it might change the amount of NZ Super or Veteran’s Pension you get. Make sure to check:

When you cannot get any of these pensions or other benefits

You can still apply for a SuperGold Card and help with your day-to-day expenses.

If you cannot get NZ Superannuation or other benefits

Savings and investments

Income can come from:

  • interest earned on savings — such as a term deposit
  • investment returns from shares, bonds, property or managed funds — such as KiwiSaver
  • withdrawing money from KiwiSaver or other investments — either in a lump sum or by making regular withdrawals
  • annuities — regular payments from a financial provider, based on the savings you invest with them, although not many NZ companies provide these.
More information

Assets, including your home

Income can come from:

  • selling assets — for example, a car, jewellery or art
  • inheriting property or other assets that you can sell
  • rent from a property or another asset you own.
Getting income from your home

You could consider:

  • renting out part of your home or taking in a boarder
  • selling your home and buying a less expensive one
  • subdividing your land and then selling part of it
  • selling all or part of your home to family — making sure that you still have the right to live in it
  • releasing money from the home you live in through a reverse mortgage or home equity loan.
More information

Family

Income can come from:

  • a family trust — either as lump sums or interest earned from investments
  • your partner or other family members
  • inherited money or assets.
More information

When you’re from another country and want to retire in New Zealand

If you qualify, Immigration New Zealand has a couple of retirement visas that may allow you to:

Income to report

For different types of income, you need to tell:

When to report your income

You need to report your income to:

  • Inland Revenue when you do your tax return
  • Work and Income if you apply for or get a benefit from them.

More information

Who to contact for more help

If you need more help or have questions about the information or services on this page, contact one of the following agencies.

Utility links and page information

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