Whai Rawa withdrawals can be made twice a year, once you turn 55. Distributions* and matched savings are paid up to a member’s 64th birthday and (if applicable) earnings on the account balance continue for the life of the account.
The official age to receive New Zealand Superannuation is age 65, but retirement can be taken at any age in NZ.
While more whānau are opting to work past the age they qualify for super, Whai Rawa can also give whānau the choice of having extra funds available at retirement.
Whether you think you’ll continue in employment past age 65, the amount you may want or need to save into Whai Rawa can vary from person to person. A good indicator of how much to consider saving is to take into account that generally people are living longer nowadays (Statistics NZ, 2013) and obviously the amount of money needed at retirement would depend on individual living costs at the time, for example; whether you’ll be renting your home or have a mortgage, and if you want to afford holidays overseas or even hobbies.
The Whai Rawa savings calculator would be a useful tool to help work out what sort of savings you can aim for.
* Te Rūnanga matched savings and distributions are available to all members under 65 years of age (see pages 4-5 of the Product Disclosure Statement) and are subject to RSCT (Retirement Scheme Contribution Tax) deducted at your personal RSCT rate (see page 2 and 11 of the Product Disclosure Statement).