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.
If you cannot manage on your income, you may be able to get financial help from the government.
You need to tell the government about some sources of income:
Inland Revenue — when you do your tax return
Work and Income — if you apply for or get a benefit from them.
Managing savings and several sources of income can be difficult — especially when you do not know how long you’re planning for. Many people get professional advice to help with budgeting, investments, insurance and legal matters.
You can continue to work after you turn 65. With a few exceptions, there is no retirement age in NZ.
If your employer gives you a sum of money when you retire from your job, you pay tax on it. The tax rate you pay depends on your total annual income including the retirement lump sum. You do not pay any ACC earner’s levy on the lump sum.